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Office Medical

Victory Centre

575 Oak Ridge Turnpike, Oak Ridge, TN 37830

Listing Price: $5,150,000

Cap Rate
7.53%
Gross SF
34,553
Rentable SF
34,553
Price/Gross SF
$149.05
Occupancy
92.2%
Year Built
2003
Lot Size
1.84 acres

Investment Overview

Marcus & Millichap is pleased to present to market Victory Centre, a well-maintained Class B Medical Professional Office Building located in Oak Ridge, Tennessee. Oak Ridge is an integral part of the Knoxville MSA, functioning as a strategic suburb located 25 miles west of Knoxville CBD. The Knoxville MSA is the 3rd Largest in Tennessee, and top 50 across the United States by Population, with a combined statistical population of approximately 1,150,000 residents. The Greater Knoxville Area is home to a stabilized economy, led by Retail Trade, Health Care, Social Assistance, and Educational Services no single sector accounts for more than 22 percent of the Area’s percentage of total employment. The Victory Centre presents to market as a fundamentally sound, 34,553 Square-Foot, Class B Medical Professional office investment opportunity. The Subject Property is ideally situated along the Oak Ridge Turnpike, the major thoroughfare of the suburban market, and benefits from traffic counts exceeding 22,000 vehicles per day. Operating at historically high occupancies, the Victory Center is currently positioned at 92 percent Occupancy, with a singular 2,700 square-foot vacancy. Additionally, the rent roll boasts an excellent diversified Tenant Mix on attractive rent roll overschedule, with no tenant representing greater than 16.5 percentof the Net Leasable Area, and 75 percent of the Net Leasable Area operating on triple-net leases. The Victory Centre is an excellent acquisition opportunity for any investor to benefit from higher rates of return across a predominately passive investment opportunity, with a long-standing history of excellent performance within a growing and developing suburban submarket of the Knoxville MSA. Additionally, the Subject Property also offers considerable value-add upside with multiple tenant’s leased well-below market rental rates, vacancy upside, and completion of triple-net lease conversion. The Subject Property is offered to Market at $5.15 million, reflecting a 7.53 percent CAP Rate, and leveraged cash-on-cash returns approaching 10 percent.

Investment Highlights

  • 34,553 Square-Foot Class B Medical Professional Office | Knoxville MSA
  • Strategically Positioned Along Oak Ridge Turnpike | Major Thoroughfare | 22,000+ Vehicles per Day
  • 92 Percent Occupancy across Diversified Tenant-Mix | Historically High Occupancy Rates
  • 75 Percent Net Leasable Area Operates on Triple-Net (NNN) Leases
  • Value-Add Upside in Raising Rental Rates | Filling Singular 2,700 Square Foot Vacancy

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s) TN: 307629

    Tennessee

Office Medical

Victory Centre

Listing Price: $5,150,000

Cap Rate
7.53%
Gross SF
34,553
Rentable SF
34,553
Price/Gross SF
$149.05
Occupancy
92.2%
Year Built
2003
Lot Size
1.84 acres

Investment Highlights

  • 34,553 Square-Foot Class B Medical Professional Office | Knoxville MSA
  • Strategically Positioned Along Oak Ridge Turnpike | Major Thoroughfare | 22,000+ Vehicles per Day
  • 92 Percent Occupancy across Diversified Tenant-Mix | Historically High Occupancy Rates
  • 75 Percent Net Leasable Area Operates on Triple-Net (NNN) Leases
  • Value-Add Upside in Raising Rental Rates | Filling Singular 2,700 Square Foot Vacancy

Investment Overview

Marcus & Millichap is pleased to present to market Victory Centre, a well-maintained Class B Medical Professional Office Building located in Oak Ridge, Tennessee. Oak Ridge is an integral part of the Knoxville MSA, functioning as a strategic suburb located 25 miles west of Knoxville CBD. The Knoxville MSA is the 3rd Largest in Tennessee, and top 50 across the United States by Population, with a combined statistical population of approximately 1,150,000 residents. The Greater Knoxville Area is home to a stabilized economy, led by Retail Trade, Health Care, Social Assistance, and Educational Services no single sector accounts for more than 22 percent of the Area’s percentage of total employment. The Victory Centre presents to market as a fundamentally sound, 34,553 Square-Foot, Class B Medical Professional office investment opportunity. The Subject Property is ideally situated along the Oak Ridge Turnpike, the major thoroughfare of the suburban market, and benefits from traffic counts exceeding 22,000 vehicles per day. Operating at historically high occupancies, the Victory Center is currently positioned at 92 percent Occupancy, with a singular 2,700 square-foot vacancy. Additionally, the rent roll boasts an excellent diversified Tenant Mix on attractive rent roll overschedule, with no tenant representing greater than 16.5 percentof the Net Leasable Area, and 75 percent of the Net Leasable Area operating on triple-net leases. The Victory Centre is an excellent acquisition opportunity for any investor to benefit from higher rates of return across a predominately passive investment opportunity, with a long-standing history of excellent performance within a growing and developing suburban submarket of the Knoxville MSA. Additionally, the Subject Property also offers considerable value-add upside with multiple tenant’s leased well-below market rental rates, vacancy upside, and completion of triple-net lease conversion. The Subject Property is offered to Market at $5.15 million, reflecting a 7.53 percent CAP Rate, and leveraged cash-on-cash returns approaching 10 percent.

Exclusively Listed By

Broker of Record

  • Jody McKibben

    First Vice President/Regional Manager

    (615) 997-2800

    License(s): TN: 307629

    Tennessee

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