Unique Development Opportunity

Retail-Commercial for Sale
Also listed as Business Opportunity, Office
Catylist Listing ID: 30762950
Property Subtypes: Day Care Facility, Free-Standing Building, Restaurant
Building Size (RSF): 7,029 SF
Gross Building Area: See Agent
Gross Land Area: 38,696 SF
Sale Price: $1,100,000
Unit Price: $156.49 PSF
Property Use Type: Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/26/2022

Overview / Comments

This charming red brick building features white trim, beautiful arched brick covered walkways, and a green courtyard space. The unique building layout with ample parking has the potential to be re-purposed for many different uses. Main retail space was a former church sanctuary area and features beautiful tongue and groove wood vaulted ceilings currently covered with acoustic tiles but can be exposed. With an additional lot opposite the building and main parking lot, there is also potential for expansion and further development. Originally a church, this building has been a community fixture and well-known for attracting business on a busy Knoxville thoroughfare. Currently Lunsford Music Store. Convenient to downtown.

Tenant relocating. Please do not disturb tenant.

Agent must be present on all showings.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $6,131 (Annual)

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 093DG006 (0); 093DG008 (3600); 093DG007 (3606)
Zoning: C-G-1
Feet of Frontage: 299
Site Description: 3 lots: 1 lot with building and small back parking lot, 1 lot with building frontage and parking, and 1 empty lot with green space. Alleyway in back that connects all 3 sections of the property. Total parking spaces are 26 with 1 ADA compliant handicap space. Additional parking available.
Area Description: Western Ave/Oak Ridge Highway, main Knoxville thoroughfare, directly off the interstate with retail and restaurants on either side and across the street and residential neighborhood behind the building. From downtown, take I-40W toward Nashville, at exit 385 take ramp for I-75 North/I-640 East towards Lexington; at exit 1, take ramp right and follow signs for Western Ave (TN-62), take right onto Western Ave and continue straight 0.8 miles and destination will be on the right just past Weigel's.
Total Number of Buildings: 1
Property Condition: Average
Year Built: 1950
Roof Type: Other
Construction/Siding: Brick
Total Parking Spaces: 26
Parking Type: Surface
Heat Type: Natural Gas
Lot Frontage: 299

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,250 82,126 185,793
Median Age: 29.27 31.68 34.72
Households: 3,052 33,531 79,945
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