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917 N Main Ave
40,735 SF 100% Leased Retail Building Erwin, TN 37650 $2,800,000 ($69/SF) 7.45% Cap Rate
Investment Highlights
- 100% Occupied
- New Roof, Recent Parking Lot Maintenance
- Long-Term Tenants in Place
- NNN Leases
Executive Summary
Located in the heart of Erwin, TN, this well-established shopping center offers an excellent opportunity for investors seeking a stable, income-producing property.
Situated on 4.41 acres of Erwin’s historic Main Street, this fully leased, 40,735 square foot shopping center is anchored by well-known national tenants CVS and Food Lion, with a longstanding local tenant, a furniture store, completing the tenant mix.
Erwin, TN, is a charming town known for its friendly community and small-town appeal, nestled in the scenic Appalachian foothills of northeastern Tennessee. With a population of just over 5,000, Erwin is a regional hub for commerce and services, offering a relaxed pace of life while still providing convenient access to nearby cities such as Johnson City and Asheville. Erwin, TN is connected to Hot Springs, NC via the Appalachian Trail.
Property Highlights:
Leased Area: 40,735 SF across three tenants: CVS (8,450 SF), Food Lion (27,885 SF), and a locally owned furniture store (4,400 SF).
Established Tenants: CVS and Food Lion have been in place since the property’s original development in 1984. The furniture store has changed ownership over the years but remains a stable and established business.
Long-Term Stability: Food Lion recently executed a 5-year lease extension, with one additional 5-year option remaining. CVS and the furniture store have leases expiring in the Fall of 2025. Food Lion has seen a steady increase in sales over the last three years and has a loyal customer base with a 10x 12-month visit frequency.
Triple Net Leases: All leases are structured as triple net (NNN), ensuring minimal landlord obligations. The tenant reimbursement responsibilities include taxes and parking lot lights (Food Lion), and insurance, taxes, and common area maintenance expenses (CVS).
Recent Updates: The property has been well-maintained with a local construction company handling maintenance has needed and with recent updates including a freshly striped parking lot and a new roof, installed just two years ago.
Location: Located on Erwin’s historic Main Street, providing excellent visibility and access to the adjacent residential neighborhoods.
Strong In-Place Cap Rate: With an in-place cap rate of 7.45%, this shopping center offers attractive returns for investors. The property is priced below replacement cost per square foot, providing future potential for rent increases and value appreciation.
Low Property Taxes: The area benefits from low property taxes, further enhancing the property’s strong financial profile.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
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- Retailer
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99,999 SF
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$9.99
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Lorem Ipsum
- -
CVS Health is building a world of health around every consumer. Their unmatched reach allows them to deliver high-quality, affordable health care when and how individuals choose. They are on a mission to deliver superior and more connected experiences, lower the cost of care and improve the health and well-being of those they serve. As a leading health solutions company, they offer multiple channels to access health care locally and nationally. Their strong community presence, tech-forward approach and unmatched engagement with millions of people enabling them to deliver high-quality, personalized, affordable health care. Guided by their purpose, CVS Health® is building an entire world of health care around each and every person they serve, no matter where they are on their journey. They listen, show empathy and deliver innovative solutions that serve people’s unique needs and earn their loyalty. Because how they deliver their services is just as important as what they deliver.
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- Retailer
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99,999 SF
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$9.99
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Lorem Ipsum
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Jan 0000
Their long history began in Salisbury, N.C. in 1957. Today, they operate more than 1,000 grocery stores in 10 states in the Southeast and Mid-Atlantic regions. They proudly employ more than 82,000 associates and serve over 10 million customers a week. With their longstanding heritage of low prices and convenient locations, work to provide the easiest grocery shopping experience for their customers. Plus, with over 28,000 products per store, including more than 7,000 private brand options, they are committed to providing the communities they serve with a wide selection of affordable, fresh items.
- Hometown Tradition
- Retailer
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99,999 SF
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$9.99
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Lorem Ipsum
- -
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
|
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Retailer | 99,999 SF | $9.99 | Lorem Ipsum | - | |
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Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 | |
| Hometown Tradition | Retailer | 99,999 SF | $9.99 | Lorem Ipsum | - |
PROPERTY TAXES
| Parcel Number | 023F-F-00500-000 | Improvements Assessment | $716,880 |
| Land Assessment | $150,120 | Total Assessment | $867,000 |
PROPERTY TAXES
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Hyatt Holbrook -
Louise Frazier -
Blue Ridge Realty, Inc.
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917 N Main Ave
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