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603 W Main St, 209, Knoxville, TN 37902

$464,000
Property Type: Single Family Bedrooms: 1 Square Footage: 815 Lot Size (sq. ft.): 15,374 Status: Active
Current Price: $464,000 List Date: 10/17/2024 Last Modified: 11/14/2024

Description

The 50 apartments in the Medical Arts Building (MAB) are being converted into condominiums and are now offered for the first time as a purchase option! New owners will enjoy the fantastic location between the downtown core and The University of Tennessee. All units are conveyed with a washer/dryer set and all major kitchen appliances. Tile flooring, remodeled bathrooms, granite countertops, stainless steel appliances in the open kitchens, and plenty of natural light create a comfortable living area. Unit sizes vary from 515 square feet to 2,101 square feet. No short-term rentals are permitted. The minimum lease term will be 180 days. The MAB, an ornate Gothic Revival style building built in 1932 by Lexington, Kentucky architecture firm Manley and Young, was placed on the National Register of Historic Places on May 24, 1984. Originally planned as a 13-story building, the plans were scaled back due to the Great Depression to what we see today as a 10-story high rise, including the attached 4-story parking garage. Owners will have the opportunity to purchase parking in the private, interior garage. The decorative terra cotta and dark green spandrel panels on the exterior of the East and South facing facades show the attention to detail, which was rarely seen in the southeast at that time. The MAB was once home to a pharmacy, a bank, a beauty shop, a florist, and several restaurants. A bowling alley and a putt-putt golf course also entertained tenants and visitors! The building experienced its share of hardships. In 1985, it was completely renovated and once again became a favorite location for many well-known doctors, dentists, attorneys, accountants, and other professionals. Thomas B. Grace, a real estate investor from Chicago, purchased the building in 2006. The plan was to leave it as a multi-tenant office building for many years, but the recession changed everything. It was agreed that the highest and best use for the building was a conversion to residential. The building conversion was completed in April 2014. Now, a new generation of people call the Medical Arts Building home! Building history: The Medical Arts Building, an ornate Gothic Revival style building built in 1932 by Lexington, Kentucky architecture firm Manley and Young, was placed on the National Register of Historic Places May 24, 1984. Originally planned as a 13-story building, the plans were scaled back due to the Great Depression to what we see today as a 10-story high rise, including the attached 4-story parking garage. The decorative terra cotta and dark green spandrel panels on the exterior of the East and South facing facades clearly shows the attention to detail, which was rarely seen anywhere else in southeast at that time. The Medical Arts Building was once home to a pharmacy, a bank, a beauty shop, a florist, and several restaurants. A bowling alley and a putt-putt golf course also entertained tenants and visitors! The building went through its share of hard time and in 1985 a complete renovation of the building was done and once again became a favorite location for many well-known doctors, dentists, attorneys, accountants and other professionals. Thomas B. Grace, a real estate investor from Chicago, purchased the building in 2006. The plan was to leave the building as a multi-tenant office building for many years but the recession changed everything. It was agreed that the highest and best use for the building was a conversion to residential. The building conversion was completed in April 2014. Now, a new generation of people call the Medical Arts Building home! Fast forward to October 2024. The apartments are being converted into condominiums and will be sold individually. New owners will continue to enjoy the fantastic location in between the downtown core and The University of Tennessee. All units convey with a washer/dryer set and all major kitchen appliances. Parking spaces in the interior private garage

More Information MLS# 1279782

Location Tax Legal Info

House #: 603 St Dir: W Street Name: Main St Suffix: St State/Province: TN Zip Code: 37902 Property Sub-Type: Condominium PIN #: 094MD004 Subdivision: The Medical Arts Building Geo Lat: 35.960601 Geo Lon: -83.91966

Contract Info

Auction Y/N: No Listing Price: 464000 Current Price: $464,000 Status: Active Listing Date: 2024-10-17 Occupancy: Permanent Residence

General Property Description

Type: High Rise Lot Dimensions: 74.33 x 206.83 x IRR Lot Size SqFt: 15373.67 Acres: 0.35 Acre Source: Other Site Built: Yes Restrictions: Yes SqFt - Total (Aprox): 815 SqFt - Main Lvl: 815 # Bedrooms: 1 Baths - Full: 1 # of Rooms: 2 Fireplace: No Property Status: N/A HOA: Mandatory HOA Freq: Monthly HOA Contact: tbd Position of Unit: 2nd fl East facing Year Built: 1930 Bonus Room: No Extra Storage: Yes

Status Change Info

Status Change Date: 2024-10-17

Property Features

Style: Historic; Other Construction: Block; Brick; Masonry; Other Siding: Brick; Cement; Stone Basement: Other Lot Description: Corner Lot View: Lake View; Mountain View; Other Fireplace: None Floors: Tile Fuel: Electric Heat: Central Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Microwave; Range; Refrigerator; Smoke Detector; Washer; Other Sewer: Public Sewer Water: Public Other Rooms: Laundry/Utility; Mstr Bdrm Main Level Misc Features: Internet Available Exterior Features: Patio Dining Area: Kitchen/Dining Rm Co; Living Rm/Dining Rm Community Amenities: Elevator; Extra Storage Association Fee Incl: Association Ins; Building Exterior; Fire Protection; Grounds Maintenance; Pest Contract; Security New Financing: Cash; Conventional
Listing Office: Alliance Sotheby's Internation
Office Phone: 865-357-3232
Last Updated: November - 14 - 2024
603 W Main St, 209, Knoxville, TN 37902- MLS# 1279782
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