647 FT Chapman Frontage Business up to 12.70 Acres near Lowes

Retail-Commercial for Sale
Catylist Listing ID: 30314525
Property Subtypes: Free-Standing Building, Mixed Use, Street Retail, Vehicle Related, Other
Building Size (RSF): 8,549 SF
Gross Building Area: See Agent
Gross Land Area: 3.98 Acres
Sale Price: $1,200,000
Unit Price: $140.37 PSF
Ceiling: 20 ft.
Property Use Type: Investment, Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/30/2019

Overview / Comments

A rare opportunity to buy 657.40 feet of frontage on Chapman Hwy in the hot South Knoxville area. This area has expanded quickly with Regal Cinemas moving their corporate offices to the area, the new condo and waterfront developments and Ijams Nature Center. Seller has been in business at this location for nearly 30 years. Sale consists of 3.98+/- acres with 3 buildings. More acreage available for a total of 12.70 +/-
(8.72 acres +/- can be added on for $325,000 but not sold separately)

This Chapman frontage can also be redeveloped for apartments, retail and other possibilities.

Building 1 is 4000 sq ft currently used as a auto repair, salvage and used car lot. Five overhead garage doors. Waste oil heater. secured fenced area. Paved frontage with lighted sign and reader board. Customer waiting area. 8 lifts including 2 twin post, 3 drive in on center post lifts and 3 center post lifts. Public water. On septic with force fed sewer at road.

Buildings 2 and 3 are combined 1760 sq ft and 2789 sq. ft. and include 2 center post lifts, 5 overhead doors, upstairs storage area, secured fenced area and more. All mounted items go with business and buildings. Other items negotiable including licenses for waste water permit, salvage license and dealership license. Building 2 is rented for $1000 a month.

Several utility vehicles can also be purchased.

The property attaches to another 8.72 acres that can be sold along with the Chapman frontage property for an additional $325,000. This acreage has three rental properties on them including a 4-room farmhouse that rents for $800 a month, a 3 bedroom 3 bath brick home that rents for $1000 a month, and a 1 bedroom 1 bath mobile home that rents for $550 per month.

Total combined acreage 12.70 +/-
Keep as existing business with a customer base of approximately 200 clients or develop. Would be a great location for apartments, hotel or restaurant.

Additional acreage can not be sold separately. Only sold with frontage. Total annual rental income $40,200. Additional business income.

Additional Details

Nearest MSA: Knoxville
County: Knox
Taxing Authority: Knox County
Tax ID/APN: Parcel 138 047
Retail Clientele: General, Family, Business
Property Located Between: Seymour and Downtown Knoxville
Property Visibility: Excellent
Largest Nearby Street: Chapman Hwy
Feet of Frontage: 657
Highway Access: In front of property
Airports: McGee Tyson
Site Description: Level and slightly rolling with paved frontage. Back of property is graveled. Additional acreage is grass and pavement.
Area Description: Fast growing area of Knoxville just south of Downtown. Close to UT, area hospitals, and other businesses. About 30 minutes to Sevier County attractions.
Tenancy: Multiple Tenants
Total Number of Buildings: 3
Number of Stories: 2
Property Condition: Good
Year Built: 1975
Year Renovated: 1980
Construction/Siding: Block
Exterior Description: Masonry concrete block buildings on slab. Paved parking. Gravel parking. Great Chapman frontage. Metal roofs.
Total Parking Spaces: 75
Parking Type: Surface
Parking Description: Parking for 20-30 vehicles int he front of the buildings. Parking for at least 80 more vehicles behind building.
Heat Type: Electricity, Other
Heat Source: Heat Pump, Other
Air Conditioning: Window Unit
Interior Description: Concrete block building with offices and open work area with car lifts. Additional covered storage and second floor storage. Three restrooms.
Zoning Description: Zoned CB Business and Manufacturing Zone for 3.98 acres. The additional 8.72 acres is zoned PC Planned Commercial
Lot Frontage: 657
Water Service: Municipal
Sewer Type: Septic, Other
Easements: Other
Easements Description: Hwy or typical
Land Ownership: Fee Simple
Legal Description: 3.98 +/- acres Main Parcel 138 047 200701050055276 8.72 +/- acres Parcel 138 046 200204170086095 Business name can transfer with sale.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,379 14,867 49,644
Median Age: 45.89 42.41 38.69
Households: 612 6,103 20,796


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