CRESCENT SCHOOL BUILDING GREENEVILLE

Office for Sale
Catylist Listing ID: 30441892
Property Subtypes: Executive Suites, Governmental, Institutional, Office Building
Building Size (RSF): 29,007 SF
Gross Land Area: 2.22 Acres
Sale Price: $1,600,000
Unit Price: $55.16 PSF
Ceiling: 14 ft.
Property Use Type: Net Leased Investment (NNN), Business
Building Name: CRESCENT BUILDING
Class of Space: Class B
Usable Size (USF): 17,480 SF
Core Factor: 60%
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 66
Last Updated: 8/20/2019

Overview / Comments

> ICONIC BUILDING, near historic downtown Greeneville, originally served as an elementary school (1925-1981), then, by Walters State Community College (1981-1986). The building was vacant from 1986 until 1999, when the building was purchased by current owners and RENOVATED into office and special event space. Over 17,478 sq-ft of rental space among two levels, with 20 offices measuring 680 to 748 sq-ft rooms, 12' office ceilings and large windows, 14' hallway ceilings, plus a 67'x36' auditorium (1st level). • A portion of the acreage is green space that may be converted for parking. • Potential rental income of $151.200 that operates on $27,300 a year in the present configuration. The current "classroom" exhibit may offer another $800/m±. •  Situated at a neighborhood intersection, with moderate-traffic count, on south side of town. This location has excellent visibility, and may be adapted to multiple uses. This is your opportunity to own a piece of history!! ###

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $9,364 (Annual)
Tax Value Land $91,400
Tax Value Improvements $489,100
Tax Value Personal Property $150,000
Assessed Value - Total($) $580,500 (Annual)
Potential Rental Income $151,200 (Annual)
Gross Operating Income $100,800 (Annual)
Net Operating Income $60,660 (Annual)
Actual or Proforma Year Actual
Lender Name none

Current Tenants

Tenant Business Name BEWLEY PROPERTIES, INC.
Contact Name Kandice Bewley-Baker
Contact Title Presient
Industry Type Real Estate and Rental and Leasing
SF of Space Occupied 2,500 SF
Tenant Business Name CROSS COUNTRY MORTGAGE
Contact Name Kim-Alexander Johnson
Contact Title Branch Manager
Industry Type Finance and Insurance
Is Renting? Yes
SF of Space Occupied 700 SF
Tenant Business Name TONYA PARLIER, COUNSELOR
Contact Name TONYA PARLIER
Contact Title President
Industry Type Health Care and Social Assistance
SF of Space Occupied 680 SF
Tenant Business Name CRESCENT EVENTS
Contact Name unknown
Industry Type Arts, Entertainment, and Recreation
Is Renting? Yes
Annual Revenue $12,000 (Annual)
Employees Total 1
Employees at Location 1
Year Founded 2018
Suite Number 101, 102
SF of Space Occupied 1,450 SF
Current Rent $1,000 PSF (Annual)
Tenant Business Name KWK ART STUDIO & EMPORIUM
Contact Name UNKNOWN
Is Renting? Yes
Annual Revenue $12,000 (Annual)
Employees Total 3
Employees at Location 3
Year Founded 2019
Suite Number 207, 208
SF of Space Occupied 1,596 SF
Current Rent $1,000 PSF (Annual)

Additional Details

Nearest MSA: Greeneville
County: Greene
Taxing Authority: GREENEVILLE CITY / GREENE COUNTY, TENNESSEE
Tax ID/APN: 030098N C 01700
Zoning: B-4
Property Located Between: WEST GREENEVILLLE & DOWNTOWN
Property Visibility: Excellent
Highway Access: U.S. HWY 321 from GREENEVILLE to ASHEVILLE, NC, or NEWPORT, TN; two miles to Hwy 11E, Andrew Johnson Hwy, and Summer St., Greeneville.
Airports: Greeneville Municipal, 3.5 miles; Tri-Cities Aiport (TRI), Blountville 36 miles; Knoxville McGee-Tyson (TYS), Tn, 85 mls.
Site Description: SMALL TOWN NEIGHBORHOOD graces this flat land of 2.22 acres, more or less, with approximately 60 parking spaces, and green space for building or parking lot expansion. ###
Area Description: LOCATED IN PEACEFUL SMALL-TOWN NEIGHBORHOOD within 0.5 mile of commercial downtown area. Located in Opportunity Zone of the community (verify); near national park and veterans cemetery; 1/2 mile from historic downtown. ###
Total Number of Buildings: 1
Number of Stories: 2
Typical SF / Floor: 14,062 SF
Year Built: 1925
Year Renovated: 1999
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: TWO LEVEL PLUS BASEMENT, FEDERAL STYLE BRICK, with one centered-cupola, built in 1925, (renovated in 1999), 60 parking spaces, additional lots for green space or expansion.
Parking Ratio: 3.6 (per 1000 SF)
Parking Type: Surface
Parking Description: 60 PARKING SPACES, with handicap spaces; open asphalt surface; not fenced nor gated; flat surface with in 50 to 200 feet of two entrances; egress from Main St. ###
Total Parking Spaces: 60
Passenger Elevators: 1
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central, Heat Pump
Air Conditioning: Package Unit
Internet Access: Cable
Interior Description: Renovated 1925 - 60's classic school building with concrete and hardwood floors; carpeted office space; 67'x36" auditorium/gym with stage for events on ground level; 11 ft ceilings in offices and 13 ft ceilings in hallway, thereabout.
Zoning Description: B-4
Lot Frontage: 54 ft circular
Lot Depth: 255 ft to 462 ft
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines, Utilities
Land Ownership: Bewley Properties Inc
Legal Description: Parcel ID: 098N C 017.00; DEED book / page 152A/677

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,230 17,640 27,653
Median Age: 40.35 42.3 41.57
Households: 1,762 7,414 11,473
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