Parking Lot in the Old City -- 115 E Jackson Ave
115 E Jackson Ave | Knoxville, TN 37915-1004, US
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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.
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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.