917 N Main Ave
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917 N Main Ave
40,735 SF 100% Leased Retail Building Erwin, TN 37650 $3,937,920 CAD ($97 CAD/SF) 7.45% Cap Rate
Investment Highlights
- 100% Occupied
- New Roof, Recent Parking Lot Maintenance
- Long-Term Tenants in Place
- NNN Leases
Executive Summary
Income-Producing Shopping Center in Erwin, TN - Fully Leased Investment Opportunity
Located in the heart of Erwin, TN, this well-established shopping center offers an excellent opportunity for investors seeking a stable, income-producing property.
Situated on 4.41 acres of Erwin’s historic Main Street, this fully leased, 40,735 square foot shopping center is anchored by well-known national tenants CVS and Food Lion, with a longstanding local tenant, a furniture store, completing the tenant mix.
Erwin, TN, is a charming town known for its friendly community and small-town appeal, nestled in the scenic Appalachian foothills of northeastern Tennessee. With a population of just over 5,000, Erwin is a regional hub for commerce and services, offering a relaxed pace of life while still providing convenient access to nearby cities such as Johnson City and Asheville.
Property Highlights:
Leased Area: 40,735 SF across three tenants: CVS (8,450 SF), Food Lion (27,885 SF), and a locally owned furniture store (4,400 SF).
Established Tenants: CVS and Food Lion have been in place since the property’s original development in 1984. The furniture store has changed ownership over the years but remains a stable and established business.
Long-Term Stability: Food Lion recently executed a 5-year lease extension, with one additional 5-year option remaining. CVS and the furniture store have long-term leases as well.
Triple Net Leases: All leases are structured as triple net (NNN), ensuring minimal landlord obligations. The tenant reimbursement responsibilities include taxes and parking lot lights (Food Lion), and insurance, taxes, and common area maintenance expenses (CVS).
Recent Updates: The property has been well-maintained with a local construction company handling maintenance has needed and with recent updates including a freshly striped parking lot and a new roof, installed just two years ago.
Location: Located on Erwin’s historic Main Street, providing excellent visibility and access.
Strong In-Place Cap Rate: With an in-place cap rate of 7.45%, this shopping center offers attractive returns for investors. The property is priced below replacement cost per square foot, providing future potential for rent increases and value appreciation.
Low Property Taxes: The area benefits from low property taxes, further enhancing the property’s strong financial profile.
Located in the heart of Erwin, TN, this well-established shopping center offers an excellent opportunity for investors seeking a stable, income-producing property.
Situated on 4.41 acres of Erwin’s historic Main Street, this fully leased, 40,735 square foot shopping center is anchored by well-known national tenants CVS and Food Lion, with a longstanding local tenant, a furniture store, completing the tenant mix.
Erwin, TN, is a charming town known for its friendly community and small-town appeal, nestled in the scenic Appalachian foothills of northeastern Tennessee. With a population of just over 5,000, Erwin is a regional hub for commerce and services, offering a relaxed pace of life while still providing convenient access to nearby cities such as Johnson City and Asheville.
Property Highlights:
Leased Area: 40,735 SF across three tenants: CVS (8,450 SF), Food Lion (27,885 SF), and a locally owned furniture store (4,400 SF).
Established Tenants: CVS and Food Lion have been in place since the property’s original development in 1984. The furniture store has changed ownership over the years but remains a stable and established business.
Long-Term Stability: Food Lion recently executed a 5-year lease extension, with one additional 5-year option remaining. CVS and the furniture store have long-term leases as well.
Triple Net Leases: All leases are structured as triple net (NNN), ensuring minimal landlord obligations. The tenant reimbursement responsibilities include taxes and parking lot lights (Food Lion), and insurance, taxes, and common area maintenance expenses (CVS).
Recent Updates: The property has been well-maintained with a local construction company handling maintenance has needed and with recent updates including a freshly striped parking lot and a new roof, installed just two years ago.
Location: Located on Erwin’s historic Main Street, providing excellent visibility and access.
Strong In-Place Cap Rate: With an in-place cap rate of 7.45%, this shopping center offers attractive returns for investors. The property is priced below replacement cost per square foot, providing future potential for rent increases and value appreciation.
Low Property Taxes: The area benefits from low property taxes, further enhancing the property’s strong financial profile.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
Sale Type
Investment NNN
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Supermarket
Building Size
40,735 SF
Building Class
C
Year Built
1984
Price
$3,937,920 CAD
Price Per SF
$97 CAD
Cap Rate
7.45%
NOI
$293,375 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.21
Land Acres
4.40 AC
Zoning
B-2 - B-2
Parking
5.5 Spaces per 1,000 SF Leased
PROPERTY TAXES
| Parcel Number | 023F-F-00500-000 | Improvements Assessment | $1,002,499 CAD |
| Land Assessment | $209,931 CAD | Total Assessment | $1,212,430 CAD |
PROPERTY TAXES
Parcel Number
023F-F-00500-000
Land Assessment
$209,931 CAD
Improvements Assessment
$1,002,499 CAD
Total Assessment
$1,212,430 CAD
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Hyatt Holbrook -
Louise Frazier -
Blue Ridge Realty, Inc.
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