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    Property profile & analytics

    8537 Asheville Hwy Knoxville, TN 37924

    • Casinos
    • 8,000 SF
    • 1.33 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Last Sale
    Sep 22, 2023
    $975,000
    Value Estimations
    $855,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1448831
    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

    • BenchMark Physical Therapy / Physician
    • East Tn Occupational Therapy / Physician
    • Zachary Rupp / Physician
    • Evan Beckman / Physician
    • Matthew Cabbage / Physician

    Property Details for 8537 Asheville Hwy

    Year built
    1996
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    1.33 lot acres
    Property size
    8,000 SF
    Property type
    Casinos
    APN
    062 210
    APU
    62210

    Description

    This Class A, 8,000 square foot office building, located at 8537 Asheville Hwy in Knoxville, Tennessee, presents a fantastic opportunity. Built in 1996, this two-story structure sits on a substantial 62,708 square foot lot (APN: 062 210, Knox County). The property features multiple tenancies, with at least one 800 square foot suite currently available. The building is well-maintained and offers the flexibility for tenants to lease individual suites or combine them to meet their specific space requirements. Its location provides convenient parking and high visibility, making it an attractive option for businesses seeking a prominent presence in Knoxville. The property is categorized as a traditional office space and offers a desirable combination of functionality and accessibility. The building's design and layout are adaptable to various business needs, allowing for customization to create an efficient and productive work environment. This is an excellent opportunity to secure a well-located, high-quality office space in a thriving area of Knoxville. The property's size and features make it suitable for a range of businesses seeking a professional and convenient workspace.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $880,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $726,000
      Market price range: $692k - $1.99M
      AI Estimate
      $726,000
      Market price range: $692k - $1.99M

    • Alternative Use

      Use
      Estimation
      CASINO
      $1,185,000
      Current use
      AUTO REPAIR, GARAGE
      $1,280,000
      Change: +8% Conversion: Difficult
      RETAIL STORES
      $1,070,000
      Change: -10% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.7392
    Latitude
    36.0258
    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
    $282,120
    -
    $157,400
    $547,900
    $705,300

    Comparable in this City

    • Value Estimation by Request
      100 SF

      6210 Cement Plant Rd

      CASINO • 100 SF
      6210 Cement Plant Rd, Knoxville, TN 37924
      View Details
    • Value Estimation by Request
      1,344 SF

      7115 Rising Rd

      CASINO • 1,344 SF
      7115 Rising Rd, Knoxville, TN 37924-2436
      View Details
    • Value Estimation by Request
      1,200 SF

      1730 Transport Ln

      CASINO • 1,200 SF
      1730 Transport Ln, Knoxville, TN 37924-2260
      View Details
    • Value Estimation
      $3,215,000
      12,921 SF

      2750 Loves Crk Rd

      CASINO • 12,921 SF
      2750 Loves Crk Rd, Knoxville, TN 37924-2027
      View Details
    • Value Estimation
      $760,000
      8,780 SF

      6324 Asheville Hwy

      CASINO • 8,780 SF
      6324 Asheville Hwy, Knoxville, TN 37924-2805
      View Details
    • Value Estimation
      $8,085,000
      93,427 SF

      5720 Asheville Hwy

      CASINO • 93,427 SF
      5720 Asheville Hwy, Knoxville, TN 37924-2701
      View Details

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    Similar Nearby for Lease

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      Retail space with drive-thru potential in high-traffic area.
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      Well-Maintained Office Space Available

      Office space with high visibility and ample parking.
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    Knoxville, TN 37924
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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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