Downtown Sale Comp – Volunteer Studios

VolStudios pic

621 Dale Avenue/411 Dale Avenue/207 N 17th Street
Knoxville, TN 37921
Submarket: Downtown Knoxville

+/-105,548 square foot building
Land Area (SF): 231,739 SF
Land Area (AC): 5.32 AC

Frontage: 1,148′ (seen from I-40)
Traffic Count: 20,384 (2013) – 17th Street; 143,662 (2013) – Interstate 40
Parking spots: +/- 200
Use: Hotel/Motel

Sale Price: $5,000,000
Sale Type: Investment
Price/SF: $47.37/SF
Price/Land SF: $21.58/SF
Price/Land AC: $939,850/AC
Sale Date: December 31, 2014
Recorded Buyer:  Obsidian Development, LLC
Recorded Seller:  VS, LLC and Volunteer Studios Plus Partners
Buyer Broker: Jeff Cutler – CBRE | Michigan
Seller Broker: Rick Gentry – Cushman & Wakefield | Cornerstone
Occupancy at time of sale: Unknown

Economy Inn demolished; Volunteer Studios sold
“Last month, Obsidian also purchased a site near the corner of Dale Avenue and 17th Street — including the Volunteer Studios extended stay building — for $5 million.”
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Sources: Knox County Register of Deeds Office, Costar, Courthouse Retrieval System, KGIS
Information Deemed Reliable, But Not Guaranteed

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