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.