13,200 SF BUILDING ON MAGNOLIA CORRIDOR, OPPORTUNITY ZONE

Retail-Commercial for Sale
Catylist Listing ID: 30574331
Property Subtypes: Free-Standing Building, Mixed Use, Movie Theatre, Parking Facility, Restaurant, Street Retail, Tavern/Bar/Nightclub, Other
Building Size (RSF): 13,200 SF
Gross Land Area: 0.73 Acres
Sale Price: $849,000
Unit Price: $64.32 PSF
In Opportunity Zone? Yes
Property Use Type: Investment, Vacant/Owner-User
Sale Terms: Cash to Seller, Other
Cap Rate: Undisclosed
Last Updated: 3/24/2020

Overview / Comments

Endless possibilities in this strong concrete and brick building. Excellent for new business or investment acquisition. City of Knoxville has been working in different projects such as Magnolia Corridor plan, Warehouse District redevelopment and urban renewal plan and Streetscape project. There are more....this property is sitting in a new Opportunity zone .This new tool is designed to drive long-term capital to low-income communities. The new law provides a federal tax incentive for investors to re-invest their capital gains into Opportunity Funds.
The building has 13,200 SF aprox , in 31,875 SF space ( 3 parcel lot in total) allowing to get more than 65 spots parking or enough to build a new profitable business.
The property was used for assembly meeting, church and construction company.
In 2018 renovation was performance with new roof, new A/C, new fence, fresh paint, tile in bathroom walls, windows treatment, upgrade electric system and much more.

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 082KA016,082KA017,082KA006
Zoning: C-G-2
Retail Clientele: General, Business
Property Visibility: Excellent
Largest Nearby Street: Magnolia Avenue and Cherry Street
Feet of Frontage: 165
Traffic/Vehicle Count: 11,198
Highway Access: Interstate 40 East, take exit 390 Cherry St, Stop sign on Magnolia Avenue, property is at the left.
Airports: McGhee Tyson Airport
Property Condition: Average
Year Built: 1930
Year Renovated: 2018
Roof Type: Gable
Construction/Siding: Brick
Total Parking Spaces: 65
Parking Type: Surface
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Package Unit
Zoning Description: Before, Rezoning was Commercial-3. New city of Knoxville recode C-G-2 General Commercial Zoning District: Is intended to provide for a heterogeneous mix of retail, personal service, office, and residential uses within and along Knoxville's commercial nodes and corridors. Promote mix-use development in a pedestrian-oriented environment that recalls the city's traditional business districts, and offers flexibility in the creation of integrated commercial, office and residential spaces.
Lot Frontage: 165
Lot Depth: 322
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Parcel ID/tax ID 082KA016, 082KA017 and 082KA006

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,610 75,954 148,339
Median Age: 37.27 33.73 35.25
Households: 4,613 31,005 62,788

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