Medical/Office Space Near Parkwest
For Sale
Contact for pricing
Pending
10133 Sherrill Drive Suite 103, Knoxville, TN
3,900 SF open space suitable for medical or office use.
Property Size3,900 SF
Lot Size4.13 Acres
Days on Market1138
Property Features for 10133 Sherrill Drive Suite 103
General Information
Standard status
Pending
Size
3,900 SF
Lot size
4.13 Acres
Property subtype
OFFICE
Listing Agency:
Holrob
(865) 637-3770
Listed By:
TJ Galloway
(865) 278-4947
Source:
Moodyscre
Added: Aug 3, 2023
Changed: Sep 8
Last Checked: Sep 13 at 6:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Holrob
Investment Insights
Based on property information with market context.
This 3,900 square-foot space is suitable for medical or office use. It is located near Parkwest Hospital, I-140, and I-40. The available space is in the West Med Building, a Class-A building that is well-maintained and managed. The space is an open layout, ready for buildout. It is the only available space in the building and the only one with its own exterior entrance. All other occupants are long term.
Key Highlights
- Prime location seconds from Parkwest Hospital, I‑140, and I‑40
- 3,900 square feet of open space ready for buildout
- Only available space in the Class‑A West Med Building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$51,597
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.29%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,031,940
$1.0M
Cap Rate 7%
$737,100
$737.1K
Cap Rate 9%
$573,300
$573.3K
Market Conditions
NOI Build-Up for 3,900 SF
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.
Gross rent
$81.9K $21.00/SF
− Vacancy
−$13.1K −$3.36/SF
EGI
$68.8K $17.64/SF
− OpEx
−$17.2K −$4.41/SF
NOI
$51.6K $13.23/SF
Area
Knoxville, TN
Vacancy
16.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,031,940
Cap Rate 7%
$737,100
Cap Rate 9%
$573,300
Alternative Uses
Best Use
Office B
$737.1K
$645.0K – $860.0K
NOI $51,597 @ 7.0% cap · market cap 6.29%
Second Best
Healthcare Medical
$708.8K
$620.2K – $827.0K
NOI $49,617 @ 7.0% cap · market cap 6.05%
Theoretical Best
Office A
$966.0K
$845.2K – $1.13M
NOI $67,617 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,033
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - 3,900 SF open space suitable for medical or office use.
Where is this medical office space located?
The property is located at 10133 Sherrill Drive Suite 103 Knoxville, TN.
What is the asking price?
The asking price for this property is $820,000.
What are key features of this property?
This property features: Prime location seconds from Parkwest Hospital, I‑140, and I‑40; 3,900 square feet of open space ready for buildout; Only available space in the Class‑A West Med Building
