The Vestal Elementary School in South Knoxville Opportunity Zone!

Retail-Commercial for Sale
Also listed as Multi-Family, Industrial
Catylist Listing ID: 29843844
Property Subtypes: Car Wash, Convenience Store, Day Care Facility, Free-Standing Building, Garden Center, Mixed Use, Movie Theatre, Parking Facility, Post Office, Restaurant, Retail-Pad, Service Station/Gas Station, Street Retail, Vehicle Related, Other
Building Size (RSF): 30,000 SF
Gross Building Area: See Agent
Gross Land Area: 4.30 Acres
Sale Price: $495,000
Unit Price: $16.50 PSF
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/29/2019

Overview / Comments

The old Vestal Elementary School sitting on 4.3 acres zones Knoxville City C-3. Great location right around the corner from all of the student housing on Cherokee Trail, close to the new interchange on Alcoa Highway and the South Knoxville River development(s)! Opportunity zone and possible Federal, State & local monies for renovation, restoration, etc. All brick construction with maybe 5 additions through the years. The "older" section has roughly 13,000 SF built in 1930 with hardwood floors and a small basement. The second section moving to the east is roughly 7000 SF with concrete floors, large boiler room in basement and the gymnasium included in this square footage is hardwood with concrete underneath. The newest section's last use was a daycare and is approximately 10,000 SF with window PTAC style Electric AC and gas heat in all of most if not all of the classrooms, concrete floors, cinderblock construction with brick veneer and concrete ceiling beams that could allow for a second level to be built.

Active Electric service to newer part and the building has a couple of tenants on month to month basis. There is a fire alarm system activated steel roll door installed and a concrete block wall separating the Newer daycare side from the older parts of the building. Newer, 30-year shingle roof on the gabled section(s) with substantial sheeting and roof structure work.

Property would work great for retirement home, multi-family, artist workspaces, tax credit housing and the like.

All information is to be verified by the buyer.

Financials

Finance Data Year 2018
Real Estate Taxes - Annual($) $3,360 (Annual)

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 122EB004
Zoning: C-3
Area Description: From I-40 near Downtown, take Alcoa Hwy (Hwy 129) for approximately 2 miles to the UT Hospital Exit on Cherokee Trail. Go 1.1 miles to UT Student Housing complexes and turn right onto Eddington. Go .5 miles to Willoughby Rd and turn right. School is .2 miles on the left.
Tenancy: Multiple Tenants
Total Number of Buildings: 2
Year Built: 1930

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,605 53,307 119,060
Median Age: 31.09 31.5 34.78
Households: 3,192 20,760 49,273
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