Restaurant Opportunity

Retail-Commercial for Sale
Catylist Listing ID: 30847510
Property Subtypes: Convenience Store, Free-Standing Building, Restaurant, Street Retail, Vehicle Related, Other
Building Size (RSF): 462 SF
Gross Building Area: See Agent
Gross Land Area: 0.37 Acres
Sale Price: $230,000
Unit Price: $497.84 PSF
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User, Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 11/22/2023

Overview / Comments

Realty Executives is pleased to exclusively present a purchase opportunity for a former restaurant space in the growing Magnolia Corridor. With ample parking and great street visibility, this property offers a great opportunity for someone to continue the use. It’s vicinity to Chilhowee Park, Zoo Knoxville, and the Muse place it on one of the most desirable intersections of Magnolia. The property is in an opportunity zone so buyers would benefit from researching the business incentives exclusively available to the area. Additional Income could be made by charging for parking in one of the 24 parking spaces during events at Chilhowee.

• Equipped with a Hood vent and grease interceptor.
• Located near several bus stops so customers or employees can easily get to the property.
• Former Restaurant had a loyal customer base.

Additional Details

Nearest MSA: Knoxville
County: Knox
Taxing Authority: Knoxville
Tax ID/APN: 082CD01401
Zoning: CG-2
Property Located Between: Perk City Coffee & Value Inn
Property Visibility: Excellent
Largest Nearby Street: Magnolia Ave
Feet of Frontage: 100
Traffic/Vehicle Count: 11,000
Tenancy: Single Tenant
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1955
Year Renovated: 2006
Roof Type: Flat
Total Parking Spaces: 24
Parking Type: Surface
Sprinklers: None
Zoning Description: 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.
Lot Frontage: 100
Lot Depth: 160
Water Service: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,275 64,717 138,666
Median Age: 39.17 35.44 35.28
Households: 3,590 26,835 58,030


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