The Shops of Pigeon Forge
161 East Wears Valley Road, Pigeon Forge, TN 37863, United States
The Offering   Investment Overview
As the exclusive agent for the owner, CBRE is pleased to offer for sale the leasehold interest (+68 years) in an excellent value-add opportunity located within a highly dynamic tourist market. The Shops of Pigeon Forge consists of approximately ±98,342 SF and is currently 82.06% occupied due to absentee ownership, allowing for immediate cash flow improvement through lease-up, or redevelopment. The center is well-positioned in the heart of Pigeon Forge, Tennessee which is the gateway to the Great Smoky Mountains National Forest and boasts over 11 million visitors per year, giving it characteristics of a beach-side locale or more urban market. The Shops of Pigeon Forge offer an investor the ability to acquire an asset in the midst of this exciting trade area and create tremendous value.

  • Year-Round Tourist Market
  • High Yield Value-Add Opportunity
  • Priced Below Replacement Cost
  • High Traffic Area
GLA ± 98,342 SF
Price                              $2,600,000
Building Price PSF $26.00
Land Price PSF $8.29
In-Place NOI $234,519
Year 1 Cap Rate 9.02%
All Cash IRR 17.84%
Leveraged IRR 24.52%
Occupancy 82.06%
Site Size ± 7.2 AC
Year Built 1988 / 1992
Ground Lease
     - Annual Rent
     - Expiration

02/2086 (68+ years)

+1 (615) 248-1161