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811 Parkway, Gatlinburg, TN 37738

Commercial property for sale

  • Description
  • Located at the intersection of The Parkway (U.S. 441) and Airport Rd., this two story (and a parking garage in the basement), two tenant building was completed and rent commenced November, 2009. The sale is fee simple. Walgreens has signed a 25 year lease with 10 five year options. The initial term of the BB&T lease is ten years with 4 five year options. Each year the BB&T rent increases 2%. On the debt side, an underlying $6,664,113 loan is in place at Libor plus 200 basis points with the maturity of the Note being March 19, 2020. The pricipal balance following the November, 2012 payment is $6,301,284. Interest rate fluctuations with this debt are hedged with an assignable interest rate Swap through Pinnacle National Bank. The original notional amount was $6,000,000. This swap amortizes each month with the December 2012 notional amount being $5,664,274. The net effect of these two debt instruments is to "fix" the interest rate of the first mortgage at 5.38% on the first $6,000,000. Please call listing agent for specific details of the financing. Building price details: $9,835,984.
  • Property Details
  • Building Name: Walgreens/BB&T
    Property Type: Retail
    Use Types: Free-Standing Building, Parking Facility, Street Retail
    Status: Available
    Price: $ 594 +/SF
    Number of Stories: 2
    Year Built: 2009
    MSA: Sevierville
    Buildings: 1
    Tenancy: Multiple Tenants
    Construction: Steel Frame
    Terms: Cash to Seller, Other
    Added: 12/19/2012
    Last Update: 12/29/2012
  • Exterior Features
  • Parking: Yes
    Parking Spaces: 19
    Parking Type: Underground
  • Contact info
  • 865-342-8729 [Office]
  • Note

  • Details Info about this row that located on 811 Parkway, Gatlinburg, TN 37738 was got from trusty sources, but All Foreclosures Homes can't guarantee that details about listing price, status, facts, images and owner are correct, because this listing can be changed or removed from market without notice. If You need to receive additional details about this property try to ask directly listing agent or owned.

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