0 Layman Rd & Dennis StAthens, TN 37303

Property Details for 0 Layman Rd & Dennis St

Lot size

31.78 AC

Property type

Hospitality properties

Property subtype

Individual retail properties

Description

This exceptional 31.78-acre parcel presents a remarkable multifamily development opportunity in Athens, Tennessee. Ideally situated adjacent to a Super Walmart, this prime land offers significant potential for subdivision and development. The property's location provides convenient access to a wide array of amenities, including numerous retail establishments, banking institutions, public parks, service providers, and medical facilities. A comprehensive multifamily market study conducted by the city of Athens further supports the viability of this project. The study highlights a significant need for housing in the area, with limited current inventory and high occupancy rates (95.5% in McMinn County and 98.8% within Athens). The high occupancy rates, coupled with a substantial portion of McMinn County's workforce commuting from outside the county (43.9%), underscore the strong demand for housing. Furthermore, the property's location within McMinn County, which boasts higher-than-average manufacturing wages compared to state and national averages, presents an attractive investment opportunity. The local government's willingness to consider Tax Incentive Financing (TIF) adds another layer of potential financial benefit. The potential for partnerships with local employers to secure master leases for units further enhances the investment prospects. The property's APN is 056 135.01 000. The asking price is $1,995,000, translating to $62,932 per acre. This represents a compelling investment opportunity for developers seeking to capitalize on the robust housing demand in a thriving community.

Location Insight

City

Athens

County

McMinn

State

Tennessee

Latitude

35.4484

Longitude

-84.6303

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