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.