Net Lease Office Condo Investment

Office for Sale
Sale Pending
Catylist Listing ID: 30745986
Property Subtypes: Business Park, Net Leased, Office Building
Status: Pending
Condo? Yes
Building Size (RSF): 2,515 SF
Gross Building Area: See Agent
Sale Price: $519,764
Property Use Type: Net Leased Investment (NNN), Investment
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: 7.5%
Last Updated: 7/23/2021

Overview / Comments

Net lease office condo investment is available for sale at the intersection of Knob Creek Road and Corporate Drive in North Johnson City. The space is occupied by Cary Street Partners, a stable, successful tenant since 2011. A 5-year renewal term commences 09/01/2021. The suite is located in Med Tech Regional Business Park, the region's preeminent medical and professional park, and is proximal to major retail and dining.

Lease documents available upon request. For additional information, please fill out, sign and return the attached Confidentiality Agreement.

NOI: $38,982.36, Cap rate: 7.5%

From I-26: Take exit 19, then travel southwest on N State of Franklin Road. In approx. 0.9 miles, turn left onto Knob Creek Road. Subject will be on the right in 0.6 miles, at the intersection of Corporate Drive.

Current Tenants

Tenant Business Name Cary Street Partners
Industry Type Finance and Insurance
Is Renting? Yes
Year Founded 2002
Suite Number 105
SF of Space Occupied 2,515 SF
Tenant Notes 5-year renewal term commences 09/01/2021 Lease documents available upon request - confidentiality agreement required

Additional Details

Nearest MSA: Johnson City
County: Washington
Tax ID/APN: 045C A 014.03C000
Is Condo?: Yes
Zoning: MX
Property Visibility: Good
Highway Access: I-26
Airports: Tri Cities Regional Airport
Number of Stories: 1
Year Built: 2006
Construction/Siding: Brick
Parking Type: Surface
Zoning Description: Mixed Use District
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,417 37,278 82,485
Median Age: 49.09 41.05 38.9
Households: 2,053 15,895 35,063

Contact

Photograph of Listing Agent

John Speropulos, CCIM, SIOR

Mitch Cox Realtor, Inc. NETAR CMLS Member
Photograph of Listing Agent

Marc Murphy, CCIM

Mitch Cox Realtor, Inc. NETAR CMLS Member
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