Catylist ID:
#30812013
Multifamily Redevelopment Opportunity
Multi-Family
for Sale
Sale Pending/Contingent
| Catylist Listing ID: | 30812013 |
| Status: | Pending/Contingent |
| Number of Units: | 56 Units |
| Building Size (RSF): | 49,084 SF |
| Sale Price: | $3,950,000 |
| Unit Price: | $70,535.71 Per Unit |
| In Opportunity Zone? | Yes |
| Property Use Type: | Investment |
| Building Name: | Magnolia Apartments |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 2/5/2023 |
Overview / Comments
|
Magnolia Apartments consists of 56 units in three buildings located at 2724, 2730 and 2733 E. Magnolia Avenue. Located in an opportunity zone, Magnolia Apartments presents an excellent redevelopment opportunity for an owner of low-income or Section 8 housing. The historically relevant structures have solid bones and are prime beneficiaries for local and state incentives which would allow for immediate upgrades to each unit. East Knoxville is suffering from a shortage of safe, affordable housing and with increasing demand, Magnolia Apartments would be easily leased under a variety of programs. |
Attachments & Media
Additional Details
| Nearest MSA: | Knoxville |
| County: | Knox |
| Tax ID/APN: | 082KC006 |
| Total Number of Buildings: | 3 |
| Year Built: | 1940 |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 10,593 | 72,268 | 146,057 |
| Median Age: | 38 | 33.98 | 35.46 |
| Households: | 4,638 | 29,378 | 61,221 |
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