Catylist ID:
#30767333
Downtown Knoxville Land in Opportunity Zone
Expired Vacant Land
for Sale
| Catylist Listing ID: | 30767333 |
| Property Subtypes: | Hospitality, Multi-Family, Office |
| Status: | Pending |
| Gross Land Area: | 2.76 Acres |
| Sale Price: | $4,850,000 |
| Unit Price: | $1,757,246 Per Acre |
| In Opportunity Zone? | Yes |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 11/27/2023 |
Overview / Comments
|
This prime urban development opportunity has a strategic location, flexible zoning, and the possibility of large tax savings. The flexible DK-B zoning allows for many uses including multifamily and mixed use developments. The DK-B zoning has no height restrictions, making this an ideal multifamily or student housing development site. The University of Tennessee, with a growing enrollment of over 30,000 students, is 5 minutes away. Downtown Knoxville and all of the retail, restaurants, and entertainment it has to offer is less than a mile away. This site is located in an opportunity zone which could provide significant tax benefits. The Opportunity Zone program allows investors to take capital gains from the sale of a property and roll those gains into a property in a qualified Opportunity Zone. The property is also a prime candidate for the payment-in-lieu-of-taxes (PILOT) program. Under this program, property taxes are frozen for a number of years. Highlights: - Flexible Zoning - Near Downtown Knoxville and the University of Tennessee - Major Tax Benefits Available |
Attachments & Media
Additional Details
| Nearest MSA: | Knoxville |
| County: | Knox |
| Tax ID/APN: | 095IC00403 |
| Zoning: | DK-B |
| Property Visibility: | Excellent |
| Area Description: | This 2.76-acre prime development site is located less than one mile from Downtown Knoxville and two miles from the University of Tennessee. The site benefits from easy access to I-75 and I-40. Once developed, the site will have unparalleled views of the Tennessee River and Downtown Knoxville. Nearby major developments are planned as Downtown Knoxville continues to expand East. |
| Topography: | Level |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 12,802 | 77,786 | 150,602 |
| Median Age: | 29.57 | 32.05 | 35.28 |
| Households: | 5,262 | 31,072 | 64,285 |
Contact
Kevin TiptonSVN I Wood PropertiesETNRCRE Member |
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