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
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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 |
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 |
|
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The information presented herein is provided as is, without warranty of any kind.
Neither Knoxville Area Association of REALTORS® nor
Moody's assume any liability for errors or omissions.
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