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

    7823 Gleason Dr Knoxville, TN 37919-6814

    • High-rise multifamily apartments
    • 179,690 SF
    • 3.24 lot acres
    OFF-MARKET
    Last Sale
    Nov 28, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0023338
    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

    • Westview Towers / Apartment Building
    • Westview Towers Beauty Salon / Hair Salon / Nail Salon

    Property Details for 7823 Gleason Dr

    Year built
    1975
    Construction
    LIGHT FRAME
    Lot size
    3.24 lot acres
    Property size
    179,690 SF
    Property type
    High-rise multifamily apartments
    APN
    120KA01001
    APU
    120KA01001

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $53,069,000
      Market price range: $24.5M - $118M
      AI Estimate
      $53,069,000
      Market price range: $24.5M - $118M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $53,070,000
      Current use
      RESTAURANT
      $74,915,000
      Change: +41% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $43,995,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -84.0398
    Latitude
    35.9221
    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
    -
    $3,641,700
    $14,182,600
    $17,824,300

    Comparable in this City

    • Value Estimation by Request
      1,185 SF

      4805 Lyons Vw Pike, Unit 102

      GARDEN APT, COURT APT (5+ UNITS) • 1,185 SF
      4805 Lyons Vw Pike, Knoxville, TN 37919-6485
      View Details
    • Value Estimation by Request
      1,185 SF

      4801 Lyons Vw Pike, Unit 102

      GARDEN APT, COURT APT (5+ UNITS) • 1,185 SF
      4801 Lyons Vw Pike, Knoxville, TN 37919-6481
      View Details
    • Value Estimation by Request
      1,185 SF

      4801 Lyons Vw Pike, Unit 202

      GARDEN APT, COURT APT (5+ UNITS) • 1,185 SF
      4801 Lyons Vw Pike, Knoxville, TN 37919-6482
      View Details
    • Value Estimation
      $1,260,000
      6,351 SF

      909 Flanders Ln, Unit 1

      APARTMENT HOUSE (UNDER 5 UNITS) • 6,351 SF
      909 Flanders Ln, Knoxville, TN 37919-6987
      View Details
    • Value Estimation
      $3,665,000
      7,392 SF

      1160 Kenesaw Ave, Unit 1A

      APARTMENT HOUSE (UNDER 5 UNITS) • 7,392 SF
      1160 Kenesaw Ave, Knoxville, TN 37919-7733
      View Details
    • Value Estimation
      $1,600,000
      9,819 SF

      1169 Keowee Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 9,819 SF
      1169 Keowee Ave, Knoxville, TN 37919-7759
      View Details

    Similar Nearby for Sale

    • $1,549,999
      8,584 SF

      Knoxville Multifamily Property with Eight Units

      Multifamily property featuring eight units built in 2006, Knoxville, TN.
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    • $369,000
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      Updated Townhome in Sequoyah Square

      Charming, updated 2-bedroom townhome in desirable Sequoyah Hills.
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    • $1,140,000
      3,802 SF

      Refined Three-Story Condominium in LaRue

      Exceptional three-story condominium with private elevator and Tennessee River views.
      3340 Kingston Pike, Knoxville, TN 37919
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    • $1,050,000
      0.50 Acres

      Knoxville Land with Lake Views

      Gated development land with lake views and deeded waterfront access.
      412 Carmel Lake Way, Knoxville, TN 37919
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    • $1,700,000
      10,182 SF

      West Knoxville Commercial Property

      10,182 SF commercial property in West Knoxville for sale.
      430 Montbrook Ln, Knoxville, TN 37919
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    • $100,000

      Vacant Office Zoned Lot

      Vacant office-zoned lot in the heart of West Knoxville.
      305 Westfield Rd, Knoxville, TN 37919
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      16,548 SF

      Bearden Retail Space - Knoxville, TN

      Prime Bearden location, 2,330 sq ft available.
      5115 Homberg Dr, Knoxville, TN 37919
      View Details
    • $19 SF/Yr
      100,423 SF

      West Knoxville Retail Center

      High-traffic shopping center, 3 spaces available
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      View Details
    • $17 SF/Yr
      240,000 SF

      4405-4591 Kingston Pike

      Office Properties & Spaces • 240,000 SF
      4405-4591 Kingston Pike, Knoxville, TN 37919
      View Details
    • Contact for pricing
      823 SF

      Bearden District Office Space

      Office space in Knoxville's Bearden district with high traffic.
      5410 Homberg Dr, Knoxville, TN 37919
      View Details
    • $15 SF/Yr
      960 SF

      West Knoxville Office Space Available

      Office suites available in remodeled West Knoxville office plaza.
      301 S Gallaher View Rd, Knoxville, TN 37919
      View Details
    • $26 SF/Yr
      53,938 SF

      Bearden Retail/Restaurant Space Available

      Class A retail/restaurant space in the heart of Bearden.
      4622 Kingston Pike, Knoxville, TN 37919
      View Details
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    7823 Gleason Dr
    Knoxville, TN 37919-6814
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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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