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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    121 Union Ave Knoxville, TN 37902

    • Parking lots & garages
    • 13,500 SF
    • 0.58 lot acres
    For Lease
    View listing
    $38 SF/Yr
    Last Sale
    Dec 21, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-2036706
    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

    • SP+ Parking / Parking Lot & Garage

    Property Details for 121 Union Ave

    Year built
    1910
    Construction
    CONCRETE
    Lot size
    0.58 lot acres
    Property size
    13,500 SF
    Property type
    Parking lots & garages
    APN
    095IA016
    APU
    095IA016

    Description

    This exceptional 1,693 square foot restaurant space is located at 121 Union Ave in Knoxville, Tennessee, within the vibrant downtown area. Part of the new Vintage Cal development, opening in 2026, this single-tenant space offers a unique opportunity for a restaurant or similar establishment. The property boasts a prime location, ensuring high visibility and accessibility to both residents of the 167-unit upscale Vintage Cal residential building and the broader Knoxville community. The space includes ample indoor dining area, complemented by additional outdoor patio seating, creating a versatile and attractive setting for patrons. Built in 2025, the building is brand new, offering modern amenities and a contemporary aesthetic. This is an exceptional opportunity to establish a thriving business in a rapidly growing and dynamic urban environment. The property is situated in Knox County, Tennessee, with a zip code of 37902. Secure your place in this exciting development before construction is complete and capitalize on the significant foot traffic and residential proximity. This high-visibility location promises exceptional potential for success.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,059,000
      Market price range: $797k - $4.41M
      AI Estimate
      $1,059,000
      Market price range: $797k - $4.41M

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.9171
    Latitude
    35.966
    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
    $7,940
    $0.00
    $0.00
    $197,040
    -
    $489,900
    $2,700
    $492,600

    Comparable in this City

    • Value Estimation by Request
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      0.01 Acres

      State St

      PARKING LOT • 0.01 Acres
      State St, Knoxville, TN 37902
      View Details
    • Value Estimation by Request
      3,680 SF

      427 Clinch Ave

      PARKING LOT • 3,680 SF
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      0.46 Acres

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      PARKING LOT • 0.46 Acres
      Central St, Knoxville, TN 37902
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    • Value Estimation by Request
      0.22 Acres

      508 Walnut St

      PARKING LOT • 0.22 Acres
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    • Value Estimation by Request
      0.04 Acres

      Ww Hl Ave

      PARKING LOT • 0.04 Acres
      Ww Hl Ave, Knoxville, TN 37902
      View Details

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    Similar Nearby for Lease

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      Downtown Retail/Restaurant/Office Space

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      Downtown Knoxville Restaurant Space Available

      Restaurant space available in downtown Knoxville with high visibility.
      121 Union Ave, Knoxville, TN 37902
      View Details
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      Retail Space Near Interstate Access

      Retail space with easy access to I-40 and I-70.
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      Downtown Knoxville Commercial Space Available

      Commercial spaces available for pre-leasing in downtown Knoxville.
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      Rare opportunity to lease Class A office space.
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      Historic Ice Factory Performing Arts

      Historic building in Old City available for lease in 2026.
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      View Details
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    121 Union Ave
    Knoxville, TN 37902
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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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