Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    441 S Illinois Avenue Oak Ridge, TN

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Former eyecare location with ample parking and convenient access.

    Type:RETAIL
    Property size:
    2,084 SF
    Lot size:
    2.23 Acres
    Added:
    Feb 14, 2025
    Days on Market:
    446
    Last Refresh:
    Apr 5 at 8:19 pm

    Property Features for 441 S Illinois Avenue

    General Information

    Standard status
    Active
    Size
    2,084 SF
    Lot size
    2.23 Acres
    Property subtype
    RETAIL

    Spaces For Lease

    at 441 S Illinois Avenue Contact us

    We can help!

    Listing Contact
    Michelle Gibbs
    Michelle Gibbs

    Listing agent Michelle Gibbs License #249165

    Listing office NAI Koella RM Moore - Knoxville

    Listing date Feb 14, 2025

    Source Moodyscre

    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 NAI Koella RM Moore - Knoxville

    Overview

    Oak Ridge Retail Sublease Opportunity

    This Oak Ridge, TN property presents an exceptional leasing opportunity. The 2,084-square-foot space, formerly an eyecare location, features a spacious entry lobby, a reception area with a counter, lab spaces, four exam areas, an office, a kitchen, and restrooms. Ample parking is available, including parking in the back of the center for employees. The location is suitable for businesses seeking a professional and accessible setting. Convenient access and proximity to major thoroughfares and essential amenities enhance its appeal. The current lease expires on November 30, 2029.
    Location Intelligence

    Current Use by Public Records

    Rachel Kohn, PA-C, ... Physician Iesha Tucker, DNP, ... Medical Clinic Gordon Scott Shafer, ... Physician Hannah Sherrod Physician Fast Pace Primary ... Medical Clinic

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Ridge
    County
    Anderson
    State
    Tennessee
    Longitude
    -84.2486
    Latitude
    36.0037

    Nearby Similar for Lease

    • Sponsored
      Contact for pricing

      TN, Oak Ridge - Tennessee Ave

      101 Tennessee Ave, Unit 1ST, Oak Ridge, TN 37830
      View Details
    • Contact for pricing

      Office Suite Near ORNL

      4,769 SF office suite near Oak Ridge National Laboratory.
      1006 Floyd Culler Ct, Oak Ridge, TN 37830
      View Details
    • Contact for pricing

      Office Suite Near ORNL

      4,769 SF office suite near Oak Ridge National Laboratory.
      1006 Floyd Culler Ct, Oak Ridge, TN 37830
      View Details
    • Contact for pricing

      Oak Ridge Office Building

      Security-enhanced office building near Y-12 National Security Complex.
      122-132 Jefferson Court, Oak Ridge, TN 37830
      View Details
    • $14 SF/Yr

      Oak Ridge Office Space Available

      Office spaces near Oak Ridge National Laboratory with flexible layouts.
      710 South Illinois Avenue, Oak Ridge, TN 37830
      View Details
    • $35 SF/Yr

      Prime Retail/Office Space Available

      Exceptional leasing opportunity in Oak Ridge, near dining and attractions.
      437 S Illinois Ave, Oak Ridge, TN 37830
      View Details
    • Contact for pricing

      Office Space in Oak Ridge

      Two-story office space available for rent in Oak Ridge.
      133 Warehouse Rd, Oak Ridge, TN 37830
      View Details
    • $35 SF/Yr

      Prime Retail/Office Sublease Opportunity

      Sublease opportunity in Oak Ridge with versatile space and ample parking.
      437 S Illinois Ave, Oak Ridge, TN 37830
      View Details
    • $19 SF/Yr

      Retail Space on Oak Ridge Turnpike

      Retail space with high traffic exposure in Oak Ridge.
      1135 Oak Ridge Turnpike, Oak Ridge, Tennessee 37830
      View Details
    • Contact for pricing

      Available Flex Space For Lease

      9,351 SF flex space available for lease.
      117 Union Valley Rd, Oak Ridge, TN 37830
      View Details
    • $14 SF/Yr

      Oak Ridge Office Space Available

      Office spaces near Oak Ridge National Laboratory with flexible layouts.
      710 South Illinois Avenue, Oak Ridge, TN 37830
      View Details
    • $17 SF/Yr

      Functional Office Space Near ORNL

      4,769 SF office suite near Oak Ridge National Laboratory.
      1006 Floyd Culler Ct, Oak Ridge, TN
      View Details

    FAQs

    What type of property is this?
    Retail space - Former eyecare location with ample parking and convenient access.
    Where is this retail space located?
    The property is located at 441 S Illinois Avenue Oak Ridge, TN.
    What is the lease rate?
    The lease rate is $35 SF/Yr.
    What are key features of this property?
    This property features: Prime location in Oak Ridge, TN.; Former eyecare location with existing build‑out including reception, lab spaces, four exam areas, office, kitchen, and restrooms.; 2,084 square feet of space.
    (865) 531-6400 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Michelle Gibbs
    Michelle Gibbs
    Real Estate License ID: 249165
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    441 S Illinois Avenue, Oak Ridge, TN
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!