Single-Tenant Industrial
New
For Sale
$2,000,000
3200 NW Park Dr, Knoxville, TN 37921
Industrial facility combining finished office space with clear-span warehouse operations and dedicated loading access.
Property Size15,000 SF
Lot Size2.44 Acres
Price / SF$133.33
Days on Market2
Property Features for 3200 NW Park Dr
General Information
Standard status
Active
Size
15,000 SF
Lot size
2.44 Acres
Property subtype
Industrial
Warehouse & Industrial
Clear Span
Yes
Office Build-Out
2,800 SF
Dock-High Doors
1
Drive-In Doors
2
Three-Phase Power
Yes
Building Details
Building Size
15,000 SF
Year Built
1985
Tenancy
Single
Listing Agency:
Lee & Associates
Listed By:
Taylor Durand · License #369177
(865) 776-5662
Source:
Lee-associates
Added: Sep 22
Last Checked: Sep 22 at 1:37PM
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 Lee & Associates
Investment Insights
Based on property information with market context.
This 15,000 SF industrial warehouse at 3200 NW Park Dr in Knoxville, TN, was built in 1985 and occupies a 2.44-acre site. The building includes 2,800 SF of finished office area alongside clear-span warehouse space with 18' ceiling heights and 16' eave heights. Loading is supported by 2 drive-in doors and 1 dock door, while 3-phase power, LED lighting, and a 5-year-old HVAC system serve the facility.
The property is occupied by a single tenant under an in-place lease extending through June 2027. The lease includes a three-year renewal option with 3% annual escalations, providing defined lease structure for an industrial acquisition.
The property is occupied by a single tenant under an in-place lease extending through June 2027. The lease includes a three-year renewal option with 3% annual escalations, providing defined lease structure for an industrial acquisition.
Key Highlights
- 15,000 SF industrial warehouse on a 2.44‑acre site
- 2,800 SF of finished office space
- 18' ceiling heights and 16' eave heights
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
$130,127
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
6.51%
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%
$2,602,540
$2.6M
Cap Rate 7%
$1,858,957
$1.9M
Cap Rate 9%
$1,445,856
$1.4M
Market Conditions
NOI Build-Up for 15,000 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
$162.0K $10.80/SF
− Vacancy
−$8.9K −$0.59/SF
EGI
$153.1K $10.21/SF
− OpEx
−$23.0K −$1.53/SF
NOI
$130.1K $8.68/SF
Area
Knoxville, TN
Vacancy
5.50%
Lease Rate
$10.80 /SF/Yr
Expense Ratio
15.00%
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%
$2,602,540
Cap Rate 7%
$1,858,957
Cap Rate 9%
$1,445,856
Alternative Uses
Best Use
Warehouse
$1.86M
$1.63M – $2.17M
NOI $130,127 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.72M
$3.25M – $4.33M
NOI $260,064 @ 7.0% cap · market cap 13.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Dock-high doors
2
Drive-in doors
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37921, TN
28,903
Population
12,969
Households
2.2
Avg Household Size
35
Median Age
27%
College-Educated
87%
High-School Grad
15.9 sq mi
ZIP Area
1,818
Density / Sq Mi
$57,813
Median Household Income
$37,518
Median Earnings
$1,147
Median Rent
$204,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Northgate Parts, Inc — 6807 Pleasant Ridge Rd, Knoxville, TN 37921
- A Plus Storage — 2339 old callahan dr, knoxville, tn 37912
- Affordable Storage Guys - Knoxville — 2339 Old Callahan Dr, Knoxville, TN 37912
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial facility combining finished office space with clear-span warehouse operations and dedicated loading access.
Where is this warehouse located?
The property is located at 3200 NW Park Dr Knoxville, TN.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: 15,000 SF industrial warehouse on a 2.44‑acre site; 2,800 SF of finished office space; 18' ceiling heights and 16' eave heights
