Self Storage
Knoxville MSA Development
4277 US-321, Lenoir City, TN 37772
Listing Price: $1,500,000
Investment Overview
Marcus & Millichap is pleased to exclusively present this Knoxville MSA Development opportunity located at 4277 Highway 321 South in Lenoir City, TN 37772. The site is located on the NE quadrant at the intersection of Hwy 321 & Hwy 95. The opportunity consists of two contiguous parcels with APN numbers are 053044 02500 and 053036 09500.
The site plans are entitled and allows for the investor/developer to build a total of 179,592 gross net rentable square feet of self-storage, including Boat and RV. The site is located off the busy Hwy 321 and is on elevated ground allowing for excellent visibility and prominent display of signage. The total buildable gross square footage includes a breakdown as follows: 92,394 square feet of Climate Control, 12,250 square feet of Non-Climate and 81,792 square feet of Covered Boat & RV. It is recommended to build out in phases starting with the completion of approximately 100,000 NRSF with Boat & RV being the primary product delivered. When doing so, this will keep the supply metrics in check with a light but growing population.
Loudon County has planned to pull city sewer and electrical along the entirety of Hwy 321 between Lenoir City and Maryville. An additional 50-unit single family home and marina development has been approved to the north of the site directly on the Tennessee River. The area already boasts strong traffic counts 21,594 vehicles per day with many of these travelers commuting to the bustling Maryville area and/or visiting the Great Smokey Mountains - one of the most visited state parks in the country. Population has been growing at ~16% for the last 10 years with a projected growth in the next three years of 7%. Current demographics in a 5-mile radius show $93,849 average income with 31,855 population growing to 34,095 by 2027.
With a reduced price of $1,500,00 ($140,318 per acre) and owner financing available, this site is priced to sell. Much of the initial work is done and the project is ready for the next developer to make the plans become a reality. Contact agent for owner financing terms
Knoxville MSA Development
Investment Highlights
- Excellent visibility off Hwy 321 with Ingress/Egress lanes in both directions and high traffic count of 21,594 vehicles per day
- Owner Financing available to help the investor/developer assess the proper market opportunity
- Demographics in a 5-mile radius; $93,849 average income with 31,855 population - 7% population growth projected and 16% growth since 2010
- Zero competition for Class A product within a 5-mile radius
- Site plans are fully approved, poised for next steps in the development process
- Close proximity to outdoor activities; only a few miles from public boat ramps and campgrounds
- Nearby Tellico Village planned 70 acres under development and 220 new homes built in 2022
Exclusively Listed By
Listing Price: $1,500,000
Investment Highlights
- Excellent visibility off Hwy 321 with Ingress/Egress lanes in both directions and high traffic count of 21,594 vehicles per day
- Owner Financing available to help the investor/developer assess the proper market opportunity
- Demographics in a 5-mile radius; $93,849 average income with 31,855 population - 7% population growth projected and 16% growth since 2010
- Zero competition for Class A product within a 5-mile radius
- Site plans are fully approved, poised for next steps in the development process
- Close proximity to outdoor activities; only a few miles from public boat ramps and campgrounds
- Nearby Tellico Village planned 70 acres under development and 220 new homes built in 2022
Investment Overview
Marcus & Millichap is pleased to exclusively present this Knoxville MSA Development opportunity located at 4277 Highway 321 South in Lenoir City, TN 37772. The site is located on the NE quadrant at the intersection of Hwy 321 & Hwy 95. The opportunity consists of two contiguous parcels with APN numbers are 053044 02500 and 053036 09500. The site plans are entitled and allows for the investor/developer to build a total of 179,592 gross net rentable square feet of self-storage, including Boat and RV. The site is located off the busy Hwy 321 and is on elevated ground allowing for excellent visibility and prominent display of signage. The total buildable gross square footage includes a breakdown as follows: 92,394 square feet of Climate Control, 12,250 square feet of Non-Climate and 81,792 square feet of Covered Boat & RV. It is recommended to build out in phases starting with the completion of approximately 100,000 NRSF with Boat & RV being the primary product delivered. When doing so, this will keep the supply metrics in check with a light but growing population. Loudon County has planned to pull city sewer and electrical along the entirety of Hwy 321 between Lenoir City and Maryville. An additional 50-unit single family home and marina development has been approved to the north of the site directly on the Tennessee River. The area already boasts strong traffic counts 21,594 vehicles per day with many of these travelers commuting to the bustling Maryville area and/or visiting the Great Smokey Mountains - one of the most visited state parks in the country. Population has been growing at ~16% for the last 10 years with a projected growth in the next three years of 7%. Current demographics in a 5-mile radius show $93,849 average income with 31,855 population growing to 34,095 by 2027. With a reduced price of $1,500,00 ($140,318 per acre) and owner financing available, this site is priced to sell. Much of the initial work is done and the project is ready for the next developer to make the plans become a reality. Contact agent for owner financing terms
Exclusively Listed By
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