Prime Redevelopment Opportunity in
For Sale
Contact for pricing
1013 N Central St, Knoxville, TN 37917
1.061-acre property with downtown and Smoky Mountains views.
Property Size29,874 SF
Lot Size1.06 Acres
Price / SF$117.16
Days on Market870
Property Features for 1013 N Central St
General Information
Standard status
Active
Size
29,874 SF
Lot size
1.06 Acres
Property subtype
Industrial, Land, Mixed Use, Multifamily
Zoning
C-G-2
Investment Type
Redevelopment
Building Details
Year Built
1940
Buildings
1
Units
1
Listing Agency:
Realty Executives Associates
(615) 663-2530
Listed By:
Sam Harrell · License #TN 339555
Source:
Crexi
Added: Apr 15, 2024
Changed: Aug 25
Last Checked: Aug 31 at 10:11AM
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 Realty Executives Associates
Investment Insights
Based on property information with market context.
This 1.061-acre property presents a development opportunity with views of downtown and the Smoky Mountains. Located in the heart of Old North, the property offers a front-row seat to Downtown Knoxville’s continued growth. The property, divided into two parcels, offers flexibility in development strategy. The existing warehouse features expansive 28-foot ceiling peaks with large skylights, providing natural light. With its industrial features and ample space, the property offers various future uses. The in-place zoning allows for 70-foot heights and has no limit on unit density if suitable parking is provided. The property is divided into two parcels: 081MV012 & 081MV011. The property is suitable for a vibrant marketplace, modern office complex, or residential development. (Buyer to verify all zoning information, lot size, and square footage)
Key Highlights
- 1.061‑acre property with unparalleled downtown and Smoky Mountain views.
- Prime location in the heart of Old North, offering a front‑row seat to Downtown Knoxville's growth.
- Redevelopment opportunity** with potential to become a flagship property for Knoxville.
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
$268,100
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
7.66%
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%
$5,362,000
$5.4M
Cap Rate 7%
$3,830,000
$3.8M
Cap Rate 9%
$2,978,889
$3.0M
Market Conditions
NOI Build-Up for 29,874 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
$527.0K $17.64/SF
− Vacancy
−$39.5K −$1.32/SF
EGI
$487.5K $16.32/SF
− OpEx
−$219.4K −$7.34/SF
NOI
$268.1K $8.97/SF
Area
Knoxville, TN
Vacancy
7.50%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
45.00%
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%
$5,362,000
Cap Rate 7%
$3,830,000
Cap Rate 9%
$2,978,889
Alternative Uses
Best Use
Mixed Use
$4.66M
$4.08M – $5.44M
NOI $326,224 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$3.83M
$3.35M – $4.47M
NOI $268,100 @ 7.0% cap · market cap 7.66%
Theoretical Best
Office A
$7.40M
$6.47M – $8.63M
NOI $517,943 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,064
Businesses Nearby
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 1.061-acre property with downtown and Smoky Mountains views.
Where is this commercial land located?
The property is located at 1013 N Central St Knoxville, TN.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 1.061‑acre property with **unparalleled downtown and Smoky Mountain views.**; Prime location in the heart of Old North, offering a front‑row seat to Downtown Knoxville's growth.; Redevelopment opportunity** with potential to become a flagship property for Knoxville.
