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    1221 Pkwy Ave, Unit 1 Knoxville, TN 37912-3224
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    Property profile & analytics

    1221 Pkwy Ave, Unit 1, Knoxville, TN 37912-3224

    View on Map
    • Residential income homes
    • 7,260 SF
    Off-Market
    Property ID
    US80-1178494
    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.
    Value Estimations
    $1,570,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Residential income homes

    Property Details for 1221 Pkwy Ave

    Year built
    1969
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    069AC018
    APU
    069AC018

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Feb 2, 2004 $700,000 Kendle Woods INC Marks,james L & Barbara R Warranty Deed —
    Apr 4, 2002 — Knoxville City (tn) Marks,james L & Barbara R Grant Deed · related —
    Jun 7, 1999 $800,000 James L Marks Bennett,william T & Angelyn K Grant Deed $640k · First Claiborne Bank
    — — Kendle Woods INC — Deed Of Trust · related $500k · Citizens National Bank
    — — Kendle Woods INC — Deed Of Trust · related $455k · Home Federal Bank Tennessee

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,570,000
      Market price range: $624k - $1.87M
      AI Estimate
      $1,570,000
      Market price range: $624k - $1.87M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,165,000
      Current use
      MEDICAL BUILDING
      $1,470,000
      Change: +26% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $1,400,000
      Change: +20% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,160,000
      Change: -0% Conversion: Difficult
      RETAIL STORES
      $970,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.9549
    Latitude
    36.0238
    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
    $7,225
    $0.00
    $0.00
    $335,160
    -
    $219,300
    $618,600
    $837,900

    Comparable in this City

    • Value Estimation
      $4,280,000
      16,600 SF

      5700 Pleasant Rdg Rd

      APARTMENT HOUSE (UNDER 5 UNITS)
      5700 Pleasant Rdg Rd, Knoxville, TN 37912-4420
      View Details
    • Value Estimation
      $955,000
      9,650 SF

      200 Sylvia Dr

      APARTMENT HOUSE (UNDER 5 UNITS)
      200 Sylvia Dr, Knoxville, TN 37912-4158
      View Details
    • Value Estimation
      $2,405,000
      9,330 SF

      600 Inskip Dr

      APARTMENT HOUSE (UNDER 5 UNITS)
      600 Inskip Dr, Knoxville, TN 37912-4209
      View Details
    • Value Estimation by Request
      5,022 SF

      406 Dry Gap Pike, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS)
      406 Dry Gap Pike, Knoxville, TN 37912-2138
      View Details
    • Value Estimation
      $1,555,000
      10,880 SF

      4848 Scheel Rd, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS)
      4848 Scheel Rd, Knoxville, TN 37912-3663
      View Details
    • Value Estimation by Request
      5,936 SF

      4409 Bruhin Rd

      APARTMENT HOUSE (UNDER 5 UNITS)
      4409 Bruhin Rd, Knoxville, TN 37912-3760
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      120,224 SF

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      Newly built 68-unit townhouse community near Downtown Knoxville.
      4109 Pleasant Ridge Rd, Knoxville, TN 37912
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    • $380,000
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      Renovated Duplex with Expansion Potential

      Recently renovated duplex on 1.5 acres with potential for expansion.
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      New Construction Duplex in Knoxville

      New construction duplex in North Knoxville, ideal for investors.
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    • $1,200,000
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      New Craftsman-Style Fourplex Investment

      Newly constructed fourplex with modern design and spacious layouts.
      5207 Camelia Rd, Knoxville, TN 37912
      View Details
    • $1,200,000
      1,580 SF

      New Craftsman-Style Fourplex Investment

      Newly constructed fourplex with modern design, spacious layouts, and quality finishes.
      5207 Camelia Rd, Knoxville, TN 37912
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    • $3,495,000
      8,600 SF

      Knoxville Auto Shop - Prime Location

      8,600 SF Auto Dealership, High Traffic Area
      905 Callahan Dr, Knoxville, TN 37912
      View Details

    Similar Nearby for Lease

    • $13 SF/Yr
      46,480 SF

      Premier Industrial-Flex Development For Lease

      State-of-the-art industrial-flex space designed for growing businesses.
      2105 Callahan Dr, Knoxville, TN 37912
      View Details
    • Contact for pricing
      23,500 SF

      Retail Space on Clinton Highway

      Retail property available for lease with 23,500 square feet.
      6719 Clinton Hwy, Knoxville, TN 37912
      View Details
    • Contact for pricing

      Retail Space Available For Rent

      Retail property available for lease on Clinton Highway.
      5724 Clinton Hwy, Knoxville, TN 37912
      View Details
    • Contact for pricing
      12,000 SF

      Retail Space on Clinton Highway

      Retail space with high visibility and traffic count.
      4313-4315 Clinton Hwy, Knoxville, TN 37912
      View Details
    • $32 SF/Yr

      Retail Space on Clinton Highway

      Retail space available April 2026 in high-traffic Knoxville location.
      6631 Clinton Hwy, Knoxville, TN 37912
      View Details
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    Knoxville, TN 37912-3224
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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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