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 |
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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