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Property profile & analytics
OFF-MARKET
Estimated value
$3,025,000
Retail space
11946 Kingston Pike, Knoxville, TN 37934-4601
Individually Owned
1-yr Hold
~
Est. High Equity
Property ID
US80-3035414
Property summary
AI-generated overview
This exceptional investment opportunity presents a 10,125 square foot CVS Pharmacy in Knoxville, Tennessee, situated on a 2.2-acre lot. The property boasts a strong financial profile, including a 6.50% cap rate and a net operating income (NOI) of $282,194. The asking price is $4,341,000, translating to a price per square foot of $428.74. Built in 1998, this fee-simple property benefits from a triple-net (NNN) lease with a credit-rated, corporate-guaranteed tenant. The current lease has a remaining term of 10 years, extending to 2034, with three 5-year renewal options, each including a 5% rent increase. The property enjoys 100% occupancy and benefits from excellent visibility and accessibility at a signalized intersection with high traffic counts. Its location near medical facilities, schools, and other complementary businesses further enhances its value. The tenant, CVS Pharmacy, has operated successfully at this location for over 25 years, consistently exceeding $15 million in annual sales in 2023. This presents a passive investment opportunity with minimal landlord responsibilities, making it an attractive addition to any portfolio. The property is located at 11946 Kingston Pike, Knoxville, TN 37922, in Knox County.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1998
Construction
LIGHT FRAME
Total area
10,188 SF
Lot
2.18 ac (94,961 SF)
APN
152CN002
UPID
US80-3035414
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
CVS Photo (Bike/Boat/Book/etc) Store Printing Service
-
CVS Pharmacy
-
Christina M. Fowler, APN Physician
-
CDReload - Online Bitcoin ATM Crypto Atm Atm
-
MinuteClinic at CVS Medical Clinic
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.94M
Blend (final)
Blend
$3.03M
Owner & transaction history
Richard K Schultze · 1 yrs held
Richard K Schultze
since 2025
Last sale
$4.1M
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$4.2M
+212.1%
Apartment house (5+ units)
$3.2M
+133.6%
Medical building
$2.1M
+51.8%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Knoxville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Knoxville submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$4,245,000
Change: +212% · Conversion: Easy
APARTMENT HOUSE (5+ UNITS)
$3,180,000
Change: +134% · Conversion: Difficult
MEDICAL BUILDING
$2,065,000
Change: +52% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$1,960,000
Change: +44% · Conversion: Moderate
Blend value · Realmo final
$3.03M
Range $2.72M – $3.33M · ±10% · vs last sale $4.11M (Oct 31 2024)
Last sale anchor
$4.11M
Oct 31 2024
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$297 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$9,838
Tax year 2023
Assessed value
$633,080
Assessed 2023
Previous assessed
$633,080
+0.0% YoY
Effective rate
1.55%
On assessed value
Land market value
$913,800
Improvement market value
$668,900
Total market value
$1,582,700
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1998
Construction
LIGHT FRAME
Heating
STEAM
Stories
1
Units
1
Total area
10,188 SF
Lot
2.18 ac (94,961 SF)
APN
152CN002
UPID
US80-3035414
Jurisdiction
KNOX
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
RESTAURANT
Est. value
$4.2M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.2M
MEDICAL BUILDING
Est. value
$2.1M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$2.0M
RESTAURANT
APARTMENT HOUSE (5+ UNITS)
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1998
Construction
LIGHT FRAME
Heating
STEAM
Stories
1
Units
1
Lot
2.18 ac
Current owner
From public records · entity-resolved
Richard K Schultze
Individual
Mailing address
1 CVS DR, WOONSOCKET, RI 02895-6146
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 31, 2025
$4,112,518
Richard K Schultze
Farvs LLC
Special Warranty Deed
$2,250,000 · Tnbank
Aug 28, 2024
—
Tennessee Cvs Pharmacy LLC
Farvs LLC
Lease
—
Dec 21, 2010
$2,205,111
Farvs LLC
Capital Dev Co
Grant Deed
—
Dec 13, 2000
$2,500,000
Capital Development Co
Horne Development LP
Grant Deed
related
—
Aug 25, 1998
$650,000
Horne Development LP
Horne Properties INC
Grant Deed
related
$1,800,000 · Nationsbank Of Tennessee NA
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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