Falling Waters - Value Add, Class A Investment Opportunity

Office for Sale
Catylist Listing ID: 30824985
Property Subtypes: Executive Suites, Office Building
Building Size (RSF): 80,106 SF
Gross Building Area: See Agent
Gross Land Area: 6.74 Acres
Sale Price: $8,950,000
Unit Price: $111.73 PSF
Property Use Type: Investment
Building Name: Falling Waters
Class of Space: Class A
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 5,949
Last Updated: 3/23/2023

Overview / Comments

On behalf of Cooper Realty Investments Inc. (CRI), Avison Young Knoxville is proud to present Falling Waters. This 80,106 SF, Class A office building is located in affluent west Knoxville with easy access to the main transportation arteries. Falling Waters was developed in 1999 with a common area renovation in 2020-2021.

With ample parking and three floors' views of the Tennessee River and Smoky Mountains, Falling Waters has the amenities needed for today’s occupiers. The centralized core is optimized for an efficient tenant layout.

Ample Parking: 4.65 per 1,000 SF
Efficient footprint
Renovated restrooms, including the addition of showers on the 2nd floor
Mother’s room
More than two dozen restaurants within 2 miles
Tenant controlled HVAC

NOTE: Current owner has advised of an issue with the building's weeping wall that will need to be addressed by prospective buyers. Owner will provide guidance as to how repairs have been addressed in the past.

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 154 09901
Zoning: PC-1
Property Located Between: Northshore Drive and Falling Waters Road
Property Visibility: Excellent
Highway Access: I-140
Airports: McGhee Tyson Airport
Site Description: Three-story office building located in prime location at Northshore and Pellissippi. Just minutes from Knoxville, Maryville, and Oak Ridge. Easy access to I-40 and convenient to Knoxville's McGhee-Tyson Airport.
Area Description: Located along the Tennessee Technology Development Corridor, Falling Waters has long been a fixture of national companies as well as local operations looking for Class-A suburban office space.
Total Number of Buildings: 1
Number of Stories: 3
Year Built: 1999
Year Renovated: 2020
Exterior Description: Prominent brick structure just minutes from I-140 off of Northshore Drive.
Parking Ratio: 4.7 (per 1000 SF)
Parking Type: Surface
Passenger Elevators: 2
Interior Description: Recently renovated common areas with updated finishes and LED lighting.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,824 34,951 85,616
Median Age: 38.12 40.53 40.01
Households: 2,011 13,370 35,981


Photograph of Listing Agent

Justin Cazana

Avison Young KAAR CIE Member
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