Large Acreage Development Land in Newport

Vacant Land for Sale
Catylist Listing ID: 30701911
Property Subtypes: Agricultural, Multi-Family, Residential (Single Family), Self Storage, Other
Gross Land Area: 324 Acres
Sale Price: $9,800 - 20,000 Per Acre
Total Price: $3,175,200 - 6,480,000
Land Splits Available: Yes
Adjacent Parcels Available: Yes
Sale Terms: Undisclosed, Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/15/2021

Overview / Comments

The subject property has been in the same family for over 100 years and consists of six parcels, totaling 324 acres (+/-), that includes agriculturally zoned, commercially zoned, and residentially zoned land. The commercially zoned parcel has both Highway 73 and East Tennessee Crossing Byway frontage, and is approximately five acres. The asking price for this portion of the property is $75,000/acre.

The farmland/agriculturally zoned acreage totals nearly 308 acres and has also never been on the market. The property could continue to function as agricultural land with associated tax benefits, but would also provide a great opportunity for a subdivision, private residence, recreational, or wildlife endeavor. Further, there are just over 11 acres included in the offering that are already zoned residential and include platted and recorded residential lots, thus creating less of a time-constraint in not having to work through the entitlement process. The parcels can be purchased separately or collectively and pricing will vary depending on the size and location. The general topography is level with rolling hills. As for the location, the property is conveniently located just minutes from Downtown Newport and I-40.

Additional Details

Nearest MSA: Newport
County: Cocke
Tax ID/APN: 056 039.00, 056 039.04, 056M A 001.00, 056 042.00, 056M D 008.00, 065 035.00
Property Visibility: Excellent
Available Utilities: Electric, Water
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,945 12,254 18,146
Median Age: 44.32 41.2 41.74
Households: 846 5,221 7,580

Contact

Photograph of Listing Agent

Tony Cappiello

Cappiello Real Estate KAAR CIE Member
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