1 Acre Lot with Warehouse in Magnolia Warehouse District

Industrial for Sale
Sale Pending
Catylist Listing ID: 30679055
Property Subtypes: Free-Standing, Mixed Use, Warehouse/Distribution
Status: Pending
Building Size (RSF): 38,037 SF
Gross Building Area: See Agent
Gross Land Area: 1.02 Acres
Sale Price: $2,500,000
Unit Price: $65.73 PSF
In Opportunity Zone? Yes
Property Use Type: Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/12/2021

Overview / Comments

Built in 1940 this warehouse and adjacent lot stand directly across the street from what is expected to be the future home of the Tennessee Smokies. Since 2015, the area has seen over $20M in real estate investment.

The lot and warehouse total 1.02 acres and are situated within the Knoxville Opportunity Zone.*

The current owner would like to lease back the building for 12 – 24 months after the sale.

*The Opportunity Zones program was designed to spark new development and an influx of capital into these areas. In particular, businesses can get major tax breaks for investments in these zones, including a 0% capital-gains tax if they hold the investment (which can include real estate) for at least 10 years.

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 095AM016
Zoning: I – MU (INDUSTRIAL – MIXED USE)
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 14,504 81,965 150,390
Median Age: 31.62 32.25 34.86
Households: 6,540 33,090 64,314

Contact

Photograph of Listing Agent

Matthew DeBardelaben

Realty Executives Associates KAAR CIE Member
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