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    Walmart Shadow-Anchored Retail Center Title is generated by Realmo AI

    2308 Treasury Dr SE, Cleveland, TN 37323

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    For Sale
    $7,975,000

    45,079 SF retail center anchored by national tenants.

    Type:Shopping Strip
    Property size:
    45,079 SF
    Price / SF:
    $176/SF
    Added:
    Apr 11, 2026
    Days on Market:
    57
    Last Refresh:
    Apr 11 at 8:01 pm

    Property Features for 2308 Treasury Dr SE

    General Information

    Standard status
    Active
    Size
    45,079 SF
    Property subtype
    Shopping Strip

    Building Details

    Year Built
    2003

    We can help!

    Listing Contact
    Eric Abbott

    Listing agent Eric Abbott License #License(s): GA: 407938

    Listing office Atlanta Office

    Listing date Apr 11, 2026

    Source Marcusmillichap

    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 Atlanta Office

    HighLights

    • Walmart shadow‑anchored center with high foot traffic: 3.08 million annual visits, ranked #2 in the area.
    • 100% leased with mark‑to‑market upside: current average rent is 20% below market.
    • Strong tenant stability: over 50% of tenants have been in place for 18‑20+ years.
    • Excellent tenant performance: Verizon (top 7% statewide), Dollar Tree (top 8% statewide), Cato (top 25% statewide).
    • Prime intercept location: signalized corner with 50,000 VPD on Dalton Pike/Appalachian Highway, near I‑75.
    • Located in the growing Chattanooga MSA.

    Overview

    This 45,079 square foot retail center is shadow-anchored by Walmart. The property is located in Cleveland, Tennessee, within the Chattanooga MSA. The center features a mix of national brands and service-oriented tenants, including Dollar Tree, Petsense, Cato, Verizon, and One Main. The location benefits from high foot traffic, with the center seeing 3.08 million visits annually. The property is positioned on Dalton Pike/Appalachian Highway with a combined 50,000 vehicles per day. It has direct frontage on Dalton Pike SE and is in close proximity to Appalachian Highway, a primary retail artery connecting Cleveland to I-75. The center is located in Cleveland’s primary retail cluster, near Walmart, Aldi, Walgreens, and Food City. The property is 100% leased with potential future mark-to-market upside from near-term rent rolls. The weighted average in-place rent is $15.88 per square foot.

    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 $676.2k $15.00
    − Vacancy −$67.6k −$1.50
    EGI $608.6k $13.50
    − OpEx −$182.6k −$4.05
    NOI $426.0k $9.45
    45,079 SF · lease $15.00/SF/yr · vacancy 10.00% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $6.09M
    $5.32M – $7.10M (±1% cap)
    NOI $425,997 @ 7.0% cap · market cap 5.34%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $9.46M
    $8.28M – $11.04M (±1% cap)
    NOI $662,120 @ 7.0% cap · market cap 8.30%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Walmart Gas Gas Station Walmart Deli Food Market Verizon Electronics & Wireless Store

    Suggested Use

    Restaurant Real Estate Agency 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.

    Similar Places Nearby

    • TN Custom Decals — 2360 Blackburn Rd SE, Cleveland, TN 37311

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Bradley
    State
    Tennessee
    Longitude
    -84.86862
    Latitude
    35.125849

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    FAQs

    What type of property is this?
    Shopping center - 45,079 SF retail center anchored by national tenants.
    Where is this shopping center located?
    The property is located at 2308 Treasury Dr SE Cleveland, TN.
    What is the asking price?
    The asking price for this property is $7,975,000.
    What are key features of this property?
    This property features: Walmart shadow‑anchored center with high foot traffic: 3.08 million annual visits, ranked #2 in the area.; 100% leased with mark‑to‑market upside: current average rent is 20% below market.; Strong tenant stability: over 50% of tenants have been in place for 18‑20+ years.
    (678) 808-2746
    We can help!
    Listing Contact
    Eric Abbott
    Real Estate License ID: License(s): GA: 407938
    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.

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