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.

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 082KC006
Total Number of Buildings: 3
Year Built: 1940

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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

Contact

Photograph of Listing Agent

Heidi C. Adams, CCIM

NAI Koella | RM Moore KAAR CIE Member
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