Andrew Johnson Center

I am blessed to represent the 3-unit Andrew Johnson Center at 2181 W Andrew Johnson Highway as well as 2 unit building at 2217 W Andrew Johnson Highway in Morristown, TN. The 3-unit Andrew Johnson Center is a Leasehold property and the lease expires in 2047. The rent on the lease is $4,235 monthly / $50,820 yearly and has a 10% increase every year. The landlord is responsible for roof and structure and everything else is reimbursed thru CAM. “Sykes” (Found Ever) rents 46,000 square feet for $28,700 monthly / $345K yearly. This lease expires March 31, 2026 and has 2 - 63 month extensions. The monthly CAM is $6,708. Rent-A-Center rents 4,800 square feet for $4,800 monthly / $57,600 yearly. This lease expires Jan 31, 2028 and has 1 - 5 year option. There is a 10% rent increase at the option period. The monthly CAM is $260. Summit Karate rents 6,000 square feet for $4,000 monthly / $48,000 yearly. This lease expires Dec 20, 2029. There is a 6% rent increase each year. Chick Fil A has an outparcel and their current option period expires Nov 30, 2027. Chick Fil A has 4 - 5 year option periods after this current one ends in 2027. The monthly rent is $5,307.71 / $63,620.52 yearly. At each option period there is a 9.3% rent increase. Taco Bell has another outparcel and their current lease expires March 31, 2033. The monthly rent is $661.50 / $7,938 yearly. Taco Bell re built their building and is leasing a small amount of land. The total annual income is $522,158.52.
The 2-unit building at 2217 W Andrew Johnson is Fee Simple. PPG rents 4,000 square feet for $3,400 monthly / $40,800 yearly till Feb 28, 2025. Their next option is from March 1, 2025 - Feb 28, 2030 with $4,000 monthly rent / $48,000 yearly rent. Edward Jones rents 2,000 square feet for $1,666.67 monthly / $20,000.04 yearly. This 2-unit building's total annual rent is $60,800.04. Their lease is from Nov 1, 2024 - Oct 31, 2029 with 3% rent increase each year.
Both of these properties together are $6,000,000 and are a package deal.
Morristown, Tennessee is the county seat of Hamblen County with a population of over 30,000. Morristown is located in the NE part of Tennessee. W Andrew Johnson Highway has over 36,000 vehicles per day.