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    Midway Rd Strawberry Plains, TN 37871
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    Midway Rd, Strawberry Plains, TN 37871

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    • Retail properties & Spaces
    • 6.50 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Retail properties & Spaces

    Property Details for 0 Midway Rd

    Lot size
    6.50 lot acres
    Property type
    Retail properties & Spaces
    Property subtype
    Office Spaces

    Description

    This exceptional 6.5-acre commercial land tract presents a unique investment opportunity in Strawberry Plains, Tennessee. Strategically located just 300 feet from Exit 402 off-ramp on Midway Road, this property boasts unparalleled visibility and accessibility. Its prime location offers easy access to major thoroughfares, placing it within a short 5-mile radius of Exit 407, the gateway to the popular tourist destinations of Pigeon Forge and Gatlinburg. Currently zoned agricultural, the property presents potential for rezoning to accommodate a wide range of commercial uses, including retail, hospitality, or owner-occupied businesses. The expansive lot size provides ample space for development, catering to various project scales and needs. The property's APN is 086 125. This is a rare opportunity to acquire a significant parcel of land in a rapidly growing area, with the added benefit of neighboring properties also available for purchase, potentially allowing for the assemblage of nearly 70 acres at Knoxville's last remaining undeveloped intersection. The asking price for this remarkable property is $289,900. This presents a compelling investment prospect for those seeking high-visibility commercial land in a thriving Tennessee market. The property is located in Knox County, Tennessee, with a zip code of 37871.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Strawberry Plains
    County
    Knox
    State
    Tennessee
    Longitude
    -83.6958
    Latitude
    35.9864

    Comparable in this City

    • Value Estimation by Request
      1,944 SF

      2684 Hwy 11e

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    • Value Estimation by Request
      1,530 SF

      9406 Ruggles Fry Pike

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      9406 Ruggles Fry Pike, Strawberry Plains, TN 37871-1214
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      2,400 SF

      2937 Hickory Rd

      AUTO REPAIR, GARAGE
      2937 Hickory Rd, Strawberry Plains, TN 37871-3729
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    • Value Estimation by Request
      5,150 SF

      536 Old Dandridge Pike

      AUTO REPAIR, GARAGE
      536 Old Dandridge Pike, Strawberry Plains, TN 37871-3802
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    • Value Estimation by Request
      5,292 SF

      1113 Andrew Johnson Hwy

      RETAIL STORES (PERSONAL SERVICES)
      1113 Andrew Johnson Hwy, Strawberry Plains, TN 37871-1159
      View Details
    • Value Estimation
      $700,000
      5,264 SF

      2305 Hwy 11e

      RETAIL STORES (PERSONAL SERVICES)
      2305 Hwy 11e, Strawberry Plains, TN 37871-3544
      View Details

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    Midway Rd
    Strawberry Plains, TN 37871
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    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
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