Mountain Trail Development Tract

Vacant Land for Sale
Catylist Listing ID: 30750860
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Self Storage, Vacation/Resort
Gross Land Area: 83.85 Acres
Sale Price: $960,000
Unit Price: $11,449 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/8/2021

Overview / Comments

An 83+ acre tract of wooded and open development land. This property is adjacent to the commercial strip along Cosby Highway near I-40 Exit 435, and is directly behind Lowes. It is close to Walmart and other retail and hospitality venues around I-40 Exit 435. The property has a slightly elevated and rolling topography in the front (approximately 24.5 acres adjacent to the Lowes lot) that seems well suited for commercial uses like retail, office, hospitality, warehouse, and (mini) storage.The 2.46-acre tract behind Lowes is within Newport city limits. The price for these front acres is $31,600.00 per acre.

The steeper hillsides in the back (approximately 59.6 acres) seem well suited for single and multi-family residential and cabin development. The price for these back acres is $3,150.00 per acre.

In the middle of the hillside acreage, the City of Newport owns an approximately 0.7-acre lot with a water tower. From Mountain Trail Way to the water tower is a right-of-way easement, Mountain Trail Way.

Seller is willing to subdivide.

Attachments & Media

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $2,700 (Annual)

Additional Details

Nearest MSA: Newport
County: Cocke
Tax ID/APN: 064 005.01 000 & 005.18 000
Zoning: UNZONED

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 10,624 16,737
Median Age: 42.25 40.93
Households: 4,542 6,999

Contact

Photograph of Listing Agent

August Timisela

NAI Koella | RM Moore KAAR CIE Member
Photograph of Listing Agent

Justin Sterling

NAI Koella | RM Moore KAAR CIE Member
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