Multifamily Land Near I-640 & Amazon Delivery Station

Vacant Land for Sale
Catylist Listing ID: 30722466
Property Subtypes: Multi-Family, Office, Residential (Single Family)
Gross Land Area: 1.53 Acres
Sale Price: $400,000
Unit Price: $261,437 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/8/2021

Overview / Comments

Develop up to 20 multifamily units on this 1.53-acre lot under its current zoning. Great location in east Knoxville near the new Amazon delivery station (to open in 2022) and the I-40 interchange. All municipal utilities are on the property. See the concept plan showing three new 6-unit, common wall buildings and the existing house to be converted into a duplex.

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Property is in the City limits and located at the corner of Nokomis Drive on the north side of Asheville Highway (US 25W/11E) between Chilhowee Intermediate School and Interstate 40. It is less than 900' from the full interchange (Exit #394) for fast commuting times.

The roughly rectangular lot has has a gentle slope and approx. 274 feet of frontage on Asheville Highway. The lot has a number of mature pine trees and one large red cedar tree; it gently slopes up from the street front affording high visibility to a future development. The property is improved with a 1950-vintage house with an attached 1-car garage which would need to be converted into a duplex due to zoning.

Neighborhood amenities include grocery stores, banks, drugstores, quick service restaurants, auto parts stores, convenience stores, child care and auto repair shops and easy interstate access.

Additional Details

Nearest MSA: Knoxville
County: Knox
Taxing Authority: Knoxville/Knox County
Tax ID/APN: 071JF028
Zoning: O
Property Located Between: Chilhowee Dr & I-40
Property Visibility: Excellent
Feet of Frontage: 274
Highway Access: <900' from I-40 exit 397 interchange
Lot Frontage: 274' - 386'
Lot Depth: 203'
Zoning Description: Zoning of O – Office calls for low-intensity office and service uses but will also allow development of up to eighteen townhouse apartments and conversion of the house into a duplex for twenty rental units total.
Topography: Gently Sloping
Available Utilities: Electric, Water, Gas, Sewer, Cable, Broadband, Internet Access
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,694 28,378 98,325
Median Age: 45.63 41.19 36.76
Households: 1,645 12,332 40,077


Photograph of Listing Agent

Steve Goldman, CCIM

Goldman Partners Realty, LLC KAAR CIE Member
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