447 Bockman WaySparta, TN 38583

Property Details for 447 Bockman Way

Year built

1991

Lot size

0.30 AC

Property size (Sq ft)

3,136 SF

Zone code

C-D

Property type

Retail space

APN

093049P F 00300

APU

093049PF00300

Description

This exceptional investment opportunity presents a fee-simple ownership of a two-property portfolio featuring 7,100 square feet of retail space leased to Advance Financial. Located in Sparta and Kingsport, Tennessee, these properties boast a combined NOI of $155,459, representing an attractive 8.75% cap rate on the $1,776,672 asking price. Both properties are single-tenant, freestanding buildings situated on prominent commercial corridors, offering excellent visibility and convenient access. The properties benefit from absolute NNN leases, meaning the tenant is responsible for all operating expenses, repairs, and maintenance, minimizing landlord responsibilities. The Sparta location, built in 1991, sits on a 0.92-acre lot and has a lease with 4+ years remaining, including three 5-year renewal options. Rent will be set at fair market value at the start of the first renewal option, increasing by 10% for subsequent renewals. The Kingsport location, built in 1980, features a lease with 3+ years remaining and two 5-year renewal options, with a 2% annual rent increase throughout the base term and options. Advance Financial, a rapidly growing financial services company with over 100 locations, ensures a stable and reliable tenant. This portfolio offers a compelling combination of strong cash flow, long-term lease security, and built-in rent growth, making it an ideal investment for passive investors seeking a high-return, low-maintenance opportunity. The properties are well-maintained and benefit from ample onsite parking and prominent signage. This is a rare opportunity to acquire a well-positioned, high-performing retail portfolio in a desirable Tennessee market.

Location Insight

City

Sparta

County

White

State

Tennessee

Latitude

35.9311

Longitude

-85.4755

Property Tax & Assessments

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