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    1620 Choto Markets Way Knoxville, TN 37922-5760
    Property profile & analytics

    1620 Choto Markets Way, Knoxville, TN 37922-5760

    View on Map
    • Strip malls
    • 5,404 SF
    Off-Market
    Property ID
    US80-2776055
    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
    $1,470,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Johnny Brusco's New York Style Pizza / Restaurant

    Property Details for 1620 Choto Markets Way

    Year built
    2018
    Construction
    LIGHT FRAME
    Property type
    Strip malls
    Property subtype
    Shopping centers
    APN
    162MB00110
    APU
    162MB00110

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Jun 9, 2017 — Markets At Choto LLC — Trustees Deed · related $1.1M · Home Fed'l Bk
    Apr 1, 2016 — Markets At Choto LLC — Trustees Deed · related $90k · Home Fed'l Bk/tn

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,468,000
      Market price range: $327k - $1.80M
      AI Estimate
      $1,468,000
      Market price range: $327k - $1.80M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,040,000
      Current use
      RESTAURANT
      $2,255,000
      Change: +116% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,685,000
      Change: +62% Conversion: Difficult
      MEDICAL BUILDING
      $1,095,000
      Change: +5% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -84.1663
    Latitude
    35.8296
    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
    $7,201
    $0.00
    $0.00
    $463,400
    -
    $350,900
    $807,600
    $1,158,500

    Comparable in this City

    • Value Estimation
      $1,515,000
      9,636 SF

      10427 Kingston Pike

      SHOPPING CENTER, STRIP CENTER
      10427 Kingston Pike, Knoxville, TN 37922-3226
      View Details
    • Value Estimation
      $3,970,000
      11,900 SF

      9430 Northshore Dr Ste, Unit 101

      SHOPPING CENTER, STRIP CENTER
      9430 Northshore Dr Ste, Knoxville, TN 37922-6699
      View Details
    • Value Estimation
      $2,320,000
      12,044 SF

      12346 Northshore Dr

      SHOPPING CENTER, STRIP CENTER
      12346 Northshore Dr, Knoxville, TN 37922-5439
      View Details
    • Value Estimation
      $2,310,000
      8,176 SF

      10532 Kingston Pike

      SHOPPING CENTER, STRIP CENTER
      10532 Kingston Pike, Knoxville, TN 37922-3164
      View Details
    • Value Estimation by Request
      56,786 SF

      9700 Kingston Pike

      SHOPPING CENTER, STRIP CENTER
      9700 Kingston Pike, Knoxville, TN 37922-3340
      View Details
    • Value Estimation
      $2,750,000
      15,400 SF

      10205 Kingston Pike

      SHOPPING CENTER, STRIP CENTER
      10205 Kingston Pike, Knoxville, TN 37922-4608
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Kingston Pike Retail Space Available

      Retail space in a high-traffic shopping center anchored by Home Depot.
      9307 Kingston Pike, Knoxville, TN 37922
      View Details
    • Contact for pricing

      Knoxville Commercial Property For Sale

      Modern, well-maintained commercial property with high visibility and ample parking.
      120 Suburban Rd, Knoxville, TN 37922
      View Details
    • Contact for pricing
      17,421 SF

      Class A Office Space

      Class A office space with great visibility and ample parking.
      110-120 Capital Dr, Knoxville, TN 37922
      View Details
    • Contact for pricing

      Kingston Pike Office Space Available

      Small office space with convenient access to major thoroughfares.
      9725 Kingston Pike, Knoxville, TN 37922
      View Details
    • $425,000
      0.41 Acres

      Knoxville Waterfront Land For Sale

      Lakefront lot in Lakecove subdivision with frontage on Fort London Lake.
      1607 Yachtsman Way, Knoxville, TN 37922
      View Details
    • Contact for pricing

      Corner Lot on N Peters

      Vacant lot with high visibility and traffic count.
      303 N Peters Rd, Knoxville, TN 37922
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Kingston Pike Retail Space

      Retail space in a high-traffic shopping center.
      9307 Kingston Pike, Knoxville, TN 37922
      View Details
    • Contact for pricing
      1,530 SF

      Retail Space on Kingston Pike

      Retail space available for lease on Kingston Pike.
      9305 Kingston Pike, Knoxville, TN 37922
      View Details
    • Contact for pricing

      West Knoxville Athletic Facility Available

      14,000 SF facility with easy highway access and ample parking.
      10001 Kingston Pike, Knoxville, TN 37922
      View Details
    • Contact for pricing
      4,200 SF

      Retail Space Near Kroger Marketplace

      Retail spaces available near Kroger Marketplace on N Peters Rd.
      309 N Peters Rd, Knoxville, TN 37922
      View Details
    • Contact for pricing
      7,300 SF

      Retail Space Near Kroger Marketplace

      Retail spaces available next to Kroger Marketplace on N Cedar Bluff.
      155 S Cedar Bluff Rd, Knoxville, TN 37922
      View Details
    • $19 SF/Yr
      150,000 SF

      Franklin Square Office Suites

      West Knoxville Office Space Available
      9724 Kingston Pike, Knoxville, TN 37922
      View Details
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    1620 Choto Markets Way
    Knoxville, TN 37922-5760
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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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    1620 Choto Markets Way, Knoxville, TN, 37922
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