Andrew Johnson Center at 2181 W Andrew Johnson Highway
Andrew Johnson Center at 2181 W Andrew Johnson Highway, Morristown, Tennessee, is a fully occupied three-unit retail strip center offered at $4,500,000 at an 11.6% cap ($522,159 NOI). The property is a leasehold investment with ground lease extending through 2047 at $4,235 per month, scheduled to increase 10% annually. The landlord is responsible for roof and structural components; tenants reimburse operating expenses through CAM.
The 56,800 SF single-story center built in 1997 sits on 9 acres and is anchored by Found Ever (formerly Sykes), occupying 46,000 SF and paying $28,700 per month through March 31, 2031, with a 63-month extension option and $6,708 monthly CAM reimbursement. Rent-A-Center leases 4,800 SF at $4,800 per month through January 31, 2028, with a five-year renewal option and 10% rent increase upon renewal. Summit Karate occupies 6,000 SF at $4,000 per month through December 20, 2029, with annual 6% rent increases. Two outparcels add stability: Chick-fil-A pays $5,307.71 per month with its option period ending November 30, 2027, followed by four additional five-year renewals featuring 9.3% increases; Taco Bell leases land for a rebuilt restaurant at $661.50 per month through March 31, 2033. All tenants are current and performing.
- Fully occupied multi-tenant strip center with strong anchor tenant (Found Ever, 46,000 SF)
- 11.6% cap rate with $522,159 NOI
- Ground lease through 2047; landlord responsible for roof and structural
- Diverse tenant mix with staggered lease expirations and renewal options
- Two outparcel ground leases (Chick-fil-A, Taco Bell) providing additional income
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The Andrew Johnson Center at 2181 W. Andrew Johnson Highway is a three-unit leasehold investment with the ground lease extending through 2047. Current ground rent is $4,235 per month ($50,820 annually), with scheduled 10% increases. The landlord is responsible for the roof and structural components, while other operating expenses are reimbursed through CAM.The property is anchored by Found Ever (formerly Sykes), which occupies approximately 46,000 square feet and pays $28,700 per month ($345,000 annually). The lease runs through March 31, 2031, with a 63-month extension option, and includes monthly CAM reimbursements of $6,708. Rent-A-Center leases 4,800 square feet at $4,800 per month ($57,600 annually) through January 31, 2028, with a five-year renewal option and a 10% rent increase upon renewal. Summit Karate occupies 6,000 square feet, paying $4,000 per month ($48,000 annually), with the lease expiring December 20, 2029, and annual rent increases of 6%.The center also benefits from two outparcel ground leases. Chick-fil-A pays $5,307.71 per month ($63,620.52 annually), with its current option period ending November 30, 2027, followed by four additional five-year renewal options featuring 9.3% rent increases at each renewal. Taco Bell leases a small portion of land for a rebuilt restaurant, paying $661.50 per month ($7,938 annually) under a lease that extends through March 31, 2033.