Prime Redevelopment Opportunity in
1013 N Central St Knoxville, TN 37917
1013 N Central St, Knoxville, TN, 37917
Contact for pricing
For Sale
Contact for pricing
1.061-acre property with downtown and Smoky Mountains views.
Property Size29,874 SF
Lot Size1.06 Acres
Price / SF$117.16
Days on Market824
Property Features for 1013 N Central St
General Information
- Standard status
- Active
- Size
- 29,874 SF
- Lot size
- 1.06 Acres
- Property subtype
- Industrial, Land, Mixed Use, Multifamily
Building Details
- Year Built
- 1940
Listing Agency
Realty Executives Associates
(615) 663-2530
Listed by
Sam Harrell · License #TN 339555
Source
Crexi
Added: Apr 15, 2024 Checked: Jul 17 at 10:50 am
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Realty Executives Associates
Investment Insights
Based on property information with market context.
This 1.061-acre property presents a development opportunity with views of downtown and the Smoky Mountains. Located in the heart of Old North, the property offers a front-row seat to Downtown Knoxville’s continued growth. The property, divided into two parcels, offers flexibility in development strategy. The existing warehouse features expansive 28-foot ceiling peaks with large skylights, providing natural light. With its industrial features and ample space, the property offers various future uses. The in-place zoning allows for 70-foot heights and has no limit on unit density if suitable parking is provided. The property is divided into two parcels: 081MV012 & 081MV011. The property is suitable for a vibrant marketplace, modern office complex, or residential development. (Buyer to verify all zoning information, lot size, and square footage)
Key Highlights
- 1.061‑acre property with unparalleled downtown and Smoky Mountain views.
- Prime location in the heart of Old North, offering a front‑row seat to Downtown Knoxville's growth.
- Redevelopment opportunity with potential to become a flagship property for Knoxville.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $527.0k | $17.64 |
| − Vacancy | −$39.5k | −$1.32 |
| EGI | $487.5k | $16.32 |
| − OpEx | −$219.4k | −$7.34 |
| NOI | $268.1k | $8.97 |
29,874 SF · lease $17.64/SF/yr · vacancy 7.50% · expense 45.00%
Alternative Uses
Best Use
Mixed Use
$4.66M
$4.08M – $5.44M
NOI $326,224 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$3.83M
$3.35M – $4.47M
NOI $268,100 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$7.40M
$6.47M – $8.63M
NOI $517,943 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Commercial land
Similar For Sale Nearby
FAQs
What type of property is this?
Commercial land - 1.061-acre property with downtown and Smoky Mountains views.
Where is this commercial land located?
The property is located at 1013 N Central St Knoxville, TN.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 1.061‑acre property with **unparalleled downtown and Smoky Mountain views.**; Prime location in the heart of Old North, offering a front‑row seat to Downtown Knoxville's growth.; **Redevelopment opportunity** with potential to become a flagship property for Knoxville.
