Downtown Knoxville Land in Opportunity Zone

Vacant Land for Sale
Catylist Listing ID: 30767333
Property Subtypes: Hospitality, Multi-Family, Office
Gross Land Area: 2.76 Acres
Sale Price: $4,850,000
Unit Price: $1,757,246 Per Acre
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/13/2021

Overview / Comments

This prime urban development opportunity has a strategic location, flexible zoning, and the possibility of large tax savings. The flexible DK-B zoning allows for many uses including multifamily and mixed use developments. The DK-B zoning has no height restrictions, making this an ideal multifamily or student housing development site. The University of Tennessee, with a growing enrollment of over 30,000 students, is 5 minutes away. Downtown Knoxville and all of the retail, restaurants, and entertainment it has to offer is less than a mile away.

This site is located in an opportunity zone which could provide significant tax benefits. The Opportunity Zone program allows investors to take capital gains from the sale of a property and roll those gains into a property in a qualified Opportunity Zone. The property is also a prime candidate for the payment-in-lieu-of-taxes (PILOT) program. Under this program, property taxes are frozen for a number of years.

Highlights:
- Flexible Zoning
- Near Downtown Knoxville and the University of Tennessee
- Major Tax Benefits Available

Attachments & Media

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 095IC00403
Zoning: DK-B
Property Visibility: Excellent
Area Description: This 2.76-acre prime development site is located less than one mile from Downtown Knoxville and two miles from the University of Tennessee. The site benefits from easy access to I-75 and I-40. Once developed, the site will have unparalleled views of the Tennessee River and Downtown Knoxville. Nearby major developments are planned as Downtown Knoxville continues to expand East.
Topography: Level

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,802 77,786 150,602
Median Age: 29.57 32.05 35.28
Households: 5,262 31,072 64,285

Contact

Photograph of Listing Agent

Kevin Tipton

SVN I Wood Properties
KAAR CIE Member
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