Waverly Shopping Center
For sale515 W Main St, Waverly, TN 37185
Property type
Retail
Price
$2,143,365
Cap Rate
7.75%
Building size
47,304 SF
Year built
1980
Occupancy
70.29%
Lot size
7.99 acres
Property description
Franklin Street is pleased to present the exclusive offering of Waverly Shopping Center, a 47,304-square-foot multi-tenant neighborhood retail center situated on approximately 7.99 acres at 515 W. Main Street in Waverly, TN. Positioned along U.S. Highway 70, the property's location provides prominent visibility, convenient access and immediate proximity to an established concentration of national and regional retailers. The investment offers an attractive value-add opportunity at a highly compelling basis, with current offering terms reflecting a $37.77 price/square foot and an 8.25% going-in capitalization rate. Current occupancy of 70.29% provides substantial upside through lease-up, tenant diversification and the potential to increase property cash flow. Existing national retail presence includes Dollar Tree, providing an established traffic generator. Humphreys County is home to approximately 19,646 residents, while the Waverly-centered 45-minute labor market encompasses approximately 77,532 people. The market benefits from a substantial employment base, with manufacturing accounting for 23.1% of employed residents. Consumer spending further reinforces Waverly's role as a regional retail hub. Humphreys County generated approximately $338.9 million in retail sales in 2024, a significant indication of draw generated by Waverly's concentrated commercial corridor. Strengthened by its proximity to Walmart Supercenter and a collection of daily-needs retailers including McDonald's, KFC, Taco Bell, Sonic, Subway, Domino's and more. Together, the property's low basis, existing national tenancy, significant available space and position within Waverly's dominant retail corridor create an opportunity for an investor to acquire an established neighborhood center while capturing meaningful upside through stabilization.
Property highlights
- Strategic Location: 47,304 SF multi-tenant property on 7.99 acres along U.S. Highway 70, Waverly's primary retail corridor, with approximately 13,000 VPD and 65-mile proximity to Nashville.
- Strong Market Position: County-seat location serving 19,646 residents and a 77,532-person 45-minute labor market, with Humphreys County generating $338.9 million in retail sales in 2024.
- Value-Add Opportunity: 70.29% current occupancy provides significant potential to increase occupancy, diversify tenancy and grow NOI through lease-up.
- Attractive Investment Basis: At $37.7/SF, with an 8.25% going-in cap rate, current yield and stabilization offer substantial upside.
- Established Demand Drivers: Dollar Tree & O'Reilly's Automotive along with nearby national retailers - Walmart, McDonald's, Sonic and Murphy USA benefit from Waverly's established retail cluster and daily-needs traffic.
- Durable Economic Base: Manufacturing accounts for 23.1% of employment, supported by major employers including Chemours, Hood Container, Scepter, Walmart and Three Rivers Medical.