LITHC DDA Development

Vacant Land for Sale
Sale Pending
Catylist Listing ID: 30267084
Property Subtypes: Multi-Family
Status: Pending
Gross Land Area: 8.61 Acres
Sale Price: $1,400,000
Unit Price: $162,601 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/18/2018

Overview / Comments

Property is zoned for 103 units, infill location. The location is on the edge of Farragut on the west side of Knoxville, zip codes 37922 & 37934. The site is surrounded by high-end communities with currently more than 350 homes on the market in the area with a median home list price of $465,000. The average home price in the area is $686,877. These values equate to average house payments between $2,600 and $3,600. An apartment complex with rents of $1,300 to $1,800 per month would be an astounding 50% less than what homeowners are paying, with no real estate taxes, insurance, or maintenance.

Knoxville:
1. Top 20 best cities to start a career
2. Top 25 ranked cities for millennials
3. #6 best city in America for job growth
4. #7 best state in America to do business in (TN)

The site is located just off a five-lane road that is being extended to Northshore Drive by the Tennessee Department of Transportation (-/+ 15-20 million dollar road improvement). It is 1.4 miles from a large, new Kroger grocery-anchored retail development, the Post Office, and Farragut Town Center. If you travel another 1.3 miles, you reach Turkey Creek, an $88 million dollar destination retail center. It is also located within the highly touted Farragut school zone, ranked top-10 schools in the state.

Attachments & Media

Additional Details

Nearest MSA: Knoxville
County: Knox

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,518 36,925 95,418
Median Age: 42.85 42.69 40.41
Households: 3,026 14,212 38,163

Contact

Photograph of Listing Agent

James Rick Gentry

Avison Young KAAR CIE Member
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