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702 S Foothills Plaza Drive
702 S Foothills Plaza Drive is a rare opportunity to purchase a NNN investment property for a 7.31% CAP Rate. The tenant, TECP Tennessee, LLC is wholly owned and operated by Keplr Vision. Keplr Vision is a nationwide optomitrist practice operator with over 285 practices in 35 states based in Blooington, IL. While the tenant only has a little over three years remaining on their term, this practice has been regarded as one of Keplr’s top performing practices across its 285+ portfolio. Additionally, the building was built in 2014, still in very good condition, provides excellent access/visibility to US Hwy 129, and garnering rents well within market.
One third of Blount County is made up of the Great Smoky Mountains National Park (the most visited National Park). Maryville, TN is also within a one day drive of 75% of the US Population and less than 6 miles from the Metropolitan Knoxville Airport.
Address: 702 S Foothills Plaza Drive, Maryville, TN 37801
Zoning: BT – Business and Transportation District (Allows most commercial uses and is usually found along heavily travelled roadways. Other allowable uses include light industry, public and institutional uses, and medium density residential structures.)
Site Size: 0.98 AC with 9,200 SF improvements
Parking Ratio: ~4.35/1000
Possible Uses: Medical / Office
Tenant: Blount County Eye Center (TECP Tennessee, LLC – Keplr Vision)
Rent: $23.61/SF with 2% Annual Increases
Cap Rate: 7.31%
Lease Expiration: 1/31/2027
LL Expenses: CapEx to replace Roof, HVAC (replacement), plumbing, electrical systems, structural support, foundation, and walls.
Renewal Option: Two Five-Year Options that autorenew if no election to let expire 120 days prior to expiration at FMV
Year Built: 2014
Purchase Price: $2,970,000