52.5 Acres plus 80+/- Residential Lots

Vacant Land for Sale
Catylist Listing ID: 30270839
Property Subtypes: Residential (Single Family)
Gross Land Area: 71 Acres
Sale Price: $500,000
Unit Price: $7,042 Per Acre
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/12/2019

Overview / Comments

Approximately 52.5 acres on Old Highway 95 and about platted 80 residential lots on or with access to W. 8th Ave, W. 9th Ave and W. 10th Ave. Some of the streets are not finished, but the right of ways (ROW’s) exist. A City official has said that even though the new subdivision standards for Lenoir City call for a minimum width of 75' for residential lots, these 50' wide lots are already plated, so they would be approved as a non-conforming use. Our understanding is that there is a need for "starter homes" in Lenoir City, so this could be a great opportunity for a developer to fill this need. Total acreage is about 71 acres. Buyer must confirm the size and usability of this property.

The 52.5 acres on Old Hwy 95 surrounds the Lenoir City ball park and has two ways of entry/exit on Old Hwy 95.

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Additional Details

Nearest MSA: Knoxville
County: Loudon
Tax ID/APN: 020FA001.00
Site Description: Next to and within the downtown area of Lenoir City.
Area Description: Highway 11 (E. Broadway Street) to Kingston Street, continue onto Kingston Street to access lots on W. 9th Ave, W. 8th Ave and W. 10th Ave. Continue onto Kingston Street which becomes Old Highway 95 to the 52+ acres on the left at the Lenoir City ball fields.
Topography: Gently Sloping

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,604 14,876 36,332
Median Age: 32.86 37.29 43.93
Households: 2,944 5,750 14,498
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