Catylist ID:
#30574331
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: | $799,000 |
| Unit Price: | $60.53 PSF |
| In Opportunity Zone? | Yes |
| Property Use Type: | Investment, Vacant/Owner-User |
| Sale Terms: | Cash to Seller, Other |
| Cap Rate: | Undisclosed |
| Last Updated: | 8/30/2020 |
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. |
Attachments & Media
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 |
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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