Current Use by Public Records
- Land
Property Details for 106 Mitchell Rd
- Lot size
- 32.33 lot acres
- Property type
- Land
Description
This exceptional 32.33-acre development site in Oak Ridge, Tennessee, presents a compelling investment opportunity. Located at 106 Mitchell Rd, 37830, the property boasts R-4 high-density residential zoning, permitting the construction of over 700 units without the need for further zoning approvals. Utilities are already on-site, streamlining the development process. An approved PILOT program further enhances the financial attractiveness of this project. The site benefits from its prime location within Oak Ridge, a thriving community with a robust economy fueled by major employers such as Oak Ridge National Laboratory, Y-12 National Security Complex, and Oak Ridge Associated Universities. These employers contribute to a highly educated workforce and strong household incomes, creating a stable and desirable rental market. Current average new construction rents in the area are $1,792 per unit, indicating significant potential for rental income growth. The seller is open to both an outright sale and joint venture partnerships, offering flexibility for potential buyers. This property represents a rare chance to capitalize on a prime location and favorable market conditions in a high-demand area. The site's proximity to Class A retail and other amenities adds to its overall appeal.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Oak Ridge
- County
- Anderson
- State
- Tennessee
- Longitude
- -84.237
- Latitude
- 36.009
