CityScape - Downtown Office Park

Office for Sale
Sale Pending
Catylist Listing ID: 30799066
Property Subtypes: Office Building
Status: Pending
Building Size (RSF): 95,724 SF
Gross Building Area: See Agent
Gross Land Area: 12.80 Acres
Sale Price: $9,985,000
Unit Price: $104.31 PSF
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Building Name: CityScape
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 7.16%
Last Updated: 5/16/2022

Overview / Comments

LawlerWood is pleased to offer to qualified investors the opportunity to acquire CityScape located at 900 East Hill Avenue (“The Property”), a 95,724 square foot multi-tenant office building in Knoxville, TN. Situated in the South Office submarket, the Property is a value-add, one-story office campus with excellent upside potential and stellar tenant retention.

The property is being offered at an elusive 7% cap rate on the projected net income for 2022, with only 74.43% occupancy, and under market rents. Rent out the available 24,481 SF at market rates or below market and still achieve higher than market returns. Additional opportunity available as leases expire and renewals can be offered at market rent.

Additional Details

Nearest MSA: Knoxville
County: Knox
Taxing Authority: City of Knoxville
Tax ID/APN: 095GQ001
Zoning: OP
Property Visibility: Good
Site Description: Heavily landscaped park-like setting, giving tenants the benefit of downtown office space with drive up convenience.
Area Description: Convenient access to major U.S interstate 40/75 via James White Parkway. Convenient access to Knoxville’s Downtown and the vibrant South Waterfront development. Located within a 2 mile drive of Knoxville’s most premier stadiums and venues.
Total Number of Buildings: 4
Number of Stories: 1
Year Built: 1986
Construction/Siding: Block
Parking Ratio: 4.1 (per 1000 SF)
Parking Type: Surface
Parking Description: Ample parking is available and allows tenants to walk directly to their suite. 4.10 parking spots per 1,000SF of space
Total Parking Spaces: 394
Sprinklers: None
Heat Type: Electricity, Natural Gas
Zoning Description: The OP Office Park Zoning District is intended to accommodate large office developments and office parks/campuses. The district is oriented toward larger-scale complexes that may include accessory services for employees such as personal services, restaurants, and retail establishments. District standards are intended to guide the development of office as a more campus-like environment.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,147 80,256 144,997
Median Age: 34.98 32.56 34.95
Households: 4,624 32,407 61,916

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