Turnkey Restaurant with Walk-In
For Sale
Contact for pricing
211 S Central St, Knoxville, TN 37902
Built-out restaurant space with existing tables, kitchen equipment, small wares, and walk-in refrigerator and freezer.
Property Size2,300 SF
Price / SF$510.87
Days on Market159
Property Features for 211 S Central St
General Information
Standard status
Active
Size
2,300 SF
Property subtype
Retail
Investment Type
Value Add
Building Details
Year Built
1910
Buildings
1
Stories
2
Listing Agency:
Wallace Commercial
Listed By:
Jeff Dealejandro · License #TN367871
Source:
Crexi
Added: Apr 3
Changed: Aug 28
Last Checked: Sep 8 at 5:12AM
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 Wallace Commercial
Investment Insights
Based on property information with market context.
211 S Central St offers full-building potential with a ready-to-operate restaurant space in Knoxville’s South Central corridor. The premises are described as fully built out for restaurant use and include existing tables, kitchen equipment, small wares, and a walk-in refrigerator and freezer.
The property is positioned in the heart of downtown Knoxville, with nearby demand drivers including a new Smokies Stadium, Market Square, and the Old City, and it’s noted as being within a dense, walkable urban node.
The restaurant space is described as formerly home to Olibea. In addition to the restaurant, the condo above is also available for purchase, creating the option of a full building buyout.
The property is positioned in the heart of downtown Knoxville, with nearby demand drivers including a new Smokies Stadium, Market Square, and the Old City, and it’s noted as being within a dense, walkable urban node.
The restaurant space is described as formerly home to Olibea. In addition to the restaurant, the condo above is also available for purchase, creating the option of a full building buyout.
Key Highlights
- Built‑out restaurant space with existing tables, kitchen equipment, and small wares
- Includes walk‑in refrigerator and walk‑in freezer
- Year built: 1910
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
$38,549
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
3.28%
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%
$770,980
$771.0K
Cap Rate 7%
$550,700
$550.7K
Cap Rate 9%
$428,322
$428.3K
Market Conditions
NOI Build-Up for 2,300 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
$53.8K $23.40/SF
− Vacancy
−$2.4K −$1.05/SF
EGI
$51.4K $22.35/SF
− OpEx
−$12.8K −$5.59/SF
NOI
$38.5K $16.76/SF
Area
Knoxville, TN
Vacancy
4.50%
Lease Rate
$23.40 /SF/Yr
Expense Ratio
25.00%
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%
$770,980
Cap Rate 7%
$550,700
Cap Rate 9%
$428,322
Alternative Uses
Best Use
Specialty Retail
$550.7K
$481.9K – $642.5K
NOI $38,549 @ 7.0% cap · market cap 3.28%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$569.7K
$498.5K – $664.6K
NOI $39,876 @ 7.0% cap · market cap 3.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,978
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37902, TN
2,479
Population
1,908
Households
1.3
Avg Household Size
34
Median Age
55%
College-Educated
95%
High-School Grad
0.4 sq mi
ZIP Area
6,198
Density / Sq Mi
$56,397
Median Household Income
$50,471
Median Earnings
$1,322
Median Rent
$570,700
Median Home Value
Market
Vacancy Rate% for Retail in Knoxville, TN
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Built-out restaurant space with existing tables, kitchen equipment, small wares, and walk-in refrigerator and freezer.
Where is this conventional restaurant located?
The property is located at 211 S Central St Knoxville, TN.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: Built‑out restaurant space with existing tables, kitchen equipment, and small wares; Includes walk‑in refrigerator and walk‑in freezer; Year built: 1910
