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TN STATE GOVERNMENT OFFICE

940 Upper Ferry Rd, Carthage, TN 37030

Listing Price: $1,603,920

Cap Rate
7.00%
Rentable SF
6,500
Lot Size
0.96 acres
Year Built
2022

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in new, build-to-suit, State of Tennessee full-service lease investment located at 940 Upper Ferry Rd Carthage, TN 37030 (the “Property”). Built-in 2022, Tenant is Relocating to Subject as of March 2022, the Property comprises a +/- 6,500 SF building on a highly visible +/- .96 -acre parcel, that is strategically positioned to be easy to access for over 39,380vehicles per day, surrounded by residential and commercial development. The Property benefits from it’s highly visible location with easy accessibility, and convenient location in a strong commercial and residential area. The area is experiencing population growth, located only 55 miles (1 hour) east of Nashville, 35 miles (1 hour) south of the Kentucky state line, the area is experiencing strong growth with over 14,500 households with an average household income of over $70,810 within 15 miles of the subject asset, as of 2020. The building is 100 percent occupied by the State of Tennessee with investment-grade credit of “AAA” by S&P. The subject to a gross lease, the tenant may terminate the lease after 5 years. The landlord is responsible for the lawn, cleaning, pest, utilities, taxes, insurance, and supplies.

Investment Highlights

  • Subject Asset Features a Brand New, Freestanding Building with 6,500 Square-Feet of Gross Leasable Area, Situated on a 0.96-Acre Lot, Constructed in 2022 | Includes 47 Total Parking Spaces, with 25 Sp
  • Tenant is Relocating to Subject as of March 2022 | Seven-Year Original Lease Term Has Five Guaranteed Years Remaining and Three Options
  • Investment-Grade Tenant is Guaranteed by the Tennessee State Government, with a Stable Credit Rating of Aaa from Moody's and AAA from S&P 500
  • High-Traffic Location Along Main Thoroughfare Upper Ferry Rd (7,300 VPD), Steps Away from the Intersection of TN-25/Carthage Bypass (11,470 VPD) and Route 70/Lebanon Highway (Source: CoStar, 2020)
  • Subject is Located in the Heart of a Growing Corridor Between Downtown and South Carthage | Nearby Retailers Include: Dollar Tree, Walmart Supercenter, Sonic Drive-In, Verizon, Bank Tennessee, Advance Auto Parts, Domino's and Do it Best Hardware
  • Subject is Located in the Nashville Metro, the Largest in the State with a Population of Over Two Million | 2021 Reports Name Nashville as the Number One U.S. City in Economic Growth, Low Unemployment, and Low Cost of Living, with No State Income Tax

Exclusively Listed By

  • Jesse Limon

    Licensed Real Estate Salesperson

    (212) 430-5291

    Email Jesse

    License(s): IN: RB14048415, NY: 10401271892

    Manhattan

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s) TN: 307629

    Tennessee

Office

TN STATE GOVERNMENT OFFICE

Listing Price: $1,603,920

Cap Rate
7.00%
Rentable SF
6,500
Lot Size
0.96 acres
Year Built
2022

Investment Highlights

  • Subject Asset Features a Brand New, Freestanding Building with 6,500 Square-Feet of Gross Leasable Area, Situated on a 0.96-Acre Lot, Constructed in 2022 | Includes 47 Total Parking Spaces, with 25 Sp
  • Tenant is Relocating to Subject as of March 2022 | Seven-Year Original Lease Term Has Five Guaranteed Years Remaining and Three Options
  • Investment-Grade Tenant is Guaranteed by the Tennessee State Government, with a Stable Credit Rating of Aaa from Moody's and AAA from S&P 500
  • High-Traffic Location Along Main Thoroughfare Upper Ferry Rd (7,300 VPD), Steps Away from the Intersection of TN-25/Carthage Bypass (11,470 VPD) and Route 70/Lebanon Highway (Source: CoStar, 2020)
  • Subject is Located in the Heart of a Growing Corridor Between Downtown and South Carthage | Nearby Retailers Include: Dollar Tree, Walmart Supercenter, Sonic Drive-In, Verizon, Bank Tennessee, Advance Auto Parts, Domino's and Do it Best Hardware
  • Subject is Located in the Nashville Metro, the Largest in the State with a Population of Over Two Million | 2021 Reports Name Nashville as the Number One U.S. City in Economic Growth, Low Unemployment, and Low Cost of Living, with No State Income Tax

Investment Overview

Marcus & Millichap, on behalf of Ownership as its exclusive advisor, is pleased to offer for sale the 100% interest in new, build-to-suit, State of Tennessee full-service lease investment located at 940 Upper Ferry Rd Carthage, TN 37030 (the “Property”). Built-in 2022, Tenant is Relocating to Subject as of March 2022, the Property comprises a +/- 6,500 SF building on a highly visible +/- .96 -acre parcel, that is strategically positioned to be easy to access for over 39,380vehicles per day, surrounded by residential and commercial development. The Property benefits from it’s highly visible location with easy accessibility, and convenient location in a strong commercial and residential area. The area is experiencing population growth, located only 55 miles (1 hour) east of Nashville, 35 miles (1 hour) south of the Kentucky state line, the area is experiencing strong growth with over 14,500 households with an average household income of over $70,810 within 15 miles of the subject asset, as of 2020. The building is 100 percent occupied by the State of Tennessee with investment-grade credit of “AAA” by S&P. The subject to a gross lease, the tenant may terminate the lease after 5 years. The landlord is responsible for the lawn, cleaning, pest, utilities, taxes, insurance, and supplies.

Exclusively Listed By

  • Jesse Limon

    Licensed Real Estate Salesperson

    (212) 430-5291

    Email Jesse

    License(s): IN: RB14048415, NY: 10401271892

    Manhattan

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s): TN: 307629

    Tennessee

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