Rohrbach Building 503 Clinch Avenue

Office for Sale
Also listed as Retail-Commercial, Multi-Family
Catylist Listing ID: 30759785
Property Subtypes: Medical, Mixed Use, Flex Space, Office Building
Building Size (RSF): 3,510 SF
Gross Building Area: See Agent
Gross Land Area: 0.03 Acres
Sale Price: $1,142,336
Unit Price: $325.45 PSF
Ceiling: 10 ft.
In Opportunity Zone? Yes
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/26/2022

Overview / Comments

503 Clinch is a two-story 101-year-old building restored to code in 2006. Restoration included manufacture of bricks to match the antique facade. One unit features refinished original wood flooring. The building is fully fire sprinkler compliant. The residential HVAC unit was replaced in 2020. It has gas heat and electric central air conditioning. The HVAC on the first floor is all electric. The building has passed testing for prior environmental impacts. Recent work included entire roof replacement.

The entire building is usable, including a 1,170 square foot basement which at present does not have an HVAC system.

The entry to the first and second floors is at street level behind a secured decorative iron gate. Currently, arrayed as separate private units, the building can revert to 100% single family residential if desired. At present, the basement is leased for storage, the first floor for commercial use and the second floor for residential.

An ally/breezeway with access into the building is at the rear. Also at the rear is first floor access for moving large items in and out of the structure.

The building does not have onsite parking. Daily and monthly parking is available in adjacent public garages.

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $5,013 (Annual)

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 094LH039
Zoning: CO
Site Description: 503 Clinch Ave is walkable (three blocks) to the Convention Center, important Arts and Entertainment sites including the Tennessee Theater, the City/County/Federal governments and courthouses and major employers, i.e., TVA, banks, law firms, etc. It is between Locust and Walnut Streets in the Knoxville Central Business District. One block west on Clinch is Market Square and another block the Tennessee Theater. There are three parking structures offering daily and monthly rates within two blocks. Primarily residential, the 500 block of Clinch is a unique collection of 100+ year-old low rise residences.
Area Description: 503 Clinch Ave is between Locust and Walnut Streets in the Knoxville Central Business District. It is one block west of Market Square and two blocks west of the Tennessee Theater.
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1920
Year Renovated: 2006
Roof Type: Other
Construction/Siding: Brick, Concrete
Exterior Description: The exterior facade of red brick was restored. Where needed this included brick reproduced to replicate the original. There is a dental molding and decorative brick work at the flat roof line fronting Clinch Ave. There are white stone pediments under each window visible from the street. The front entry on Clinch Ave enters through an iron gate from the public sidewalk.
Heat Type: Electricity
Heat Source: Other
Air Conditioning: Other
Internet Access: Cable
Interior Description: The first and second floors are approximately 1,170 square feet each. Both have 10' ceilings consistent with the era of original construction. Each has museum hanging systems to protect the antique brick where exposed. All exposed brick walls have been cleaned and sealed to eliminate dust. The first floor has a1/2 bath, a kitchen sink and counter for beverages and finger foods. The second floor has a gas fireplace, full bath and kitchen in addition to a front living room/office. On both floors front and rear windows and an air shaft admit natural light. Floors are exposed wood including in portions the original construction flooring. A stairwell serves the second floor. A clean and well lighted basement is accessed from the rear of the building.
Lot Frontage: 18.75
Lot Depth: 65

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,819 85,142 149,668
Median Age: 25.17 31.93 35.3
Households: 4,838 34,362 63,726
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