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517 N Gay St, Knoxville, TN 37917
Historic commercial building with a Gay Street storefront, showroom areas, and warehouse space.
Property Size20,500 SF
Price / SF$121.95
Days on Market54
Property Features for 517 N Gay St
General Information
Standard status
Active
Size
20,500 SF
Property subtype
Retail, Industrial
Zoning
Downtown Knoxville Edge
Investment Type
Owner/User
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1920
Buildings
1
Tenancy
Single
Listing Agency:
Avison Young
Listed By:
Jack Coker · License #374995
(865) 719-8604
Source:
Crexi
Added: Aug 23
Changed: Oct 4
Last Checked: Oct 14 at 11:06PM
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 Avison Young
Investment Insights
Based on property information with market context.
This commercial property contains approximately 20,500 square feet arranged around a prominent Gay Street storefront, showroom areas, and warehouse space. Its historic character and flexible DK-E zoning support continued retail or showroom operations, owner occupancy, creative adaptive reuse, or future redevelopment.
The property is at 517 N. Gay Street in Knoxville’s Downtown North district, with connectivity to downtown Knoxville and I-40. Potchke Deli, A Dopo Pizza, Parlor Doughnuts, Mac on 5th, the Old City, and Covenant Health Park are identified in the surrounding area. Free public parking is available beneath the I-40 viaduct.
Clayton Furniture is contracted to occupy the building through 2027. The developer is under contract to acquire the property but does not yet hold title.
The property is at 517 N. Gay Street in Knoxville’s Downtown North district, with connectivity to downtown Knoxville and I-40. Potchke Deli, A Dopo Pizza, Parlor Doughnuts, Mac on 5th, the Old City, and Covenant Health Park are identified in the surrounding area. Free public parking is available beneath the I-40 viaduct.
Clayton Furniture is contracted to occupy the building through 2027. The developer is under contract to acquire the property but does not yet hold title.
Key Highlights
- Approximately 20,500 square feet of commercial space
- Gay Street storefront combined with showroom and warehouse areas
- Flexible DK‑E zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$178,448
Cap Rate
7.14%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,568,960
$3.6M
Cap Rate 7%
$2,549,257
$2.5M
Cap Rate 9%
$1,982,756
$2.0M
Market Conditions
NOI Build-Up for 20,500 SF
Gross rent
$295.2K $14.40/SF
− Vacancy
−$20.7K −$1.01/SF
EGI
$274.5K $13.39/SF
− OpEx
−$96.1K −$4.69/SF
NOI
$178.4K $8.70/SF
Area
Knoxville, TN
Vacancy
7.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,568,960
Cap Rate 7%
$2,549,257
Cap Rate 9%
$1,982,756
Alternative Uses
Best Use
Retail
$4.21M
$3.68M – $4.91M
NOI $294,462 @ 7.0% cap · market cap 11.78%
Second Best
Flex RnD
$2.55M
$2.23M – $2.97M
NOI $178,448 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$5.08M
$4.44M – $5.92M
NOI $355,421 @ 7.0% cap · market cap 14.22%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,350
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37917, TN
25,013
Population
14,216
Households
1.8
Avg Household Size
39
Median Age
31%
College-Educated
87%
High-School Grad
9.5 sq mi
ZIP Area
2,633
Density / Sq Mi
$51,232
Median Household Income
$37,853
Median Earnings
$1,063
Median Rent
$189,100
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Historic commercial building with a Gay Street storefront, showroom areas, and warehouse space.
Where is this flex space located?
The property is located at 517 N Gay St Knoxville, TN.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Approximately 20,500 square feet of commercial space; Gay Street storefront combined with showroom and warehouse areas; Flexible DK‑E zoning
