Managed Self-Storage
For Sale
Contact for pricing
1641 Downtown West Boulevard, Knoxville, TN 37919
High-occupancy storage property with additional units currently offline pending roof work.
Property Size39,054 SF
Price / SF$110.10
Days on Market9
Property Features for 1641 Downtown West Boulevard
General Information
Standard status
Active
Size
39,054 SF
Total Parking Spaces
12
Property subtype
Self Storage
Occupancy
83%
Net Operating Income
$278,981
Additional Details
Asking Price
$4,300,000
Building Details
Year Built
1984
Buildings
7
Units
276
Listing Agency:
Matthews
Listed By:
Austin McLeod · License #394903
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 10 at 11:51AM
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 Matthews
Investment Insights
Based on property information with market context.
This self-storage facility contains 39,054 rentable square feet and was built in 1984. Online units are 99% occupied, with only 2 vacancies reported. The property also includes 45 offline units totaling 5,863 square feet; roof work is required before those units can return to service, and repair quotes are available.
Located at 1641 Downtown West Boulevard in Knoxville, Tennessee, the facility benefits from daily traffic of 25,990 vehicles. The surrounding 5-mile trade area has no planned self-storage developments identified in the available market information. Average household income exceeds $130,000 within both the 3-mile and 5-mile areas, while 2025 populations are reported at 71,018 and 139,360, respectively.
Located at 1641 Downtown West Boulevard in Knoxville, Tennessee, the facility benefits from daily traffic of 25,990 vehicles. The surrounding 5-mile trade area has no planned self-storage developments identified in the available market information. Average household income exceeds $130,000 within both the 3-mile and 5-mile areas, while 2025 populations are reported at 71,018 and 139,360, respectively.
Key Highlights
- 39,054 rentable square feet of self‑storage space
- 99% occupancy among online units, with only 2 vacancies
- 45 offline units totaling 5,863 square feet
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
$392,352
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
9.12%
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%
$7,847,040
$7.8M
Cap Rate 7%
$5,605,029
$5.6M
Cap Rate 9%
$4,359,467
$4.4M
Market Conditions
NOI Build-Up for 39,054 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
$609.2K $15.60/SF
− Vacancy
−$48.7K −$1.25/SF
EGI
$560.5K $14.35/SF
− OpEx
−$168.2K −$4.31/SF
NOI
$392.4K $10.05/SF
Area
Knoxville, TN
Vacancy
8.00%
Lease Rate
$15.60 /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%
$7,847,040
Cap Rate 7%
$5,605,029
Cap Rate 9%
$4,359,467
Alternative Uses
Best Use
Self Storage
$5.61M
$4.90M – $6.54M
NOI $392,352 @ 7.0% cap · market cap 9.12%
Second Best
Warehouse
$4.84M
$4.23M – $5.65M
NOI $338,797 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$9.67M
$8.46M – $11.29M
NOI $677,103 @ 7.0% cap · market cap 15.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,039
Businesses Nearby
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - High-occupancy storage property with additional units currently offline pending roof work.
Where is this self storage facility located?
The property is located at 1641 Downtown West Boulevard Knoxville, TN.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: 39,054 rentable square feet of self‑storage space; 99% occupancy among online units, with only 2 vacancies; 45 offline units totaling 5,863 square feet
