Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    355 Illinois Ave Oak Ridge, TN 37830-6741
    Back to Search
    Property profile & analytics

    355 Illinois Ave, Oak Ridge, TN 37830-6741

    View on Map
    • Drive through restaurants
    • 3,099 SF
    • 0.70 lot acres
    Off-Market
    Last Sale May 20, 2024
    $2,775,000
    Property ID
    US80-2630272
    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
    $2,775,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Pardon My Cheesesteak / Restaurant / Take-out & Catering
    • TenderFix by Noah Schnapp / Restaurant
    • IHOP / Restaurant

    Property Details for 355 Illinois Ave

    Year built
    1993
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.70 lot acres
    Property type
    Drive through restaurants
    APN
    001099L A 03400
    APU
    001099LA03400

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 20, 2024 $2,775,000 For The Kids Ix LLC Eli D Morgenstern Special Warranty Deed $1.9M · Ut Federal Credit Union
    Jul 24, 2023 — Arthur S Morgenstern Hotcakes Oak Ridge Ventures LLC Correction Deed · related —
    Sep 27, 2013 $2,200,000 Morgenstern,arthur S Trust Hotcakes Oak Ridge Venture LLC Grant Deed $1.5M · Cadence Bank
    Aug 12, 2009 $950,000 Hotcakes Oak Ridge Venture LLC Prego Restaurants INC Grant Deed $1.5M · Branch Banking & Trust Co
    May 30, 2008 — Prego Restaurants INC — Trustees Deed · related $2.3M · Citizens National Bank
    — — Prego Restaurants INC — Deed Of Trust · related —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,775,000
      ML approach
      $2,775,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Ridge
    County
    Anderson
    State
    Tennessee
    Longitude
    -84.2557
    Latitude
    36.0072
    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
    0
    $0.00
    $117,600
    $149,760
    $267,360
    -
    $294,000
    $374,400
    $668,400

    Comparable in this City

    • Value Estimation by Request
      3,575 SF

      328 Illinois Ave

      DRIVE-THRU RESTAURANT, FAST FOOD
      328 Illinois Ave, Oak Ridge, TN 37830-6740
      View Details
    • Value Estimation by Request
      3,402 SF

      Illinois Ave

      DRIVE-THRU RESTAURANT, FAST FOOD
      Illinois Ave, Oak Ridge, TN 37830
      View Details
    • Value Estimation by Request
      2,971 SF

      118 Illinois Ave

      DRIVE-THRU RESTAURANT, FAST FOOD
      118 Illinois Ave, Oak Ridge, TN 37830-6210
      View Details
    • Value Estimation by Request
      2,064 SF

      326 Illinois Ave

      DRIVE-THRU RESTAURANT, FAST FOOD
      326 Illinois Ave, Oak Ridge, TN 37830-6740
      View Details
    • Value Estimation by Request
      5,044 SF

      608 Oak Rdg Tpke

      DRIVE-THRU RESTAURANT, FAST FOOD
      608 Oak Rdg Tpke, Oak Ridge, TN 37830-7039
      View Details
    • Value Estimation by Request
      2,641 SF

      1217 Oak Rdg Tpke

      DRIVE-THRU RESTAURANT, FAST FOOD
      1217 Oak Rdg Tpke, Oak Ridge, TN 37830-6444
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3,200 SF

      Freestanding Retail with Drive-Thru

      3,200 SF commercial retail with drive-thru on 0.69 acres.
      1980 Oak Ridge Tpke, Oak Ridge, TN 37830
      View Details
    • Contact for pricing

      Oak Ridge Auto Shop Facility

      Two-bay oil change facility in high-traffic location for sale.
      2069 Oak Ridge Tpke, Oak Ridge, TN 37830
      View Details
    • $2,450,000
      Pending

      Sneedville Office/Retail/Medical Building For Sale

      Office, medical, or retail building with parking in Sneedville, TN.
      115 Broadway Ave, Sneedville, TN 37830
      View Details
    • Contact for pricing
      68,403 SF

      Retail Property in Oak Ridge

      68,403 SF retail on 4.77 acres in Oak Ridge.
      240-246 S Illinois Ave, Oak Ridge, TN 37830
      View Details
    • Contact for pricing
      1,600 SF

      Retail Space in Oak Ridge

      New retail space in high-traffic Oak Ridge retail corridor.
      852 Main St, Oak Ridge, TN 37830
      View Details
    • Contact for pricing
      1,480 SF

      Retail Net Leased Condo

      High-end retail condo for sale, long-term NNN lease.
      1143 Oak Ridge Tpke, Oak Ridge, TN 37830
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Retail Space in Oak Ridge

      Retail space available in a stand-alone building, prime location.
      1291 Oak Ridge Tpke, Oak Ridge, TN 37830
      View Details
    • Contact for pricing

      Oak Ridge Retail Space Available

      Retail space in high-traffic Oak Ridge shopping center.
      Oak Ridge Tpke, Oak Ridge, TN 37830
      View Details
    • Contact for pricing
      1,640 SF

      New Retail Space Available

      Class-A retail space for rent in new development.
      239 Illinois Ave, Oak Ridge, TN 37830
      View Details
    • Contact for pricing
      2,000 SF

      Retail Space with High Visibility

      Retail space with ample parking and high traffic volume.
      1291 Oak Ride Tpke, Oak Ridge, TN 37830
      View Details
    • Contact for pricing

      Showroom/Warehouse in Strip Center

      Showroom/warehouse available for rent in a strip center.
      297 Oak Ridge Tpke, Oak Ridge, TN 37830
      View Details
    • $35 SF/Yr

      Prime Retail/Office Space Available

      Exceptional leasing opportunity in Oak Ridge, near dining and attractions.
      437 S Illinois Ave, Oak Ridge, TN 37830
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    355 Illinois Ave
    Oak Ridge, TN 37830-6741
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    355 Illinois Ave, Oak Ridge, TN, 37830
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!