Flex Space with
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6447 RUTLEDGE PIKE, Knoxville, TN 37924
Combined office, residential-style, garage, and workshop improvements provide a versatile commercial configuration.
Property Size2,612 SF
Price / SF$223.97
Days on Market131
Property Features for 6447 RUTLEDGE PIKE
General Information
Standard status
Active
Size
2,612 SF
Property subtype
Office, Industrial
Zoning
Commercial
Additional Details
Warehouse Space
1,408 SF
Building Details
Year Built
2006
Buildings
2
Stories
1
Units
1
Listing Agency:
Brackfield & Associates
(865) 691-8195
Listed By:
Buddy Brackfield · License #249283
Source:
Crexi
Added: Apr 24
Changed: Aug 30
Last Checked: May 8 at 7:40AM
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 Brackfield & Associates
Investment Insights
Based on property information with market context.
This flex property combines a 3 bed, 2 bath house/office with an attached 2-car garage and a separate 3-bay workshop. The workshop contains 1,408 SF and is equipped with 10-foot-high roll-up doors. Total property size is 2,612 square feet, creating a compact configuration with office, garage, and workshop components.
Key Highlights
- 3 bed, 2 bath house/office component
- Attached 2‑car garage
- 3‑bay workshop with 1,408 SF
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
$34,557
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
5.91%
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%
$691,140
$691.1K
Cap Rate 7%
$493,671
$493.7K
Cap Rate 9%
$383,967
$384.0K
Market Conditions
NOI Build-Up for 2,612 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
$54.9K $21.00/SF
− Vacancy
−$8.8K −$3.36/SF
EGI
$46.1K $17.64/SF
− OpEx
−$11.5K −$4.41/SF
NOI
$34.6K $13.23/SF
Area
Knoxville, TN
Vacancy
16.00%
Lease Rate
$21.00 /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%
$691,140
Cap Rate 7%
$493,671
Cap Rate 9%
$383,967
Alternative Uses
Best Use
Office B
$493.7K
$432.0K – $576.0K
NOI $34,557 @ 7.0% cap · market cap 5.91%
Second Best
Flex RnD
$324.8K
$284.2K – $379.0K
NOI $22,737 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$646.9K
$566.1K – $754.8K
NOI $45,286 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
59
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37924, TN
12,894
Population
6,052
Households
2.1
Avg Household Size
41
Median Age
28%
College-Educated
91%
High-School Grad
27.9 sq mi
ZIP Area
462
Density / Sq Mi
$73,794
Median Household Income
$40,594
Median Earnings
$1,020
Median Rent
$217,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Combined office, residential-style, garage, and workshop improvements provide a versatile commercial configuration.
Where is this flex space located?
The property is located at 6447 RUTLEDGE PIKE Knoxville, TN.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 3 bed, 2 bath house/office component; Attached 2‑car garage; 3‑bay workshop with 1,408 SF
