Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    115 Gay St Knoxville, TN 37902-1004

    • Individual retail properties
    • 5,760 SF
    • 0.02 lot acres
    OFF-MARKET
    Last Sale
    Jul 18, 2022
    $3,650,000
    Value Estimations
    $3,620,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1562107
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Culture Hair Studio / Hair Salon
    • URBhana / Counselor

    Property Details for 115 Gay St

    Year built
    1900
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.02 lot acres
    Property size
    5,760 SF
    Property type
    Individual retail properties
    APN
    094EJ023
    APU
    094EJ023

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,560,000

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $2,400,000
      APARTMENT HOUSE (5+ UNITS)
      $2,235,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.9206
    Latitude
    35.9684
    CBSA code
    28940
    CBSA name
    KNOXVILLE, TN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $28,656
    $0.00
    $0.00
    $711,160
    -
    $341,800
    $1,436,100
    $1,777,900

    Comparable in this City

    • Value Estimation
      $4,035,000
      15,486 SF

      516 Gay St, Unit 100

      BARBER, HAIR SALON • 15,486 SF
      516 Gay St, Knoxville, TN 37902-1501
      View Details
    • Value Estimation
      $2,175,000
      9,120 SF

      35 Market Sq

      BARBER, HAIR SALON • 9,120 SF
      35 Market Sq, Knoxville, TN 37902-1405
      View Details
    • Value Estimation
      $645,000
      3,141 SF

      501 Un Ave

      RETAIL STORES (PERSONAL SERVICES) • 3,141 SF
      501 Un Ave, Knoxville, TN 37902-2115
      View Details
    • Value Estimation
      $850,000
      5,234 SF

      550 Main St, Unit 1

      FINANCIAL BUILDING • 5,234 SF
      550 Main St, Knoxville, TN 37902-2515
      View Details
    • Value Estimation
      $3,880,000
      19,775 SF

      15 Market Sq

      RETAIL STORES (PERSONAL SERVICES) • 19,775 SF
      15 Market Sq, Knoxville, TN 37902-1405
      View Details
    • Value Estimation
      $1,440,000
      12,526 SF

      29 Market Sq

      RETAIL STORES (PERSONAL SERVICES) • 12,526 SF
      29 Market Sq, Knoxville, TN 37902-1403
      View Details

    Similar Nearby for Sale

    • $3,299,995
      6,032 SF

      Market Square Income-Producing Property

      Retail and residential property in historic Market Square.
      7 Market Sq, Knoxville, TN 37902
      View Details
    • $2,900,000
      18,500 SF

      Downtown Knoxville Retail Buildings For Sale

      Two adjoining buildings on Gay Street in central Downtown Knoxville.
      716-718 S Gay St, Knoxville, TN 37902
      View Details
    • $2,700,000
      7,872 SF

      Fully Occupied Retail/Office Building

      First-floor retail and office building for sale in Knoxville.
      714 S Gay St, Knoxville, TN 37902
      View Details
    • $18,500,000
      33,876 SF

      Market Square Mixed-Use Investment

      Mixed-use property in Knoxville's Market Square with income potential.
      22 Market Sq, Knoxville, TN 37902
      View Details
    • $8,850,000

      Prime Retail Location For Sale

      0.77 acres retail property near Gay Street and Old City.
      116-124 W Summit Hill Dr SW, Knoxville, TN 37902
      View Details
    • Contact for pricing
      122,859 SF

      Downtown Knoxville Redevelopment Opportunity

      Two prime downtown Knoxville properties with redevelopment potential.
      607 Market St, Knoxville, TN 37902
      View Details

    Similar Nearby for Lease

    • $40 SF/Yr
      7,745 SF

      Downtown Knoxville Commercial Space Available

      Commercial spaces available for pre-leasing in downtown Knoxville.
      215 S Gay St, Knoxville, TN 37902
      View Details
    • $32 SF/Yr
      18,000 SF

      Retail Space Near Interstate Access

      Retail space with easy access to I-40 and I-70.
      125 E Jackson Ave, Knoxville, TN 37902
      View Details
    • $32 SF/Yr
      3,600 SF

      Downtown Retail/Restaurant/Office Space

      3,600 SF retail/restaurant/office space in downtown Knoxville.
      706 S Gay St, Knoxville, TN 37902
      View Details
    • $38 SF/Yr
      1,693 SF

      Downtown Knoxville Restaurant Space Available

      Restaurant space available in downtown Knoxville with high visibility.
      121 Union Ave, Knoxville, TN 37902
      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
    • $32 SF/Yr
      6,250 SF

      Historic Ice Factory Performing Arts

      Historic building in Old City available for lease in 2026.
      111 State St, Knoxville, TN 37902
      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.
    115 Gay St
    Knoxville, TN 37902-1004
    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

    Google sign-in failed. Please try again or use another login method.