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Single-Tenant State Leased Office 2600 Western Ave 55,000 SF Office Building Knoxville, TN 37921 $10,375,425 CAD ($188.64 CAD/SF)
INVESTMENT HIGHLIGHTS
- 10-Year + lease through November 30, 2035 | Leased by the State of Tennessee
- Rent increases December 2025 by $3,000 a month, $34,546.68 annually
- 270 paved parking spaces | Normal state appropriations clause
- AAA+ S&P Global Credit Rating | Tenant pays utilities and janitorial
- Built for DCS in 2009 | HVAC replaced in 2024
- Bull Realty TN License: #259046
EXECUTIVE SUMMARY
On top of a long term lease with a high credit tenant in place, the property includes two significant value-add components a 3.38 acre site & 6,478 SF of leasable space. The pricing allocation is as follows:
1. Ten-Year Lease: $6,126,800 at an approximate cap rate of 8%.
2. 3.38 Acre Site: $653,432 Site to build up to a 20,000 SF or larger building. Value based on sale comps of $193,320 per acre.
3. New SF: $719,777 Value from approximately 6,478 SF leasable space available in December. Value is based on conservative rent of only $10/SF net, and a conservative 9% cap rate.
The property is perfectly located for DCS in Knoxville, TN, the second-fastest-growing city in the state of Tennessee. The sites are close to Interstates I-40 and I-640 in West Knoxville
PROPERTY FACTS
AMENITIES
- Air Conditioning
MAJOR TENANTS Click Here to Access
- TENANT
- INDUSTRY
- SF OCCUPIED
- RENT/SF
- LEASE TYPE
- LEASE END
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- Public Administration
- -
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$9.99
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Lorem Ipsum
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Jan 0000
The Department of Children’s Services is Tennessee’s public child welfare agency and establishes statewide standards for performance that reflect best practices for child welfare. The Department investigates allegations of child abuse and neglect. They also administer the state’s foster-care system and they work especially hard to find permanency for the children and youth who come into their care, whether that is through reunification or adoption. Their Juvenile Justice division serves the youth who have been adjudicated delinquent and they work closely with scores of private providers and community partners across the state of Tennessee.
| TENANT | INDUSTRY | SF OCCUPIED | RENT/SF | LEASE TYPE | LEASE END | |
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Public Administration | - | $9.99 | Lorem Ipsum | Jan 0000 |
PROPERTY TAXES
| Parcel Number | 094HA-00102 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $2,586,552 CAD |
PROPERTY TAXES
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Single-Tenant State Leased Office | 2600 Western Ave
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