811 Parkway, Gatlinburg, TN 37738

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Building Details:

• Year Built: 2009

811 Parkway is located in Gatlinburg, TN.

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 75 year lease. The initial term of the BB&T lease is ten years with 4 five year options. Each year the BB&T rent increases 2%. Assumable, permanent financing is in place is the amount of $6,664,113 through Citizens National Bank. The interest rate is equal to the one month LIBOR Rate plus 200 basis points. Interest rate fluctuations with this debt are hedged with an assignable interest rate Swap through Pinnacle National Bank. 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. The cash on cash return assuming $4,833,594.00 equity and NOI after debt service of $153,858 is 7.3. Please call listing agent for specific details of the financing.