High Traffic Redevelopment Site - 6 Parcels

Retail-Commercial for Sale
Catylist Listing ID: 30341117
Property Subtypes: Free-Standing Building, Mixed Use, Street Retail, Other
Building Size (RSF): 21,387 SF
Gross Building Area: See Agent
Gross Land Area: 10.92 Acres
Sale Price: $3,700,000
Unit Price: $173 PSF
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/15/2018

Overview / Comments

This assemblage of six improved and unimproved land parcels with about 10.92 acres presents an attractive redevelopment opportunity within the city limits of Pigeon Forge, a primary tourist destination. The property seems well suited for a retail/office center on the front and multifamily development on the back. Two parcels are improved with a single-family residential rental house. One parcel is improved with a retail store and a warehouse. One parcel is improved with three office buildings. Two parcels are unimproved. About one-half of the property is generally level and the remainder is rolling and largely wooded. The parcel numbers are 133, 140, 140.01, 141, 145, and 146.

High traffic count
Outstanding visibility and access
All municipal utilities are available
Partially Zoned C-6 and partially R-2 High Density Residential
About 555 front feet on US Highway 321 (Wears Valley Road)
Some improvements are leased short-term

Attachments & Media

Additional Details

Nearest MSA: Sevierville
County: Sevier
Tax ID/APN: 133,140,140.01,141,145,146
Zoning: C-6/R-2
Retail Clientele: General, Family, Business, Tourist
Property Located Between: Chapel Way and White Falcon Way
Property Visibility: Excellent
Largest Nearby Street: US 321 (Wears Valley Road)
Feet of Frontage: 555
Highway Access: Wears Valley Road (US 321)
Site Description: About one-half of the property is generally level and the remainder is rolling and largely wooded. Some of the parcels are improved with residential rental houses, warehouse, and retail store, and office buildings. Years built: 1961, 16964, 1972, and 1975.
Area Description: Located on Wears Valley Road, about 1.8 miles from the Parkway (US 441) in Pigeon Forge, a primary tourist destination for 11-15 million annual visitors.
Tenancy: Multiple Tenants
Total Number of Buildings: 7
Property Condition: Average
Year Built: 1961
Parking Type: Surface
Parking Description: Onsite
Zoning Description: C-6 Commercial and R-2 High Density Residential
Lot Frontage: 555
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple
Legal Description: Map 093, Parcels 133,140,140.01,141,145, and 146

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,660 8,136 25,637
Median Age: 40.87 40.36 40.77
Households: 634 3,184 10,200

Contact

Photograph of Listing Agent

David L. Gothard

NAI Koella | RM Moore KAAR CIE Member
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