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    2723 Asbury Rd Knoxville, TN

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    For Lease
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    Multiple office suites available for lease in Knoxville, Tennessee.

    Type:OFFICE
    Property size:
    15,763 SF
    Lot size:
    3.21 Acres
    Added:
    May 16, 2024
    Days on Market:
    723
    Last Refresh:
    Apr 5 at 8:52 pm

    Property Features for 2723 Asbury Rd

    General Information

    Standard status
    Active
    Size
    15,763 SF
    Lot size
    3.21 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 2723 Asbury Rd Contact us

    We can help!

    Listing Contact
    G. Sam Tate, Jr., CCIM
    G. Sam Tate, Jr., CCIM

    Listing agent G. Sam Tate, Jr., CCIM License ##207699

    Listing office NAI Koella RM Moore - Knoxville

    Listing date May 16, 2024

    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

    HighLights

    • Multiple suites available at 2727 Asbury: 1722 SF, 1653 SF, and 2376 SF – combine for a total of 5751 SF.
    • Large 8,712 SF space available at 5266 N National Drive, representing the entire lower level.
    • Suite 102 at 2725 Asbury offers 1,300 SF.
    • 5266 N National Drive is in shell condition, allowing for custom build‑out.
    • Various suite sizes cater to diverse business needs.
    • Location on Asbury and National Drive provides accessibility.

    Overview

    Office Suites Available for Lease

    Available for lease are multiple office suites located at 2727 Asbury. Suite 103 offers 1,722 square feet, Suite 104 provides 1,653 square feet, and Suite 105 features 2,376 square feet. These three suites can be combined to create a total space of 5,751 square feet. Additionally, at 2725 Asbury, Suite 102 is available with 1,300 square feet. Furthermore, the entire lower level footprint at 5266 N National Drive, encompassing 8,712 square feet, is also available; this space is currently in shell condition.
    Location Intelligence

    Current Use by Public Records

    Cruze Farm Pizza ... Restaurant Tennessee Valley Recovery ... Medical Clinic

    Suggested Use

    Restaurant Spa & Massage Center Hair Salon Nail Salon Big Box & Wholesale Store Auto Parts Store Accounting Firm Food Market Building Supply Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.83
    Latitude
    35.9536

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    FAQs

    What type of property is this?
    Office units - Multiple office suites available for lease in Knoxville, Tennessee.
    Where is this office units located?
    The property is located at 2723 Asbury Rd Knoxville, TN.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: Multiple suites available at 2727 Asbury: 1722 SF, 1653 SF, and 2376 SF – combine for a total of 5751 SF.; **Large 8,712 SF space available at 5266 N National Drive**, representing the entire lower level.; Suite 102 at 2725 Asbury offers 1,300 SF.
    (865) 806-6517 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing G. Sam Tate, Jr., CCIM
    G. Sam Tate, Jr., CCIM
    Real Estate License ID: #207699
    Learn More
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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.

    More about this property
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