Beautifully Restored Bank Building in Downtown Erwin

Retail-Commercial for Sale
Catylist Listing ID: 30782734
Property Subtypes: Free-Standing Building, Mixed Use, Restaurant, Street Retail, Tavern/Bar/Nightclub
Building Size (RSF): 2,300 SF
Gross Land Area: 1,750 SF
Sale Price: $395,000
Unit Price: $171.74 PSF
Ceiling: 16 ft.
In Opportunity Zone? Yes
Property Use Type: Vacant/Owner-User, Business
Building Name: Erwin National Bank
Usable Size (USF): 2,300 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 6/9/2022

Overview / Comments

This is a rare opportunity to own a landmark. The Erwin National Bank building was built in 1928 with classic architectural elements of the era such as marble floors, limestone-clad exterior and massive palladium windows. This building was completely renovated in 2011 though, to include all new plumbing, electrical, paint, roof, and HVAC. Immaculately restored, the original hardwood casework, marble floors and ornate ceiling frescos have been preserved and protected.

The current use of the building includes the Choo Choo cafe on the lower level and a small apartment on the upper level. The cafe can be included in the sale of the real estate or not.

This building has innumerable potential commercial uses including food, beverage, retail, office, spa, or specialty. The upstairs also has very functional appeal for extra storage, owner's living quarters, or private space attendant to the primary use.

Additional Details

Nearest MSA: Johnson City
County: Unicoi
Taxing Authority: Unicoi County
Tax ID/APN: 023N U 012.00
Retail Clientele: General, Business, Traveler, Tourist, Recreation
Property Located Between: Downtown destinations
Property Visibility: Excellent
Largest Nearby Street: South Main
Feet of Frontage: 25
Site Description: Fantastic corner visibility on busy Main Street. This is a signalized intersection. Building covers entire site area.
Area Description: Just named one of Tennessee's 8 most charming small towns by Travel and Leisure magazine, Erwin is just 45 minutes drive to Asheville. It is attracting retirees and family businesses relocating from the Northeast, Midwest, and California. It is the closest municipality in Tennessee to the NC state line. Tennessee is an income tax free state.
Total Number of Buildings: 1
Number of Stories: 2
Property Condition: Excellent
Year Built: 1928
Year Renovated: 2011
Roof Type: Flat
Construction/Siding: Stone
Exterior Description: Entrance on Main serves the lobby area and entrance on Union serves the rear of the building. Oversized palladium windows pour sunlight into the main floor commercial space.
Parking Type: Surface
Parking Description: Free street-front parking abounds in the downtown district.
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Cable, DSL
Interior Description: Small kitchen and waiting area off Main. Large dining area seats 43 patrons in the mid portion. Storage and restrooms in the rear portion.
Lot Frontage: 25
Lot Depth: 70
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines, Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,372 11,897 13,869
Median Age: 44.54 44.94 44.7
Households: 1,470 5,014 5,819


Photograph of Listing Agent

Michael E. Green, CCIM MAI SIOR

Century 21 Legacy
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