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    Knoxville Commercial Property for Sale Title is generated by Realmo AI

    8421 Asheville Hwy, Knoxville, TN 37924

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    Picture of Parking lots & garages at 8421 Asheville Hwy, Knoxville, TN
    Pending
    $150,000

    COMMERCIAL - Knoxville, TN

    Property size:
    536 SF
    Added:
    Feb 18, 2021
    Days on Market:
    1931
    Last Refresh:
    Jun 3 at 3:06 am

    Property Features for 8421 Asheville Hwy

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking
    15
    Standard status
    Pending
    APN
    062 234
    Size
    536 SF

    Taxes and HOA fees

    Tax Annual Amount
    785

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Wall Unit(s)
    Water source
    Public

    Building Details

    Floors in Building
    1
    Building materials
    Steel Siding

    We can help!

    Listing Contact
    Pamela Hammontree
    Pamela Hammontree

    Listing agent Pamela Hammontree

    Listing office Hammontree Real Estate 424 Governor John Sevier Hwy, Seymour, TN

    Listing date Feb 18, 2021

    MLS# 1144029

    Copyright © 2026 East Tennessee Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Approximately 159 ft of frontage on Asheville Hwy.
    • Masonry building on the property.
    • Steel siding construction.
    • Electric heating.
    • Wall unit cooling.
    • Public water source.

    Overview

    This commercial property is located in Knoxville, TN. It features a masonry building with an approximate area of 536 square feet. Currently used as a car lot, the property has approximately 159 feet of frontage on Asheville Hwy. A third metal garage building is also present on the lot, which the tenant will likely remove. Showings are available by appointment only.

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $11.6k $21.60
    − Vacancy −$579 −$1.08
    EGI $11.0k $20.52
    − OpEx −$3.3k −$6.16
    NOI $7.7k $14.36
    536 SF · lease $21.60/SF/yr · vacancy 5.00% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $110.0K
    $96.2K – $128.3K (±1% cap)
    NOI $7,699 @ 7.0% cap · market cap 5.13%
    Second Best
    Industrial
    $51.4K
    $45.0K – $60.0K (±1% cap)
    NOI $3,597 @ 7.0% cap · market cap 2.40%
    Theoretical Best
    Office A
    $132.8K
    $116.2K – $154.9K (±1% cap)
    NOI $9,293 @ 7.0% cap · market cap 6.20%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    SOLOMON AUTOS Car Dealership

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Thompson Leasing, LLC (dba Landmark Idealease) — 4550 Rutledge Pike, Knoxville, TN 37914
    • U-Haul Moving & Storage of East Town — 4612 Rutledge Pike, Knoxville, TN 37914
    • U-Box at U-Haul — 4612 Rutledge Pike, Knoxville, TN 37914
    • Trailer Rental at U-Haul — 4612 Rutledge Pike, Knoxville, TN 37914
    • Propane Refill at U-Haul — 4612 Rutledge Pike, Knoxville, TN 37914

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.743606
    Latitude
    36.025113

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    FAQs

    What type of property is this?
    Parking lot & garage - Commercial property on Asheville Hwy, Knoxville, suitable for various uses.
    Where is this parking lot & garage located?
    The property is located at 8421 Asheville Hwy Knoxville, TN.
    What is the asking price?
    The asking price for this property is $150,000.
    What are key features of this property?
    This property features: Approximately 159 ft of frontage on Asheville Hwy.; Masonry building on the property.; Steel siding construction.
    (865) 573-0145
    We can help!
    Listing Contact
    Pamela Hammontree
    Pamela Hammontree
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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