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Government

Tennessee State Office "AAA" Rating By S&P

6407 TN-28, Dunlap, TN 37327

Listing Price: $1,483,444

Cap Rate
7.00%
Tenant Name
Tennessee
Years Remaining On Lease
9.2
Guarantor
State Agency
Rentable SF
7,200
Lease Type
Ground Lease
Rent Per Square Feet
$19.00

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 6407 SR 28, Dunlap, TN 38571 (the “Property”). Built in 2020, and paying rent as of September 1, 2020, the Property comprises a +/- 7,200 SF building on a highly visible +/- 1.21-acre parcel, that is strategically positioned to be easy to access for over 10,345 vehicles 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 within 30 miles of Chattanooga, the area is experiencing strong growth with projected 6.3% growth from 2020 to 2025. The population within 15 miles of the subject is 67,000 people, the average household income within ten miles of subject is over $60,000 with over 18,100 households and 42,809 people. The building is 100 percent occupied by the State of Tennessee with investment grade credit of “AAA” by S&P. The lease commenced September 1, 2020 and expires August 30, 2030, subject to a gross lease, the tenant may terminate the lease after 5 years. Landlord is responsible for the lawn, cleaning, pest, utilities, taxes, insurance, and supplies, the current landlord would be willing to manage the property for a new buyer making the deal management free.

Investment Highlights

  • Subject Property is 7,200-Square-Feet of Gross Leasable Area on a 1.21-Acre Lot, with 51 Parking Spaces
  • New Construction with 10-Year Lease and a AAA-Credit Rated Tenant
  • Located on Busy State Route 28, With a Daily Traffic Count of 10,348 Vehicles per Day and Connects to Interstate 24 (47,858 VPD) and State Route 127 (13,359 VPD)
  • Nearby National Retailers Include: Walmart Supercenter, Walgreens, Dollar General, McDonald's, Subway, Wendy's, AutoZone, Dollar Tree, Taco Bell and More
  • Subject is Located Two Hours South of Nashville (135 Miles) and Within Forty Five Minutes North of Downtown Chattanooga (28 Miles)
  • Booming Market with Median Household Income Growth of Nearly 50-Percent Since 2000 | Over 42,000 People Live Within Ten Miles with an Average Household Income of $60,000
  • Volkswagen Assembly Plant (2,000 Employees) and Amazon Fulfillment Center (1,500 Employees) are Both Located within 40 Miles Southeast of Subject Asset
  • Subject is Located Less Than One Mile from Approximately 2,200 Students Across Three Public Schools, Grades PK-12

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

    Vice President / Regional Manager

    (615) 997-2860

    License(s) TN: 307629

    Tennessee

Government

Tennessee State Office "AAA" Rating By S&P

Listing Price: $1,483,444

Cap Rate
7.00%
Tenant Name
Tennessee
Years Remaining On Lease
9.2
Guarantor
State Agency
Rentable SF
7,200
Lease Type
Ground Lease
Rent Per Square Feet
$19.00

Investment Highlights

  • Subject Property is 7,200-Square-Feet of Gross Leasable Area on a 1.21-Acre Lot, with 51 Parking Spaces
  • New Construction with 10-Year Lease and a AAA-Credit Rated Tenant
  • Located on Busy State Route 28, With a Daily Traffic Count of 10,348 Vehicles per Day and Connects to Interstate 24 (47,858 VPD) and State Route 127 (13,359 VPD)
  • Nearby National Retailers Include: Walmart Supercenter, Walgreens, Dollar General, McDonald's, Subway, Wendy's, AutoZone, Dollar Tree, Taco Bell and More
  • Subject is Located Two Hours South of Nashville (135 Miles) and Within Forty Five Minutes North of Downtown Chattanooga (28 Miles)
  • Booming Market with Median Household Income Growth of Nearly 50-Percent Since 2000 | Over 42,000 People Live Within Ten Miles with an Average Household Income of $60,000
  • Volkswagen Assembly Plant (2,000 Employees) and Amazon Fulfillment Center (1,500 Employees) are Both Located within 40 Miles Southeast of Subject Asset
  • Subject is Located Less Than One Mile from Approximately 2,200 Students Across Three Public Schools, Grades PK-12

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 6407 SR 28, Dunlap, TN 38571 (the “Property”). Built in 2020, and paying rent as of September 1, 2020, the Property comprises a +/- 7,200 SF building on a highly visible +/- 1.21-acre parcel, that is strategically positioned to be easy to access for over 10,345 vehicles 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 within 30 miles of Chattanooga, the area is experiencing strong growth with projected 6.3% growth from 2020 to 2025. The population within 15 miles of the subject is 67,000 people, the average household income within ten miles of subject is over $60,000 with over 18,100 households and 42,809 people. The building is 100 percent occupied by the State of Tennessee with investment grade credit of “AAA” by S&P. The lease commenced September 1, 2020 and expires August 30, 2030, subject to a gross lease, the tenant may terminate the lease after 5 years. Landlord is responsible for the lawn, cleaning, pest, utilities, taxes, insurance, and supplies, the current landlord would be willing to manage the property for a new buyer making the deal management free.

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

    Vice President / Regional Manager

    (615) 997-2860

    License(s): TN: 307629

    Tennessee

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