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

    2960 Miller Place Way Knoxville, TN 37924

    Sponsored
    For Sale
    $195,000

    Prime 2.41-acre commercial lot in Knoxville, TN.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    This exceptional 2.41-acre commercial lot, located at 2960 Miller Place Way in Knoxville, Tennessee (APN: 059EA00301, zip code 37924), presents a remarkable investment opportunity. Situated in a high-traffic area, this single-tenancy property boasts excellent visibility and accessibility. The lot's strategic location places it in close proximity to established businesses such as Zaxby's, Sam's Club, and Walmart, ensuring high foot traffic and brand recognition. This prime location makes it ideal for a variety of commercial developments, including office complexes, warehouses, or restaurants. The property offers significant potential for developers seeking to capitalize on the thriving Knoxville commercial market. With its generous 2.41 acres of land, this property provides ample space for large-scale projects. The asking price for this exceptional commercial lot is $195,000. This represents a compelling opportunity to acquire a strategically located property with significant development potential in a rapidly growing area of Knoxville. The property is zoned for commercial use (further zoning verification is recommended). Don't miss this chance to secure a prime piece of Knoxville real estate.

    Property Features for 2960 Miller Place Way

    General Information

    Property type
    Land
    Lot Size
    104,980 SF

    HighLights

    • $195,000 asking price.
    • 2.41‑acre commercial land parcel.
    • Located at 2960 Miller Place Way, Knoxville, TN 37924 (APN: 059EA00301).
    • Excellent location near Zaxby's, Sam's Club, and Walmart.
    • Suitable for office, warehouse, or restaurant development.
    Property Profile Location Intelligence

    Current Use by Public Records

    Visionworks Doctors of Optometry Optometrist WESLEY CHAMBERLIN Optometrist Dr. Michelle Anders Optometrist

    Suggested Use

    Building Supply Auto Repair Shop Wholesale Shop Auto Parts Store Department Store Bar & Pub Daycare Center Convenience Store Electrical Service Computer & Electronic Repair

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.8704535
    Latitude
    36.0329614

    Nearby Similar for Sale

    • $1,700,000
      9,000 SF

      Knoxville Multifamily Investment Opportunity

      Six-unit multifamily property near UTK, fully furnished for short-term rentals.
      Knoxville, TN 37921
      View Details
    • New
      $1,849,950
      8,514 SF

      Knoxville Multifamily Investment Opportunity

      Two multi-unit properties with 12 units in Knoxville's Old North.
      1412 Armstrong Ave, Knoxville, TN 37917
      View Details
    • $2,150,000
      9,652 SF

      20-Unit Multifamily Complex in Knoxville

      Multifamily complex in Knoxville's Parkridge neighborhood with upside potential.
      2114-2300 Washington Ave, Knoxville, TN 37917
      View Details
    • New
      $1,049,950
      5,626 SF

      Victorian Multifamily Investment Opportunity

      Charming 7-unit building near Downtown Knoxville with modern updates.
      311 Silver Pl, Knoxville, TN 37917
      View Details
    • New
      $2,900,000
      19,536 SF

      Knoxville Multifamily Investment Opportunity

      24-unit apartment complex with value-add potential in North Knoxville.
      3300-3374 Valley View Dr, Knoxville, TN 37917
      View Details
    • $599,000
      0.09 Acres

      Victorian Home in Fourth & Gill

      Charming duplex in a walkable neighborhood with rental potential.
      716/718 Morgan St, Knoxville, TN 37917
      View Details
    • $630,000
      Pending

      New Construction Duplex Opportunity

      New construction duplex in Karns, featuring upscale finishes and a convenient location.
      6612/6614 Johnbo Way, Knoxville, TN 37931
      View Details
    • $599,900
      3,500 SF

      Knoxville Rancher with 10 Bedrooms

      Rancher with 10 bedrooms, 4 baths, and covered porch.
      3706 Washington Pike, Knoxville, TN 37917
      View Details
    • $630,000
      Pending

      Upscale Duplex in Amazing Location

      Upscale duplex with modern finishes and desirable location.
      6618/6620 Johnbo Way, Knoxville, TN 37931
      View Details
    • $475,000
      Pending

      Remodeled Brick Duplex in Knoxville

      Recently remodeled Fountain City duplex with modern comfort and classic charm.
      5507 5Th St, Knoxville, TN 37918
      View Details
    • $599,000
      Pending

      Fountain City Duplex For Sale

      Two-story duplex in Fountain City with modern finishes.
      3429 Garden Dr, Knoxville, TN 37918
      View Details
    • $597,000
      2,688 SF

      Knoxville Fourplex Investment Opportunity

      Four-unit residential property in Knoxville's shopping and dining district.
      7003 Old Clinton Pike, Knoxville, TN 37921
      View Details

    FAQs

    What type of property is this?
    Land - Prime 2.41-acre commercial lot in Knoxville, TN.
    Where is this land located?
    The property is located at 2960 Miller Place Way Knoxville, TN.
    What is the asking price?
    The asking price for this property is $195,000.
    What are key features of this property?
    This property features: $195,000 asking price.; 2.41-acre commercial land parcel.; Located at 2960 Miller Place Way, Knoxville, TN 37924 (APN: 059EA00301).
    Request Owner's contact information
    2960 Miller Place Way 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.
    2960 Miller Place Way
    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.

    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
    2960 Miller Place Way 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
    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.