Downtown West Retail Shell
For Sale
$215,425
1501 - 1545 Downtown West Blvd, Knoxville, TN 37919
Shell retail space available in a downtown west center with ample parking and quick access to major routes.
Property Size1,231 SF
Days on Market157
Property Features for 1501 - 1545 Downtown West Blvd
General Information
Standard status
Active
Size
1,231 SF
Property subtype
Retail
Building Details
Building Size
1,231 SF
Year Built
1983
Listing Agency:
NAI Koella RM Moore - Knoxville
Listed By:
Michael Moore · License #TN #324982
(865) 221-9442
Source:
Koellamoore
Added: Apr 1
Changed: Aug 31
Last Checked: Sep 4 at 4:28AM
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
Investment Insights
Based on property information with market context.
Retail shell space is available at the Downtown West Center at 1501–1545 Downtown West Blvd. The space is offered in shell condition with buyer buildout preferred, allowing a tenant or owner to design the interior to fit their concept. Ample parking supports convenient customer access.
The center is positioned in the West Town retail area with exposure to West Town Mall, Bearden High School, Target, and surrounding West Knoxville retail trade and demographics. Quick access to Kingston Pike and I-40/75 further supports convenience for customers and staff.
The offering is within a vibrant retail setting with a broad mix of vendors and providers and a property layout designed to support a tenant/owner mix.
The center is positioned in the West Town retail area with exposure to West Town Mall, Bearden High School, Target, and surrounding West Knoxville retail trade and demographics. Quick access to Kingston Pike and I-40/75 further supports convenience for customers and staff.
The offering is within a vibrant retail setting with a broad mix of vendors and providers and a property layout designed to support a tenant/owner mix.
Key Highlights
- Shell retail space available in Downtown West Center
- Year built: 1983
- Ample parking available
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
$17,682
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
8.21%
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%
$353,640
$353.6K
Cap Rate 7%
$252,600
$252.6K
Cap Rate 9%
$196,467
$196.5K
Market Conditions
NOI Build-Up for 1,231 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
$26.6K $21.60/SF
− Vacancy
−$1.3K −$1.08/SF
EGI
$25.3K $20.52/SF
− OpEx
−$7.6K −$6.16/SF
NOI
$17.7K $14.36/SF
Area
Knoxville, TN
Vacancy
5.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
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%
$353,640
Cap Rate 7%
$252,600
Cap Rate 9%
$196,467
Alternative Uses
Best Use
Retail
$252.6K
$221.0K – $294.7K
NOI $17,682 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$304.9K
$266.8K – $355.7K
NOI $21,343 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37919, TN
30,822
Population
15,499
Households
2
Avg Household Size
38
Median Age
58%
College-Educated
95%
High-School Grad
19.1 sq mi
ZIP Area
1,614
Density / Sq Mi
$71,863
Median Household Income
$44,968
Median Earnings
$1,247
Median Rent
$453,000
Median Home Value
Market
Vacancy Rate% for Retail in Knoxville, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - Shell retail space available in a downtown west center with ample parking and quick access to major routes.
Where is this shopping center located?
The property is located at 1501 - 1545 Downtown West Blvd Knoxville, TN.
What is the asking price?
The asking price for this property is $215,425.
What are key features of this property?
This property features: Shell retail space available in Downtown West Center; Year built: 1983; Ample parking available
