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    Medical Office with Exam Rooms Title is generated by Realmo AI

    437 S Illinois Ave Oak, Oak Ridge, TN 37830

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    Former eyecare space with a reception area, lab rooms, four exam rooms, offices, kitchen, and restrooms for clinical or office use.

    Type:Street Retail
    Property size:
    2,084 SF
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 2:09 am

    Property Features for 437 S Illinois Ave Oak

    General Information

    Standard status
    Active
    Size
    2,084 SF
    Property subtype
    Street Retail

    Building Details

    Year Built
    2015

    Spaces For Lease

    at 437 S Illinois Ave Oak Contact us

    We can help!

    Listing Contact
    Michelle Gibbs
    Michelle Gibbs

    Listing agent Michelle Gibbs License #249165

    Listing office NAI Koella RM Moore

    Listing date Jun 3, 2026

    Source Thebrokerlist

    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

    HighLights

    • Former eyecare space at 437 S Illinois Avenue, Oak Ridge, TN—2,084 SF
    • Built in 2015; current lease expiration is November 30, 2029
    • Layout includes spacious entry lobby, reception with counter, and multiple work areas
    • Features lab spaces plus four exam areas, along with office and kitchen
    • Includes restrooms and multiple usable interior areas for clinical or office use
    • Ample on‑site parking and convenient access right off S Illinois Avenue

    Overview

    This leasing opportunity is a former eyecare location designed for a medical and patient-facing workflow. The interior offers a spacious entry lobby and reception area with a counter, along with lab spaces and four exam areas. In addition to the exam and lab space, the layout includes an office, a kitchen, and restrooms, making it well-suited for a range of professional uses requiring multiple patient rooms and supporting workspace.

    The property is located at 437 S Illinois Ave in Oak Ridge, Tennessee, with convenient access right off S. Illinois Avenue. The center provides ample parking, including parking in the back of the center for employees. Co-tenancy includes Aspen Dental, Dos Bros, Fast Pace Medical, Great Clips, and Select Physical Therapy.

    For tenants seeking a professional setting with exam-ready rooms and supporting office space, this configuration provides a practical foundation. It is also a workable fit for medical-related offices and other service-oriented businesses that benefit from a reception area, multiple treatment or consultation rooms, and straightforward visitor access with on-site parking.
    Location Intelligence

    Current Use by Public Records

    Drs. Campbell, Cunningham, ... Optician Nicole R. Lamb, ... Physician Kathryn V. Kibler, ... Physician Lauren Joy Stone Physician Dr. Eric Sollenberger Ophthalmologist

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Oak Ridge
    County
    Anderson
    State
    Tennessee
    Longitude
    -84.248569
    Latitude
    36.003746

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    FAQs

    What type of property is this?
    Medical Office Space - Former eyecare space with a reception area, lab rooms, four exam rooms, offices, kitchen, and restrooms for clinical or office use.
    Where is this medical office space located?
    The property is located at 437 S Illinois Ave Oak Oak Ridge, TN.
    What are key features of this property?
    This property features: Former eyecare space at 437 S Illinois Avenue, Oak Ridge, TN—2,084 SF; Built in 2015; current lease expiration is November 30, 2029; Layout includes spacious entry lobby, reception with counter, and multiple work areas
    (865) 531-6400
    We can help!
    Listing Contact
    Michelle Gibbs
    Michelle Gibbs
    Real Estate License ID: 249165
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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