Lot Size (sq. ft.):
Incredible opportunity to purchase or lease existing fully updated and upgraded vacant retail building in great condition which was previously used as a restaurant on a Walmarts/Lowes outparcel in a highly trafficked neighborhood center located at the Interstate 40/Hwy 321 off-ramp junction at Newport TN. Alternatively, if you are looking for a vacant outparcel pad site in an ideal traffic location for a long term ground lease (50+ years)... seller is prepared to clear site for new build.
What makes this property unique is the high visibility from Hwy 321 and main Newport Town Center Avenue as well as the very good condition of the existing structure which includes a huge dining and customer service area with stand-alone central gas stone fire-place, large kitchen/food prep areas, cool rooms and servicing by all of the major utilities as well as an existing mechanical ventilation system, exhaust hoods and duct work. The dedicated parking lot for over 40 vehicles has also been recently re-surfaced and includes a drive-thru lane and window.
While there is already substantial tourist traffic at this highway junction, as it is used as a primary entry point into the Great Smoky Mountains National Park which boasts over 14 million tourists visiting each year, it is understood that the local county together with the Tennessee State government are working together in extending Hwy 321 as a 4-lane major thoroughfare towards Gatlinburg. This will greatly increase the already substantial traffic flow with the benefit that this property is highly visible and has direct access from the in-bound side of the traffic, just off the interstate exit, as the vehicles travel towards the National Park.
With all of the future expansion planned, which will greatly increase the already high traffic flow to to this neighborhood center, it is now the ideal time for a retail/restaurant operator to purchase this property to establish a projected high income endeavor or for a commercial property investor to add this property to their portfolio and optimize on providing a long term lease to a third party retail tenant.
NOTE: Seller financing is an option. Contact listing broker for info
Listing Office: 10 Realty, LLC
Last Updated: November - 20 - 2023
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Information deemed reliable but not guaranteed.