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Multi-Family

Steel Creek

Steele Creek Rd, Bristol, VA 24201

Listing Price: $1,870,000

Lot Size
64.00 acres
Price/Acre
$29,219
Land Type
Land

Investment Overview

Marcus & Millichap is pleased to offer a 64-acre residential development site located in both Bristol, TN and Bristol, VA. A portion of the site sits in a Federally designated Opportunity Zone allowing potential developers to utilize this tax favorable IRS code that allows investors to defer capital gains.

Bristol, TN and Bristol, VA are located right off I-81 which provides easy access to a major interstate highway system and is considered part of the Tri-Cities area, which is comprised of Bristol, Kingsport, TN and Johnson City, TN boasting a regional population of over 512,000 as of the 2020 Census. Major employers for the region include: Eastman Chemical, Ballad Healthcare System, Veterans Administration Medical Center and East Tennessee State University.

Local attractions include The Bristol Motor Speedway, the annual Rhythm & Roots musical Festival, The Birthplace of Country Music Museum and the soon to be completed Hard Rock Casino & Hotel which is expected to draw over 4 million annual visitors and create 2000 full time jobs. The 64 acre property is located less than ½ mile form the Hard Rock Casino site.

Based on an initial density analysis, current ownership has determined that the combined parcels along with current zoning, could yield a 600+/- multifamily unit project with access to all municipal services including water and sewer, gas and electric.

Investment Highlights

  • 64-Acre site sits in a Federally designated Opportunity Zone
  • Based on an initial density analysis, current ownership has determined that the combined parcels along with current zoning, could yield a 600+/- multifamily unit project
  • Easy access to a major interstate highway system and is considered part of the Tri-Cities area, which is comprised of Bristol, Kingsport, TN and Johnson City, TN

Exclusively Listed By

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s) VA: 0225247494

    Virginia

Financing By

Multi-Family

Steel Creek

Listing Price: $1,870,000

Lot Size
64.00 acres
Price/Acre
$29,219
Land Type
Land

Investment Highlights

  • 64-Acre site sits in a Federally designated Opportunity Zone
  • Based on an initial density analysis, current ownership has determined that the combined parcels along with current zoning, could yield a 600+/- multifamily unit project
  • Easy access to a major interstate highway system and is considered part of the Tri-Cities area, which is comprised of Bristol, Kingsport, TN and Johnson City, TN

Investment Overview

Marcus & Millichap is pleased to offer a 64-acre residential development site located in both Bristol, TN and Bristol, VA. A portion of the site sits in a Federally designated Opportunity Zone allowing potential developers to utilize this tax favorable IRS code that allows investors to defer capital gains. Bristol, TN and Bristol, VA are located right off I-81 which provides easy access to a major interstate highway system and is considered part of the Tri-Cities area, which is comprised of Bristol, Kingsport, TN and Johnson City, TN boasting a regional population of over 512,000 as of the 2020 Census. Major employers for the region include: Eastman Chemical, Ballad Healthcare System, Veterans Administration Medical Center and East Tennessee State University. Local attractions include The Bristol Motor Speedway, the annual Rhythm & Roots musical Festival, The Birthplace of Country Music Museum and the soon to be completed Hard Rock Casino & Hotel which is expected to draw over 4 million annual visitors and create 2000 full time jobs. The 64 acre property is located less than ½ mile form the Hard Rock Casino site. Based on an initial density analysis, current ownership has determined that the combined parcels along with current zoning, could yield a 600+/- multifamily unit project with access to all municipal services including water and sewer, gas and electric.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s): VA: 0225247494

    Virginia

Financing By

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