2651 Magnolia AveKnoxville, TN 37914

Property Details for 2651 Magnolia Ave

Year built

1952

Construction

WOOD FRAME

Lot size

1.21 AC

Property size (Sq ft)

7,954 SF

Property type

Sports & entertainment properties

Property subtype

Casinos

APN

082KA016

APU

082KA016

Description

This stunning, National Register-eligible property, located at 2651 E Magnolia Ave in Knoxville, TN, presents a unique investment opportunity. Boasting 13,200 total square feet, including 9,500 square feet of net rentable space, this Class B office building offers a compelling 6.5% cap rate at an asking price of $1,350,000 ($173.68/sq ft). Built in 1930 and extensively renovated in 2018, the property features two buildings situated on a 0.73-acre lot with ample parking for 65 vehicles. The property is zoned C-G-2 and benefits from its prime location, offering high visibility and traffic volume at the corner of Cherry and Magnolia. Recent improvements include a completely replaced roof on the main building, a thorough interior cleaning, and the replacement of all windows (expected completion May 1st). Its proximity to the new Smokies Baseball Stadium (projected completion Spring 2025) further enhances its appeal. The property's eligibility for the National Register of Historic Places and its location within an Opportunity Zone present significant potential for accessing federal and local grants. This versatile property is ideally suited for a variety of uses, including a restaurant or catering company. Buyer to verify all square footage information.

Location Insight

City

Knoxville

County

Knox

State

Tennessee

Latitude

35.9879

Longitude

-83.8934

CBSA code

28940

CBSA name

KNOXVILLE, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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