Beautifully Redeveloped Historic Property - Nightly Rental Upside
Multi-Family
for Sale
Also listed as Hospitality
| Catylist Listing ID: |
30836726 |
| Property Subtypes: |
Low-Rise/Garden, Other
|
| Number of Units: |
9 Units |
| Building Size (RSF): |
8,929 SF |
| Gross Building Area: |
See Agent |
| Sale Price: |
$2,395,000 |
| Unit Price: |
$266,111.11 Per Unit |
| Property Use Type: |
Investment |
| Building Name: |
The Laboratory - Per Cornerstone / Knoxville General Hospital |
| Sale Terms: |
Cash to Seller |
| Cap Rate: |
Undisclosed |
| Average Occupancy Rate: |
100 |
| Last Updated: |
12/1/2023 |
Overview / Comments
Come check out this extensively renovated historic building with potential upside for short-term nightly rental and/or a boutique hotel! Sitting high on a hill, located in Knoxville's Old North community, near the crossroads of Central and Broadway, is in the heart of a booming redevelopment district. Old North features several breweries like Schulz Brau, Yee-Haw Brewing, and Xul Brewing. Also, it is a growing office and residential market. Axle Logistics, a significant local employer, recently relocated to this neighborhood and is currently expanding their operations just down the street from this property. As such, 114 Dameron is a converted historic 9 Unit Apartment Building that is located well to take advantage of downtown Knoxville’s future growth. It was originally built in 1911 as a part of Knoxville’s first large hospital, Knoxville General Hospital, which opened in 1902. One Hundred Eleven years later, the current owner finished a renovation aimed at preserving this remaining portion of the original hospital. This building is denoted on site via keystone as "The Laboratory" building, but it seems clear in the historic record that, at least for some time, the building was used for nursing housing.
Today's renovation features a ton of historic charm in its wood floors and tall ceilings. All of the building systems have been updated to meet current code and it is sprinklered with a new fire alarm. Fully rented, there is on-site parking, and several of the units have fantastic views of north and downtown Knoxville. Likely highest and best use is to convert to boutique hotel / nightly rental.
* Square footage is estimated. Buyer to verify. Daniel Odle is both (partial) Owner & Agent on this property.
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Additional Details
| Nearest MSA: |
Knoxville |
| County: |
Knox |
| Taxing Authority: |
City of Knoxville, Knox County |
| Tax ID/APN: |
094DB00501 |
| Zoning: |
C-G-2 |
| Percent Occupied: |
100% |
| Area Description: |
Old North Knoxville is a neighborhood located just north of the city's downtown area. Initially established as the town of North Knoxville in 1889, the area was a prominent suburb for Knoxville's upper middle and professional classes until the 1950s. After a period of decline, preservationists began restoring many of the neighborhood's houses in the 1980s. In 1992, over 400 houses and secondary structures in the neighborhood were added to the National Register of Historic Places as the Old North Knoxville Historic District. The Old North Knoxville Historic District is roughly bounded by East Woodland Avenue to the northwest, Bluff Street to the northeast, Armstrong Avenue to the east, and Central Avenue to the south. |
| Total Number of Buildings: |
1 |
| Property Condition: |
Excellent |
| Number of Stories: |
3 |
| Year Built: |
1911 |
| Year Renovated: |
2022 |
| Roof Type: |
Mansard |
| Construction/Siding: |
Brick |
| Parking Type: |
Surface |
| Parking Description: |
Parking located behind building. Accessed off of the alley. |
| Total Parking Spaces: |
11 |
| Laundry: |
Shared |
| Sprinklers: |
Wet |
| Heat Type: |
Electricity |
| Heat Source: |
Central |
| Fuel: |
Gas, Electric |
| Air Conditioning: |
Package Unit, Other |
| Internet Access: |
Cable |
| Zoning Description: |
C-G General Commercial Zoning District
The C-G General Commercial Zoning District is intended to provide for a heterogeneous mix of retail, personal service, office, and residential uses within and along Knoxville's commercial nodes and corridors. The C-G District is intended to promote mixed-use development in a pedestrian-oriented environment that recalls the City's traditional business districts, and offers flexibility in the creation of integrated commercial, office and residential spaces. The C-G District is divided into three levels of intensity related to the overall form and design of the development; however, uses are the same across all levels. This zone is intended primarily for indoor commercial uses with limited exceptions per special use approval. |
| Water Service: |
Municipal |
| Sewer Type: |
Municipal |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
12,668 |
88,567 |
160,171 |
| Median Age: |
33.97 |
32.37 |
35.11 |
| Households: |
5,629 |
36,368 |
68,415 |
|
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