Downtown Knoxville Retail Buildings For
716-718 S Gay St Knoxville, TN
For Sale
Contact for pricing
Two adjoining buildings on Gay Street in central Downtown Knoxville.
Property Size18,500 SF
Lot Size0.16 Acres
Price / SF$156.76
Days on Market971
Property Features for 716-718 S Gay St
General Information
Standard status
Active
Size
18,500 SF
Lot size
0.16 Acres
Property subtype
RETAIL
Listing Agency:
Oliver Smith Realty & Development Company
(865) 584-2000
Listed By:
Will Sims
Source:
Moodyscre
Added: Dec 1, 2023
Changed: Jul 10
Last Checked: Jul 21 at 6:22AM
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 Oliver Smith Realty & Development Company
Investment Insights
Based on property information with market context.
This offering presents the opportunity to purchase two adjoining buildings encompassing 18,500 square feet. Situated on Gay Street in Downtown Knoxville, the location is near parking facilities, the courthouse, Market Square, and various other downtown attractions. Traffic counts near the property are: Henley Street 28,358; Western Ave 15,761; W Summit Hill Drive 13,291. Retailers nearby include Market Square, Calhoun’s, Kroger, and Dunkin Donuts.
Key Highlights
- Prime Downtown location on Gay Street
- Substantial 18,500 sq. ft. property
- Unique opportunity to purchase two adjoining buildings
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 | $399.6k | $21.60 |
| − Vacancy | −$20.0k | −$1.08 |
| EGI | $379.6k | $20.52 |
| − OpEx | −$113.9k | −$6.16 |
| NOI | $265.7k | $14.36 |
18,500 SF · lease $21.60/SF/yr · vacancy 5.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$3.80M
$3.32M – $4.43M
NOI $265,734 @ 7.0% cap · market cap 9.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.58M
$4.01M – $5.35M
NOI $320,746 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Retail space - Two adjoining buildings on Gay Street in central Downtown Knoxville.
Where is this retail space located?
The property is located at 716-718 S Gay St Knoxville, TN.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Prime Downtown location on Gay Street; Substantial 18,500 sq. ft. property; Unique opportunity to purchase two adjoining buildings
