Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    6240 Asheville Hwy Knoxville, TN 37924

    Sponsored
    For Lease
    $32 SF/Yr ($12,000 /Mo)

    Prime East Knoxville retail space, 1-4,500 sqft.

    Lot size:
    4,500 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This exceptional Class A retail property, located at 6240 Asheville Highway in Knoxville, Tennessee, presents a unique investment opportunity. Built and renovated in 2024, this 4,500 square foot retail pad sits on a one-acre lot, offering high visibility and accessibility. The property is zoned C-H-2 City of Knoxville and is situated in the Strawberry Plains submarket of Knox County. With a total of one suite, the entire 4,500 square feet is currently vacant and available for lease, divisible to a minimum of 1,500 square feet. The location boasts significant daily traffic exceeding 35,000 vehicles, providing unparalleled exposure for businesses. This retail pad benefits from its strategic placement near major retailers including Dunkin' Donuts, Auto Zone, Advanced Auto, Wendy's, and Smokey Mountain Knife Works. The property offers flexible options, including ground lease or shell space opportunities, with the possibility of incorporating a drive-thru. This prime location in the rapidly developing East Knoxville/Asheville Highway corridor makes this an ideal space for a variety of retail businesses. The cross streets are Asheville Highway and John Sevier, and the zip code is 37924.

    Property Features for 6240 Asheville Hwy

    General Information

    Property type
    Individual retail properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    4,500 SF
    Class
    A
    Total Rate
    12000

    Building Details

    Year Built/Renovated
    2024/2024

    Unit(s) available at that property

    Space
    Available Space
    Size
    4,500 SF
    Rate per SF
    $32

    We can help!

    Listing Contact
    Michael Moore
    Michael Moore

    Learn more

    Property Insight Report

    HighLights

    • High‑visibility location.
    • 35,000 ADT on Asheville Highway.
    • Ground lease or build‑to‑suit opportunities available.
    • Drive‑thru potential.
    • Strong growth in surrounding trade area.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Auto Repair Shop Clothing Store Nail Salon Pharmacy Auto Parts Store Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.8256559
    Latitude
    36.0166377

    Nearby Similar for Lease

    • $1,925,000
      Pending

      Knoxville Office Building For Lease

      Well-maintained office building with modern upgrades, ideal for various uses.
      4624 Chambliss Ave, Knoxville, TN 37919
      View Details
    • $5,500 /Mo
      3,148 SF

      Renovated Office Space Near Downtown

      Partially furnished 3,148 SF dental/medical office space for rent.
      2607 Kingston Pike, Knoxville, TN 37919
      View Details
    • $23 SF/Yr
      2,700 SF

      Downtown Knoxville Creative Office Space

      Modern office space in the historic Phoenix Building on Gay Street.
      418 South Gay St, Knoxville, TN 37917
      View Details
    • $18 SF/Yr
      11,609 SF

      Versatile Studio Space in Knoxville

      Exceptional leasing opportunity with modern amenities and versatile spaces.
      9721 Sherrill Blvd, Knoxville, TN 37932
      View Details
    • $12 SF/Yr
      11,152 SF

      Versatile Knoxville Office Space Available

      Flexible office spaces with modern upgrades and convenient location.
      2400 Sutherland Ave, Knoxville, TN 37919
      View Details
    • $1,275 /Mo
      700 SF

      Revitalized Retail Space Available

      Recently renovated retail suites with high visibility in Knoxville.
      3930 Martin Luther King Jr Ave, Knoxville, TN 37914
      View Details
    • $38 SF/Yr
      3,840 SF

      Retail Space in Brookview Centre

      New retail construction, ideal for various business types.
      225 Brookview Centre Way, Knoxville, TN 37919
      View Details
    • $38 SF/Yr
      18,132 SF

      Retail Space on Hardin Valley

      Premier retail leasing opportunity in Knoxville, TN on Hardin Valley.
      Spring Bluff Way, Knoxville, TN 37932
      View Details
    • $23 SF/Yr
      7,129 SF

      Class A Office Space Available

      Rare opportunity to lease Class A office space.
      550 W Main St, Knoxville, TN 37902
      View Details
    • $12,850 /Mo
      11,600 SF

      New Industrial Office/Warehouse Space

      New construction industrial office/warehouse space available mid-December 2025.
      10643 Checkerboard Ln, Knoxville, TN
      View Details
    • $19 SF/Yr
      2,100 SF

      Refined Office Space Available

      Functional office space perfect for professional services and client meetings.
      8862 Cedar Springs Ln, Knoxville, TN 37923
      View Details
    • $23 SF/Yr
      10,593 SF

      Modern Office Space with Interstate Signage

      Well-maintained office space with high visibility and recent upgrades.
      8320 E Walker Springs Ln, Knoxville, TN 37923
      View Details

    FAQs

    What type of property is this?
    Individual retail property - Prime East Knoxville retail space, 1-4,500 sqft.
    Where is this individual retail property located?
    The property is located at 6240 Asheville Hwy Knoxville, TN.
    What is the lease rate?
    The lease rate is $32 SF/Yr.
    What are key features of this property?
    This property features: High-visibility location.; 35,000 ADT on Asheville Highway.; Ground lease or build-to-suit opportunities available.
    Request Owner's contact information
    6240 Asheville Hwy Knoxville, TN 37924
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    6240 Asheville Hwy
    Knoxville, TN 37924
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    6240 Asheville Hwy Knoxville, TN 37924
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Michael Moore
    Michael Moore
    Real Estate License ID: TN 324982
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.