Magnolia Corridor Warehouse For Sale

Industrial for Sale
Also listed as Retail-Commercial
Catylist Listing ID: 30446570
Property Subtypes: Flex Space, Free-Standing, Light Industrial, Warehouse/Distribution
Building Size (RSF): 10,000 SF
Gross Building Area: See Agent
Gross Land Area: 5,877 SF
Sale Price: $775,000
Unit Price: $77.50 PSF
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/15/2021

Overview / Comments

Magnolia Corridor Redevelopment or Renovation – former Travis Meats packing facility with 4 huge walk-in coolers and large refrigerated loading area, hydraulic elevator to lower floor, large Frick ammonia refrigeration machine - all non-operational. Building has ceramic tile walls from floor to ceiling, entire building is concrete including concrete double T roof system, with offices and baths on lower level.

Property has direct access I-40 from Hall of Fame Blvd – the gateway to downtown - Close proximity to Old City, with recent strong investments made in the immediate area including the former Dick Wright Hardware now Marc Nelson Denim, Fireproof Storage, Harris Distributing awaiting development, Graining Paint, Knoxville Opera and Last Days of Autumn Brewery.

711 E. Depot is ideal for many commercial uses – or combine with other properties listed and re-develop.

Hot growing area! Possible Opportunity Zone tax incentives and New Market Tax Credits - TIF's could be available.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $2,599 (Annual)

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 095AL019
Zoning: I-MU
Area Description: I-40 East or West through downtown Knoxville, take Hall of Fame Exit south .5mi to Magnolia, left then immediately right just past Graning paint on Randolph, then one block to E Depot, left to property on left.
Total Number of Buildings: 1
Property Condition: Poor
Year Built: 1960
Lot Frontage: 47
Lot Depth: 125

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,354 86,377 151,566
Median Age: 33.42 32.41 34.94
Households: 6,036 35,254 64,860
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