Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    232 Calderwood St Alcoa, TN 37701
    Property profile & analytics

    232 Calderwood St Alcoa, TN 37701

    View on Map
    • Retail properties & Spaces
    • 370,000 SF
    • 3.60 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • New Midland Plaza / Shopping Center & Mall
    • US Marine Corps Recruiting / Military Recruiting Office
    • US Air Force Recruiting / Military Recruiting Office
    • Bill Witten - Mutual of Omaha / Insurance Agency

    Property Details for 232 Calderwood St

    Lot size
    3.60 lot acres
    Property size
    370,000 SF
    Property type
    Retail properties & Spaces

    Description

    New Midland Plaza, a thriving 370,000 square foot shopping center in Alcoa, Tennessee, presents a unique investment opportunity. Located in the twin cities of Alcoa and Maryville, just south of Knoxville, this multi-tenant property boasts approximately 2,850 parking spaces and sits on 3.6 acres of land. Currently home to a diverse mix of national and regional retailers including Beall's Department Store, City Farms Wine & Spirits (a 25,000 square foot luxury store with cigar lounge), Patterson's Appliances, Quinn Appliances, Cosmo Prof, and Pet Well Clinic, the center also offers a variety of services such as dry cleaning, coin laundry, financial and insurance services, restaurants, and medical services. The center enjoys high shopper traffic, comparable to other major shopping centers in the area, including a nearby Target. An almost 3-acre community activity field ("Great Lawn") and outdoor amphitheater are under construction adjacent to the property. Six outparcels ranging from 1 to over 3 acres are available for sale or lease. Available retail space ranges from 800 to 10,000 square feet, with one square foot currently vacant. The center's tenants have consistently received "Best Of" awards from The Daily Times Newspaper. This property offers a strong existing tenant base and significant growth potential.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Alcoa
    County
    Blount
    State
    Tennessee
    Longitude
    -83.9799
    Latitude
    35.7616

    Comparable in this City

    • Value Estimation
      $3,200,000
      27,723 SF

      727 Brenda Ln

      DEPARTMENT STORE • 27,723 SF
      727 Brenda Ln, Alcoa, TN 37701-2124
      View Details
    • Value Estimation by Request
      1.27 Acres

      Hunters Xing Dr & Middlesettlements Rd

      Multifamily properties • 1.27 Acres
      0 Hunters Xing Dr & Middlesettlements Rd, Alcoa, TN 37701
      View Details
    • Value Estimation by Request
      15,000 SF

      2034 Topside Rd

      Restaurants • 15,000 SF
      2034 Topside Rd, Alcoa, TN 37701
      View Details
    • Value Estimation by Request
      60,000 SF

      Marconi Blvd & Tesla Blvd

      Land • 60,000 SF
      0 Marconi Blvd & Tesla Blvd, Alcoa, TN 37701
      View Details
    • Value Estimation by Request
      19,631 SF

      459 Marilyn Ln

      Neighborhood centers • 19,631 SF
      459 Marilyn Ln, Alcoa, TN 37701
      View Details
    • Value Estimation by Request
      6,078 SF

      Hunters Xing

      Retail properties & Spaces • 6,078 SF
      0 Hunters Xing, Alcoa, TN 37701
      View Details

    Similar Nearby for Sale

    • $1,600,000

      Former Restaurant Opportunity For Sale

      Well-maintained restaurant property with drive-thru and included equipment.
      523 Louisville Rd, Alcoa, TN 37701
      View Details
    • $1,199,000

      Land For Sale

      1.27 acres of land available for purchase.
      Hunters Xing Dr & Middlesettlements Rd, Alcoa, TN 37701
      View Details
    • $499,900
      88,862 SF

      Vacant Commercial Land in Alcoa

      2+ acres of mixed-use land near shopping and dining.
      250 South Rankin Rd, Alcoa, TN 37701
      View Details
    • $379,900
      1.03 Acres

      Alcoa, TN Commercial Land

      Level 1+ acre lot in desirable Springbrook area.
      N Wright Rd, Alcoa, TN 37701
      View Details
    • New
      $209,900
      Pending

      Alcoa Land Opportunity

      Approximately 3 acres of land in Alcoa, Tennessee.
      2209 Marble Cir, Alcoa, TN 37701
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Freestanding Building on Calderwood Street

      Single-tenant building with drive-thru potential in high-traffic location.
      348 S Calderwood St, Alcoa, TN 37701
      View Details
    • $1.00 SF/Yr

      Retail Space in Alcoa

      Retail space in Alcoa's primary shopping district for rent.
      459 Marilyn Ln, Alcoa, TN 37701
      View Details
    • $16 SF/Yr
      2,498 SF

      Alcoa Highway Office Space

      Ground floor office space with convenient highway access.
      269 Airport Plaza Blvd, Alcoa, TN 37701
      View Details
    • Contact for pricing
      40,000 SF

      Modern Office Building in Alcoa

      40,000 SF office building with high-end finishes and accessibility.
      3231 N Star Cir, Alcoa, TN 37701
      View Details
    • $16 SF/Yr

      Alcoa Office Space For Rent

      Flexible office space with convenient access to Knoxville and Maryville.
      269 Cusick Rd, Alcoa, TN 37701
      View Details
    Request Owner's contact information
    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.
    232 Calderwood St
    Alcoa, TN 37701
    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
    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

    Thank You for Inquiry
    232 Calderwood St, Alcoa, TN, 37701
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!