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    Property profile & analytics

    201 5Th Ave Knoxville, TN 37917

    • Residential income homes
    • 15,688 SF
    • 0.19 lot acres
    For Lease
    View listing
    $20 SF/Yr
    Last Sale
    Aug 16, 2023
    $4,950,000
    Value Estimations
    $4,305,000
    Cap Rate Potential
    3.4%
    Residential income homes
    Location Intelligence
    Property ID
    US80-3148173
    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

    • The Upcoming Events / Event Management Company / Service Establishment
    • The Lucerne Condos / Condominium Complex

    Property Details for 201 5Th Ave

    Year built
    1910
    Construction
    WOOD FRAME
    Lot size
    0.19 lot acres
    Property size
    15,688 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    094DM023
    APU
    094DM023

    Description

    This exceptional retail opportunity is located at 201 W 5th Ave in Knoxville, Tennessee, within the vibrant heart of the city. The property, built in 1910, offers a total of 15,688 square feet of commercial space, with two available units totaling 3,850 square feet of raw shell space. Each unit is divisible, with a minimum leasable area of 1,800 square feet and a maximum contiguous space of 2,050 square feet. The units can be leased individually or combined to accommodate a variety of business needs. This prime location boasts excellent visibility from the interstate, providing high traffic exposure. The property is conveniently situated within walking distance of the Old City, popular breweries, restaurants, and shopping, making it an ideal location for businesses seeking high foot traffic and a thriving community atmosphere. Its proximity to the University of Tennessee also presents a significant opportunity to tap into the student and faculty market. Ample surface parking is available for customers and employees. The large lot size of 523,373,400 square feet ensures ample space and potential for future development. This is a rare chance to establish a business in a highly desirable and accessible location in downtown Knoxville, Knox County, TN 37917. The property is currently a raw shell, offering the flexibility to customize the space to meet specific business requirements.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,455,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,581,000
      Market price range: $2.52M - $5.69M
      AI Estimate
      $3,581,000
      Market price range: $2.52M - $5.69M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $3,580,000
      Current use
      RESTAURANT
      $6,540,000
      Change: +83% Conversion: Difficult
      MEDICAL BUILDING
      $3,180,000
      Change: -11% Conversion: Moderate
      NEIGHBORHOOD: SHOPPING CENTER
      $3,020,000
      Change: -16% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.9223
    Latitude
    35.9734
    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
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $301,300
    $801,300
    $1,102,600

    Comparable in this City

    • Value Estimation
      $570,000
      3,552 SF

      3507 Avondale Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,552 SF
      3507 Avondale Ave, Knoxville, TN 37917-1681
      View Details
    • Value Estimation
      $570,000
      3,552 SF

      3517 Avondale Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,552 SF
      3517 Avondale Ave, Knoxville, TN 37917-1653
      View Details
    • Value Estimation
      $1,465,000
      9,120 SF

      1801 5th Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 9,120 SF
      1801 5th Ave, Knoxville, TN 37917-7810
      View Details
    • Value Estimation
      $525,000
      3,264 SF

      708 Oldham Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,264 SF
      708 Oldham Ave, Knoxville, TN 37917-5556
      View Details
    • Value Estimation
      $1,175,000
      6,840 SF

      400 Magnolia Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 6,840 SF
      400 Magnolia Ave, Knoxville, TN 37917-7514
      View Details
    • Value Estimation
      $880,000
      5,472 SF

      2055 Washington Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,472 SF
      2055 Washington Ave, Knoxville, TN 37917-6951
      View Details

    Similar Nearby for Sale

    • New
      $1,049,950
      5,626 SF

      Knoxville Multifamily Investment Opportunity

      Seven-unit multifamily property in North Knoxville, ideal for owner-operator.
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      Historic Knoxville Apartment Building

      4-Unit Multifamily Investment Opportunity
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    • $2,150,000
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      20-Unit Multifamily Complex in Knoxville

      Multifamily complex in Knoxville's Parkridge neighborhood with upside potential.
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    • $2,900,000
      19,536 SF

      Knoxville Multifamily Investment Opportunity

      24-unit apartment complex with value-add potential in North Knoxville.
      3300-3374 Valley View Dr, Knoxville, TN 37917
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    • New
      $599,900
      3,500 SF

      Knoxville Rancher with 10 Bedrooms

      Rancher with 10 bedrooms, 4 baths, and covered porch.
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    • New
      $1,849,950
      8,514 SF

      Knoxville Multifamily Investment Opportunity

      Two multi-unit properties with 12 units total in desirable Old North.
      1412 Armstrong Ave, Knoxville, TN 37917
      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
      15,000 SF

      Knoxville Coworking Office Space

      Private Offices, 100-2000 sq ft
      828 Broadway, Knoxville, TN 37917
      View Details
    • $9 SF/Yr
      1,199 SF

      Retail Space on Broadway Street

      Retail space available for rent on Broadway Street.
      4454 N Broadway St, Knoxville, TN 37917
      View Details
    • $18 SF/Yr
      4,200 SF

      Retail Space Near Smokies Stadium

      Retail spaces near new Smokies Stadium, suitable for various uses.
      611 E Depot Ave, Knoxville, TN 37917
      View Details
    • $6 SF/Yr
      17,300 SF

      Knoxville Warehouse with Office Space

      17,300 SF warehouse with office, loading dock, and drive-in doors.
      1412 N 6Th Ave, Knoxville, TN 37917
      View Details
    • $20 SF/Yr
      15,688 SF

      Downtown Knoxville Retail Space Available

      New retail space in downtown Knoxville, walking distance to amenities.
      201 W 5Th Ave, Knoxville, TN 37917
      View Details
    • $20 SF/Yr
      15,688 SF

      Downtown Knoxville Retail Space

      Prime Retail, 1,800-3,850 SF Available
      201 5Th Ave, Knoxville, TN 37917
      View Details
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    201 5Th Ave
    Knoxville, TN 37917
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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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