Old City Downtown Parking Lot For Sale
About This Property
Marketing description
THE PINNACLE OF OLD CITY DEVELOPMENT
The Opportunity
115 E Jackson Ave is a premier 0.41-acre development site located in the epicenter of Knoxville’s historic Old City. This is a rare "covered land play"—a high-yield asset that pays for itself while you design, permit, and entitle a landmark high-rise project.
Unrivaled Income & Holding Strategy
While most development sites carry significant holding costs, this parcel is a turnkey revenue engine.
-Current Net Operating Income (NOI): $240,000/year.
-Asset Class: Fully operational, high-demand parking lot.
-The Advantage: The existing income provides a robust cap rate, mitigating interest rate risk and carry costs during the pre-development phase.
Development Potential: No Height Limits
Located within the DK-W (Downtown Warehouse) subdistrict, this parcel offers the rarest of urban commodities: No Maximum Building Height.
-Highest & Best Use: A high-rise mixed-use tower featuring luxury condos, market-rate multifamily units, or a flagship hospitality brand.
-Zoning Flexibility: Broad zoning allows for retail, office, and entertainment integration on the ground floor to capitalize on the massive foot traffic of Jackson Ave.
Location: The Stadium Catalyst
The property is positioned just a 2-minute walk (approx. 500 feet) from the now-open Covenant Health Park.
The Stadium Effect: The stadium hosts 70+ Smokies baseball games plus year-round soccer and concerts, bringing hundreds of thousands of visitors directly past this site.
Neighborhood Synergy: Surrounded by Knoxville’s most celebrated culinary and nightlife destinations, including Kefi, Lonesome Dove, Fiori Lounge, and Brother Wolf.
The "Walkable Urban" Boom
Knoxville’s downtown residential occupancy remains near 97%. As the city shifts toward a more dense, walkable core, 115 E Jackson Ave stands as one of the last remaining parcels capable of supporting a project of this scale.
Summary of Features:
-Address: 115 E Jackson Ave, Knoxville, TN 37915
-Size: 0.41 AcresCurrent Income: $240,000/yr Net
-Zoning: DK-W (No Height Limit)
-Proximity: 0.2 miles to Covenant Health Park
Investment highlights
Property Description:
Old City 0.41AC. DK-W Zoning: NO HEIGHT LIMIT. Nets $240K/YR as parking. Ideal high-rise site for Multifamily, Hotel, Condos, Retail, or Office. 2-min walk to Stadium. Immediate cash flow during planning. Prime high-density downtown corner. Rare find!
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