Three-Level Mixed-Use
For Sale
$1,950,000
161 East Harper Avenue, Maryville, TN 37804
Downtown building with separate street access at each level and a rear parking lot.
Property Size13,380 SF
Lot Size0.04 Acres
Price / SF$145.74
Days on Market328
Property Features for 161 East Harper Avenue
General Information
Standard status
Active
Size
13,380 SF
Lot size
0.04 Acres
Property subtype
Multi-Family
Amenities
Central Cooling
Yes
Carpet, Tile, Other
True
Central, Natural Gas, Electric
Steel, Stucco, Cement, Metal, Cedar, Block
Building Details
Year Built
1940
Buildings
1
Stories
3
Building Size
13,380 SF
Tenancy
Single
Listing Agency:
Coldwell Banker Nelson Realtor
Listed By:
Caleb Hazelbaker
Source:
Compass
Added: Oct 7, 2025
Changed: Aug 29
Last Checked: Aug 29 at 2:56PM
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 Coldwell Banker Nelson Realtor
Investment Insights
Based on property information with market context.
Built in 1940, this three-level mixed-use property contains 13,380 square feet and is currently occupied by Grace Community Church. Each level has its own street entrance, creating a configuration with distinct access points throughout the building. Interior features include central cooling, carpet and tile flooring, and central, natural gas, and electric heating sources.
The property is located at 161 East Harper Avenue in downtown Maryville, Tennessee. A parking lot behind the building conveys with the property, along with a .04-acre lot identified as 057D C 024.01. The existing layout and multiple entrances provide a substantial commercial building profile in a central downtown setting.
The property is located at 161 East Harper Avenue in downtown Maryville, Tennessee. A parking lot behind the building conveys with the property, along with a .04-acre lot identified as 057D C 024.01. The existing layout and multiple entrances provide a substantial commercial building profile in a central downtown setting.
Key Highlights
- 13380 square feet across three levels
- Separate street entrance serving each level
- Built in 1940
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
$117,410
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
6.02%
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%
$2,348,200
$2.3M
Cap Rate 7%
$1,677,286
$1.7M
Cap Rate 9%
$1,304,556
$1.3M
Market Conditions
NOI Build-Up for 13,380 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
$208.7K $15.60/SF
− Vacancy
−$20.9K −$1.56/SF
EGI
$187.9K $14.04/SF
− OpEx
−$70.4K −$5.27/SF
NOI
$117.4K $8.77/SF
Area
Blount County, TN
Vacancy
10.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
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%
$2,348,200
Cap Rate 7%
$1,677,286
Cap Rate 9%
$1,304,556
Alternative Uses
Best Use
Office B
$3.44M
$3.01M – $4.01M
NOI $240,840 @ 7.0% cap · market cap 12.35%
Second Best
Retail
$2.95M
$2.58M – $3.45M
NOI $206,729 @ 7.0% cap · market cap 10.60%
Theoretical Best
Office A
$5.39M
$4.71M – $6.28M
NOI $377,072 @ 7.0% cap · market cap 19.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,725
Businesses Nearby
Explore this area
Business Placement
Demographics for 37804, TN
27,075
Population
10,569
Households
2.6
Avg Household Size
40
Median Age
22%
College-Educated
89%
High-School Grad
34.9 sq mi
ZIP Area
776
Density / Sq Mi
$75,794
Median Household Income
$37,879
Median Earnings
$1,155
Median Rent
$224,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown building with separate street access at each level and a rear parking lot.
Where is this mixed-use property located?
The property is located at 161 East Harper Avenue Maryville, TN.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 13380 square feet across three levels; Separate street entrance serving each level; Built in 1940
