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106 Mitchell RdOak Ridge, TN 37830

32-Acre Site, 700+ Units Possible

Overview

Added:
Dec 11, 2024
Days on market:
114
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.

Highlights

  • 32.33-acre R-4 zoned multifamily development site in Oak Ridge, TN.
  • Over 700 units permitted, no further zoning approvals needed.
  • Strong rental market with $1,792 average new construction rent; proximity to major employers like Oak Ridge National Laboratory.
  • Located near Class A retail and amenities; utilities and PILOT program in place.
  • Seller open to outright sale or joint venture.

Property Details for 106 Mitchell Rd

Property type
Land
Lot Size (sq. ft)
1,408,295 SF

Location Insight

City
Oak Ridge
County
Anderson
State
Tennessee
Latitude
36.0090374
Longitude
-84.236965
106 Mitchell Rd, Oak Ridge, Tennessee

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106 Mitchell Rd
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