Mountain Trail Development Tract
Vacant Land
for Sale
| Catylist Listing ID: |
30750860 |
| Property Subtypes: |
Hospitality, Multi-Family, Office, Residential (Single Family), Retail, Self Storage, Vacation/Resort
|
| Gross Land Area: |
83.85 Acres
|
| Sale Price: |
$700,000 |
| Unit Price: |
$8,348 Per Acre |
| Land Splits Available: |
Yes |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Last Updated: |
6/29/2022 |
Overview / Comments
An 83+ acres tract of wooded and open development land. This property is adjacent the commercial strip along Cosby Highway near I-40 Exit 435, and is directly behind Lowes and close to Walmart and other retail and hospitality venues around I-40 Exit 435.
The property has a slightly elevated and rolling topography in the front (approximately 24.5 acres adjacent to the Lowes lot) that seems well-suited for commercial uses like retail, office, hospitality, warehouse and (mini) storage. The 2.46-acre tract behind Lowes is within Newport city limits.
The steeper hillsides in the back (approximately 59.6 acres) seem well-suited for single and multi-family residential and cabin development.
In the middle of the hillside acreage, the City of Newport owns an approximately 0.7-acre lot with a water tower. From Mountain Trail Way to the water tower is a right-of-way easement, Mountain Trail Way.
|
Financials
| Finance Data Year |
2020 |
| Real Estate Taxes - Annual($) |
$2,700 (Annual) |
Additional Details
| Nearest MSA: |
Newport |
| County: |
Cocke |
| Tax ID/APN: |
064 005.01 000 & 005.18 000 |
| Zoning: |
UNZONED |
Demographic Statistics
| Proximity: |
3 miles |
5 miles |
| Total Population: |
10,624 |
16,737 |
| Median Age: |
42.25 |
40.93 |
| Households: |
4,542 |
6,999 |
|
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