Chiltern Building

Office for Sale
Catylist Listing ID: 30194623
Property Subtypes: Business Park, Executive Suites, Flex Space, Office Building
Building Size (RSF): 38,160 SF
Gross Land Area: 3.75 - 3.82 Acres
Sale Price: $1,169,000
Unit Price: $30.63 PSF
Ceiling: 16 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Building Name: Chiltern Building
Class of Space: Class B
Usable Size (USF): 38,160 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 80
Last Updated: 9/17/2020

Overview / Comments

Great Investment Opportunity starting near a 11% return with two vacancies in the building. This highly sought after business park space in Bristol, TN on Volunteer Parkway, "The Chiltern Building" has been a viable and well placed office space for many years. Previously, the space was erected for use by Sprint and is highly functional and is in very good condition, as the Owner/Operator provides a high standard of tenant space for the area. Currently, two spaces in the building remain available for Lease, one is ready for occupancy and the other is ready for renovation, and the other two main portions of the building are set aside with their own separate Leases for a number of years. Great location and convenience are hallmarks of this building making it sought after by larger tenants. The property also maintains its own parking lot and has over 200 parking spaces available. For more information in regards to the Leases and possible terms for acquisition, call today for your confidential inquires.

Attachments & Media

Additional Details

Nearest MSA: Kingsport-Bristol
County: Sullivan
Taxing Authority: Sullivan County
Tax ID/APN: 037F A 025.00
Zoning: B-3
Property Located Between: State Street (downtown) and Bristol Motor Speedway
Property Visibility: Good
Highway Access: Property has direct access to Volunteer Parkway as well as cross access to Bluff City Hwy.
Airports: TRI - Tri Cities Regional Airport; Highlands Community Airport
Site Description: The site is elevated above Volunteer Parkway and is nearly level on grade. Designed as high end office space, this property continues to be sought after.
Area Description: Volunteer Parkway is the main boulevard through Bristol and runs nearly North/South, from Interstate 81, Bristol, Virginia through Bristol, Tennessee and then South to Johnson City, Tennessee. Bristol Motor Speedway is lest than 6 miles from the site. Bristol combines the beauty of revered southern traditions with the fresh vigor of a growing community. The local economy enjoys a well-balanced industrial, agricultural and manufacturing base. Bristol's industrial base includes electronics, pharmaceuticals, mining machinery, aluminum products, compressors, apparel, textiles, copper wire, vacuum cleaner and food products. Bristol is constantly seeking potential new industries for the host of well-equipped industrial sites. Along with a revitalized and growing downtown, Bristol will soon host two new Hotels in the Downtown area (one opening Summer 2018).The Bristol Area has a labor force of 80,000 and an unemployment rate of only 4.4 percent. Major employers in the area are the school systems, Wellmont/Bristol Regional Medical Center, Bristol Compressors, Sprint/Embarq/United Telephone-Southeast, The United Company, King Pharmaceuticals, Strongwell, Aerus Electrolux, UPM Pharmaceuticals, Marley Mouldings and CAMAC. One of the greatest facilitators to Bristol's economic growth through the years has been its accessibility and well-organized transportation connections. Located within a day's drive of more than 75 percent of the U.S. population, the Twin City Region is served by more than 35 motor freight carriers and two railroads. Outstanding air service is available through the Tri-Cities Regional Airport TN/VA, which offers jet and air carrier service. The facility offers service to more than 100 cities, and Highlands Community Airport provides private and public air carrier services. Information Sources:
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1980
Year Renovated: 2015
Roof Type: Gable
Construction/Siding: Block, Metal Siding, Steel Frame, Stucco
Exterior Description: Exterior is of a concrete covering (stucco like) over block and steel.
Parking Type: Surface
Parking Description: Parking lot is quite large, several areas are unmarked as the parking area runs nearly completely around the building and contains over 200 parks.
Total Parking Spaces: 200
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable, DSL, T1/T3, Gigabit
Interior Description: The interior is designed for office use: one office is designed for a clinical trial company, with some open areas, storage, and a great number of individual offices, and includes a large break room. The other office space currently contains a data extraction department and is configured with cubicles, training rooms, several offices, storage and a break room. Currently, there exists a portion of the building in the center which is quite open, has a number of available offices, meeting rooms, break room, as well as areas which could be converted to office or cubical space.
Zoning Description: B-3
Lot Frontage: 50'
Lot Depth: 500+
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress, Utilities
Easements Description: Cross access easement is available to Bluff City Hwy
Land Ownership: Fee Simple
Legal Description: Upon request

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,512 30,754 56,058
Median Age: 42.61 40.55 42.3
Households: 716 13,195 24,120


Photograph of Listing Agent

Richard S. Armstrong, III

TCI Group - Lowry & Foster, Inc. NETAR CMLS Member
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