Overview
SVN | Wood Properties is pleased to exclusively present the opportunity to acquire 607 Market Street and 413 Clinch Avenue, two highly desirable assets located in the heart of Downtown Knoxville.
607 Market Street offers a rare blank-slate opportunity for a transformative redevelopment of a true downtown landmark. The 13-story, approximately 125,000-square-foot office building, sits on 0.43 acres directly overlooking Krutch Park and Market Square. Its location provides exceptional visibility, walkability, and direct access to Knoxville’s vibrant core of retail, dining, entertainment, and business amenities.
Directly adjacent to the building is 413 Clinch Avenue, a 0.37-acre surface parking lot currently providing 43 spaces. The parking lot serves as an attractive complement to the building, offering valuable on-site parking or potential for future development as part of a larger redevelopment plan.
Property Video:
Investment Highlights
Premier Downtown Knoxville Location: Directly overlooks Krutch Park and Market Square with walkable access to dining, retail, entertainment, and civic amenities.
Flexible Zoning – DK-G (Downtown General): Allows for office, multifamily, hospitality, or mixed-use development. No building height restrictions.
Multiple Redevelopment Scenarios: Full conversion potential to office, residential, and hospitality uses.
Office Market Strength: Downtown office vacancy at just 1.4%, demonstrating sustained demand for high-quality office space.
Multifamily Market Growth: Downtown population growth exceeding 80% over the past decade. Multifamily vacancy remains stable at approximately 5.2% with continued demand for urban living.
Expanding Tourism & Hospitality Market: Growing visitor base driven by University of Tennessee, sporting events, concerts, conventions, and downtown’s cultural offerings.
Rare Adjoining Parking Component: 0.37-acre surface parking lot (413 Clinch Avenue) with 43 spaces provides convenient parking or future development potential.
Blank Slate Redevelopment Opportunity: 13-story, ±125,000 SF existing structure built in 1965 on 0.43 acres provides strong vertical and structural potential for adaptive reuse. Positioned to benefit from downtown Knoxville’s ongoing revitalization and long-term economic expansion.
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