1500 Cherry St, Knoxville, TN 37917
186 Unit Apartment Building | $8,500,000 ($45,699/Unit) | Knoxville, TN 37917
For Sale
Active
Asking Price $8,500,000
- Property Type
-
Multifamily
- Square Feet
- 190,000 SF
Listing Contacts
- Property Info
Property Overview
Golden Group Real Estate, as exclusive agent for the Seller, is pleased to present an exceptional multifamily conversion opportunity in Knoxville, Tennessee, the third largest city in the state, with the nine-county metro area comprising close to 900,000 residents. Located off Interstate 40, this hotel is 5 miles from the University of Tennessee and just 3.4 miles or 6 minutes’ drive from everything downtown Knoxville has to offer.
This 23,631 SF property, known as The Inn of Knoxville, originally built in 1976 as a motel, offers 186 studio apartment (285 SF each) and is zoned C-G-1 (General Commercial Zoning District). Multi-family dwelling is a permitted use in this zoning designation. Subject property consists of three irregular-shaped parcels of land that total approximately 3.9 acres and is currently developed with three structures for commercial purposes which includes two three-story motel buildings and a restaurant building. The motel buildings total approximately 17,952 square feet and the restaurant totals 5,679 square feet. Partially operational hotel (60 rooms of Building #1 is being rented by guests on extended stay basis) comes with existing in-place cash flow. This cash flow will help to offset some of the construction costs associated with the conversion of the vacant side of the property (Building # 2 and the vacant restaurant building) during the initial stage of redevelopment. The rent from Building # 1 is ranged from $350 to $500 a week for 60 rooms that are currently being used.
At closing the Seller will provide the Buyer /developer a full package of required permits, plans, survey, feasibility analysis, Phase 1 report along with the city’s approved multifamily zoning – a great deal of money and time that the buyer does not have to spend!
Positioned for conversion to multifamily housing, this property presents an ideal opportunity for investors seeking to repurpose hotel space. With its efficient layout and design, this property is well-suited for rental apartment demand, as well as student housing, or extended stay in the growing Knoxville area.
This 23,631 SF property, known as The Inn of Knoxville, originally built in 1976 as a motel, offers 186 studio apartment (285 SF each) and is zoned C-G-1 (General Commercial Zoning District). Multi-family dwelling is a permitted use in this zoning designation. Subject property consists of three irregular-shaped parcels of land that total approximately 3.9 acres and is currently developed with three structures for commercial purposes which includes two three-story motel buildings and a restaurant building. The motel buildings total approximately 17,952 square feet and the restaurant totals 5,679 square feet. Partially operational hotel (60 rooms of Building #1 is being rented by guests on extended stay basis) comes with existing in-place cash flow. This cash flow will help to offset some of the construction costs associated with the conversion of the vacant side of the property (Building # 2 and the vacant restaurant building) during the initial stage of redevelopment. The rent from Building # 1 is ranged from $350 to $500 a week for 60 rooms that are currently being used.
At closing the Seller will provide the Buyer /developer a full package of required permits, plans, survey, feasibility analysis, Phase 1 report along with the city’s approved multifamily zoning – a great deal of money and time that the buyer does not have to spend!
Positioned for conversion to multifamily housing, this property presents an ideal opportunity for investors seeking to repurpose hotel space. With its efficient layout and design, this property is well-suited for rental apartment demand, as well as student housing, or extended stay in the growing Knoxville area.
Property Details
- Class
- C
- Stories
- 3
- Property Subtype
- Dormitory
- Lot Size (sq. ft)
- 126,324 SF
- Units
- 186
Highlights
- 23,631 SF hotel property offered as multifamily conversation opportunity in desired city of Knoxville, TN
- Sale includes two hotel buildings and a restaurant sitting on 3.9 acres of land. 186 studio apartments, plus 5,679 SF of restaurant
- Full package of required permits, plans, survey, feasibility analysis, Phase 1 report along with the city’s approved multifamily zoning
- Partially operational hotel with cash flow in place
- Versatile property for multifamily real estate investors, including apartment rentals, student housing or extended stay
- Located in a high dense rapidly growing city with high demand for apartments or student housing
Nearby Properties
Similar Properties
FAQ
- How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
- Please email our support team at [email protected] and they will add the team member.
- How do I access a private listing?
- Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
- How can I contact the broker
- We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
- What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?
- Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
- How do I unsubscribe from emails?
- At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].