Former Animal Clinic on
For Sale
$635,000
9229 Middlebrook Pike, Knoxville, TN 37931
Corner lot property, previously an animal clinic, for sale.
Property Size2,000 SF
Lot Size0.57 Acres
Price / SF$319.58
Days on Market113
Property Features for 9229 Middlebrook Pike
General Information
Standard status
Active
Size
2,000 SF
Class
C
Lot size
0.57 Acres
Property subtype
Office
Building Details
Building Size
2,000 SF
Year Built
1975
Listing Agency:
NAI Koella RM Moore
(865) 806-6517
Listed By:
Sam Tate, CCIM · License #TN #207699
(865) 806-6517
Source:
Koellamoore
Added: May 8
Changed: Aug 26
Last Checked: Aug 26 at 5:30AM
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
Investment Insights
Based on property information with market context.
The property, formerly the Middlebrook Animal Clinic, is situated on a corner lot. The main level encompasses 1987 square feet, while the partially finished lower level provides an additional 1144 square feet. There are 15 parking spaces available. The lot spans 0.57 acres and is zoned CA (Knox County). The yard is partially fenced. The property is located across Middlebrook Pike from Dollar General Markets.
Key Highlights
- High‑visibility corner lot location on Middlebrook Pike.
- Zoned CA (Knox County) offering commercial development potential.
- 1987 SF main level with additional 1,144 SF partially finished lower level.
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
$26,288
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
4.14%
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%
$525,760
$525.8K
Cap Rate 7%
$375,543
$375.5K
Cap Rate 9%
$292,089
$292.1K
Market Conditions
NOI Build-Up for 1,987 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
$41.7K $21.00/SF
− Vacancy
−$6.7K −$3.36/SF
EGI
$35.1K $17.64/SF
− OpEx
−$8.8K −$4.41/SF
NOI
$26.3K $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%
$525,760
Cap Rate 7%
$375,543
Cap Rate 9%
$292,089
Alternative Uses
Best Use
Office B
$375.5K
$328.6K – $438.1K
NOI $26,288 @ 7.0% cap · market cap 4.14%
Second Best
Healthcare Medical
$361.1K
$316.0K – $421.3K
NOI $25,279 @ 7.0% cap · market cap 3.98%
Theoretical Best
Office A
$492.1K
$430.6K – $574.2K
NOI $34,450 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
214
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37931, TN
31,358
Population
12,770
Households
2.5
Avg Household Size
38
Median Age
45%
College-Educated
94%
High-School Grad
28.4 sq mi
ZIP Area
1,104
Density / Sq Mi
$91,284
Median Household Income
$52,207
Median Earnings
$1,450
Median Rent
$317,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Cedar Bluff Animal Clinic — 9049 Middlebrook Pike, Knoxville, TN 37923
Frequently Asked Questions
What type of property is this?
Medical Office Space - Corner lot property, previously an animal clinic, for sale.
Where is this medical office space located?
The property is located at 9229 Middlebrook Pike Knoxville, TN.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: High‑visibility corner lot location on Middlebrook Pike.; Zoned CA (Knox County) offering commercial development potential.; 1987 SF main level with additional 1,144 SF partially finished lower level.
