Aspen Dental Investment Property

Office for Sale
Sale Pending
Also listed as Retail-Commercial, Business Opportunity
Catylist Listing ID: 30628150
Property Subtypes: Medical, Flex Space, Net Leased, Office Building, Other
Status: Pending
Building Size (RSF): 4,000 SF
Gross Building Area: See Agent
Gross Land Area: 0.53 Acres
Sale Price: $1,782,945
Unit Price: $445.74 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 6.45%
Average Occupancy Rate: 100
Last Updated: 10/12/2021

Overview / Comments

Investment Opportunity! Broker Glenn Perkins and TCI Group - Jerry Petzoldt Agency are pleased to present to all qualified investors the opportunity to acquire a 100% fee simple interest in the single tenant Aspen Dental (the “Property”) located along busy East Stone Drive in Kingsport, Tennessee. This Aspen Dental occupies a 4000 square foot building that was constructed in 1999 and remodeled to fit Aspen Dental specifications in 2010 and sits on 0.53 acres.

Aspen Dental is operating under the original (10) year lease that commenced in June of 2010, leaving 6 months of the original lease term remaining. The first amendment to the original lease has been executed on June 29, 2020 with Aspen Dental exercising the first 5-year option to renew and commences on January 1, 2021. The lease offers generous rental increases every 5 years and three (3), five (5) year renewal options remain. The NN lease is very Landlord friendly with the Tenant being responsible for reimbursing all expenses except for roof and structure.

Due to the impact of COVID-19, the landlord agreed to forbear 100% of the tenant's obligation to pay the monthly Minimum Rent on the first of the month for the months of April and May 2020, as well as 50% of the Minimum Rent for the month of June 2020. Tenant shall resume the regular and timely payment of Minimum Rent on July 1, 2020. The total deferred monthly Minimum Rent equals $22,916.68 which will be amortized and paid back by tenant to landlord in 5 monthly payments of $4,583.34 per month, which shall be payable together with monthly base rent on the first day of each month beginning August 1, 2020 until the deferred rent is paid in full. Contact Glenn to discuss this unique opportunity!

Investment Highlights
• Newly executed Lease extension effective January 1, 2021
• Located in Primary Retail Corridor
• Strong local demographics
• Corporate Guaranty
• Expanding National Tenant
• Ecommerce-Proof Tenant
• Well established operation
• 80-foot Pylon sign along East Stone Drive
• Six months Remaining on an Original 10 Year NN+ Lease
• More than 800 locations in 42 states

Additional Details

Nearest MSA: Kingsport-Bristol
County: Sullivan
Submarket Type: Central Business District
Tax ID/APN: 082 046L A 01535 000 2019
Property Located Between: Krispy Kreme and UPS Store
Property Visibility: Excellent
Total Number of Buildings: 1
Year Built: 1999
Year Renovated: 2010
Parking Description: Parking at front and back of building

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,004 41,282 70,618
Median Age: 48.87 43.69 43.95
Households: 4,183 18,137 30,722


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