Prosperity Pointe

Multi-Family for Sale
Catylist Listing ID: 30831496
Property Subtypes: Senior Living
Number of Units: 53 Units
Building Size (RSF): 28,682 SF
Gross Building Area: See Agent
Gross Land Area: 1.57 SF
Sale Price: $6,500,000
Unit Price: $122,641.51 Per Unit
Property Use Type: Business
Building Name: Prosperity Pointe
Sale Terms: Cash to Seller
Cap Rate: 6.11%
Last Updated: 6/5/2023

Overview / Comments

Avison Young Knoxville is proud to present Prosperity Pointe, a 53 unit senior living and memory care investment opportunity. Currently containing 53 units, Prosperity Pointe was recently approved for a 44-unit, 28,000 SF assisted living/memory care expansion. It's location in Cedar Bluff gives it access to both residential amenities, shopping, and service providers. Originally a hotel, the property was transitioned into its current use in 2016 with a full renovation. The three-story building now contains a nurse's station, game room, theater, therapy room, salon, conference room, kitchen, and dining room, all with controlled access at the main entrance. At 94% occupancy, this property is a prime investment opportunity at $6,500,000.

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 119KA01401
Zoning: C-H-2
Percent Occupied: 94%
Community Amenities: Recreation Room
Property Located Between: N Cedar Bluff Rd & I40/75
Highway Access: Hwy 11/Kingston Pike is 6 minutes away via N Cedar Bluff Rd.
Airports: McGhee Tyson
Area Description: This building is located in the heart of Cedar Bluff, one of Knoxville's most established residential neighborhoods, making it accessible to 37% of Knox County's population within 15 minutes. The low intensity office park setting is complimented by peaceful views and convenience to shopping and service providers. Park West Hospital, rated Knoxville's #1 hospital by US News and World Report, is a short 6 minutes drive away.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1997
Year Renovated: 2000
Parking Type: Surface
Total Parking Spaces: 39
Passenger Elevators: 1
Laundry: Shared
Heat Type: Electricity
Heat Source: Wall Units
Zoning Description: C-H-2
Lot Frontage: 227
Lot Depth: 300

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,716 71,916 146,024
Median Age: 32.8 37.63 37.78
Households: 4,302 31,231 61,248


Photograph of Listing Agent

Dan Adkins

Avison Young KAAR CIE Member
Photograph of Listing Agent

Luke Adkins

Avison Young KAAR CIE Member
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