Historic Redevelopment For Sale - Potential Boutique Hotel Conversion

Multi-Family for Sale
Also listed as Hospitality
Catylist Listing ID: 30836726
Property Subtypes: Low-Rise/Garden, Other
Number of Units: 9 Units
Building Size (RSF): 8,929 SF
Gross Building Area: See Agent
Sale Price: $2,495,000
Unit Price: $277,222.22 Per Unit
Property Use Type: Investment
Building Name: The Laboratory - Per Cornerstone / Knoxville General Hospital
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 5/22/2023

Overview / Comments

Come check out this opportunity to transform a renovated historic building to a boutique hotel or nightly rental! Sitting high on a hill, located in Knoxville's Old North community, this historic 9 Unit Apartment Building was originally a part of Knoxville General Hospital. Opening in 1902 it was the first large hospital built in Knoxville. One Hundred Twenty years later, the current owner finished a renovation aimed at preserving this remaining portion of the original hospital. This building is denoted on site via keystone as "The Laboratory" building and that it was built in 1911, but it seems clear in the historic record that, at least for some time, the building was used as nurse housing.

Today's renovation features a ton of historic charm in its wood floors and tall ceilings. All of the building systems have been updated to meet current code and is sprinklered with fire alarm. Fully rented, there is on-site parking, and several of the units have fantastic views of north and downtown Knoxville. Likely highest and best use is to convert to boutique hotel / nightly rental.

* Square footage is estimated. Buyer to verify. Also, Daniel Odle is both (partial) Owner & Agent on this property

Additional Details

Nearest MSA: Knoxville
County: Knox
Taxing Authority: City of Knoxville, Knox County
Tax ID/APN: 094DB00501
Zoning: C-G-2
Percent Occupied: 100%
Area Description: Old North Knoxville is a neighborhood located just north of the city's downtown area. Initially established as the town of North Knoxville in 1889, the area was a prominent suburb for Knoxville's upper middle and professional classes until the 1950s. After a period of decline, preservationists began restoring many of the neighborhood's houses in the 1980s. In 1992, over 400 houses and secondary structures in the neighborhood were added to the National Register of Historic Places as the Old North Knoxville Historic District. The Old North Knoxville Historic District is roughly bounded by East Woodland Avenue to the northwest, Bluff Street to the northeast, Armstrong Avenue to the east, and Central Avenue to the south.
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 3
Year Built: 1911
Year Renovated: 2022
Roof Type: Mansard
Construction/Siding: Brick
Parking Type: Surface
Parking Description: Parking located behind building. Accessed off of the alley.
Total Parking Spaces: 11
Laundry: Shared
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Fuel: Gas, Electric
Air Conditioning: Package Unit, Other
Internet Access: Cable
Zoning Description: C-G General Commercial Zoning District The C-G General Commercial Zoning District is intended to provide for a heterogeneous mix of retail, personal service, office, and residential uses within and along Knoxville's commercial nodes and corridors. The C-G District is intended to promote mixed-use development in a pedestrian-oriented environment that recalls the City's traditional business districts, and offers flexibility in the creation of integrated commercial, office and residential spaces. The C-G District is divided into three levels of intensity related to the overall form and design of the development; however, uses are the same across all levels. This zone is intended primarily for indoor commercial uses with limited exceptions per special use approval.
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,668 88,567 160,171
Median Age: 33.97 32.37 35.11
Households: 5,629 36,368 68,415

Contact

Photograph of Listing Agent

Daniel Odle

Lawler-Wood, LLC KAAR CIE Member
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