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Views: 84 DOM: 173 Updated: 11.08.24 Posted: 07.10.24 Status: Active

Summary

Price $3,586,000
Built/Renov 2023
Tenant Verizon
Cap Rate 6.30%
Lease Type NN+
Guarantor Corp T and Rated
Size/SF 5,000
Lease Start 06-02-2023
#Units 1,500
Price/SF $717.20
Expiration 06-30-2033
Tenant Type Tel/Cell
NOI $225,915
R. Term 8.6
Ownership Fee Simple
Rent/SF $45.18
Increases 10.0%/5/yrs
Pop 5Mi 68,366
Lot/AC 0.93
Options 2/5yrs/10%
AHHI 5Mi $141,644

Lease Highlights

  • New 2023 construction
  • Verizon has 8+ years remaining on the current lease term with 2 (5-year) options to extend
  • The lease features 10% rental increases every 5 years throughout the initial term and option periods
  • Favorable NN+ lease with landlord responsible for roof and structure
  • Lease guaranteed by Cellular Sales of Knoxville, Inc. | Largest Verizon retailer in the U.S.

Location Description

Verizon is strategically located on William Flinn Highway, with access to 33,000 vehicles passing by daily. The property serves as the regional headquarters for the tenant and is situated less than 1 mile from the I-76 freeway. Additionally, the immediate area boasts well-known national tenants, including Walmart, Kohl's, Dollar Tree, Valvoline, McDonald's, and more. The 5-mile trade area is...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

Verizon is the largest wireless telecommunications provider in the United States. The company offers the largest 4G LTE network in America and the nation’s largest high-speed 3G network. For...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 5,502 27,891 67,797
2024 Total Population : 5,605 28,144 68,144
2024 Employed Civilian Pop : 2,968 15,387 36,418
2024 Total Businesses : 270 997 1,996
2024 Average Household Income : $ 144,685 $ 164,793 $ 157,350
2024 Total Consumer Spending : $ 269 M $ 1547 M $ 3587 M
2024 Median Age : 43 45 44
2024 Total Households : 2,187 11,032 26,683
2024 Pop Age 25+: Bachelor's Degree : 1,220 6,932 15,497
2024 Average Home Value : $ 369,672 $ 441,493 $ 441,834
*ESRI data is presented for informational purposes only

Listing Broker

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