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    Property profile & analytics

    8541 Asheville Hwy Knoxville, TN 37924

    • Auto shops
    • 1,497 SF
    • 1.52 lot acres
    For Sale
    View listing
    $700,000
    Last Sale
    May 12, 2021
    $215,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-0110292
    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

    • 4Way Food Park / Restaurant

    Property Details for 8541 Asheville Hwy

    Year built
    1966
    Construction
    STEEL FRAME
    Lot size
    1.52 lot acres
    Property size
    1,497 SF
    Property type
    Auto shops
    APN
    062 209
    APU
    62209

    Description

    This exceptional redevelopment opportunity presents a 2,400 square foot retail building situated on a 1.52-acre corner lot in Knoxville, Tennessee. The property, located at 8541 Asheville Highway (zip code 37924), boasts a prime location in a high-traffic corridor with two highway cuts, ensuring excellent visibility and accessibility. The building, originally constructed in 1966 and extensively renovated in 2023, is classified as Class B and features permitted CA zoning. Recent improvements, totaling approximately $150,000, include a new roof, asphalt, plumbing system, and complete rewiring. The property also benefits from ample parking and an additional pad, providing potential for expansion or further development. Detailed engineer plans for grading, excavation, and paving are available. The asking price is $699,000, translating to $291.25 per square foot. This represents a compelling investment opportunity, particularly given the absence of city taxes. Furthermore, owner financing is available with a 25% down payment, 7% interest-only payments, and a 5-year term. This versatile property is ideally suited for a variety of uses, including quick-service restaurants (QSR), full-service restaurants, and auto shops. The property's size, location, and recent renovations make it an attractive prospect for investors seeking a strong return on investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Knoxville
    County
    Knox
    State
    Tennessee
    Longitude
    -83.738
    Latitude
    36.0259
    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
    $1,506
    $0.00
    $0.00
    $96,880
    -
    $137,400
    $104,800
    $242,200

    Comparable in this City

    • Value Estimation
      $585,000
      5,772 SF

      8815 Asheville Hwy

      AUTO REPAIR, GARAGE • 5,772 SF
      8815 Asheville Hwy, Knoxville, TN 37924-4504
      View Details
    • Value Estimation
      $1,950,000
      12,250 SF

      7509 Strawberry Plns Pike

      AUTO REPAIR, GARAGE • 12,250 SF
      7509 Strawberry Plns Pike, Knoxville, TN 37924-4312
      View Details
    • Value Estimation
      $980,000
      7,796 SF

      8007 Rutledge Pike

      AUTO REPAIR, GARAGE • 7,796 SF
      8007 Rutledge Pike, Knoxville, TN 37924
      View Details
    • Value Estimation
      $520,000
      3,600 SF

      1904 Rosewood Rd

      AUTO REPAIR, GARAGE • 3,600 SF
      1904 Rosewood Rd, Knoxville, TN 37924-1601
      View Details
    • Value Estimation
      $2,400,000
      8,360 SF

      1925 Rosewood Rd

      AUTO REPAIR, GARAGE • 8,360 SF
      1925 Rosewood Rd, Knoxville, TN 37924-1616
      View Details
    • Value Estimation by Request
      3,210 SF

      224 Andrew Johnson Hwy

      AUTO REPAIR, GARAGE • 3,210 SF
      224 Andrew Johnson Hwy, Knoxville, TN 37924-4913
      View Details

    Similar Nearby for Sale

    • $700,000
      2,400 SF

      Asheville Highway Corner Lot

      Corner lot on Asheville Highway, suitable for retail or automotive.
      8539 Asheville Hwy, Knoxville, TN 37924
      View Details
    • $479,000
      1.00 Acre

      Commercial Property with Residential Home

      Commercial garage with residential home in high-demand Knoxville area.
      6447 Rutledge Pike, Knoxville, TN 37924
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    • $700,000
      1.52 Acres

      Seller Will Finance: Shop & Land

      Individual retail properties • 2,400 SF
      8539 Asheville Hwy, Knoxville, TN 37924
      View Details
    • Contact for pricing
      9,158 SF

      Retail Automotive Garage in Knoxville

      Purpose-built retail automotive garage suitable for various automotive businesses.
      2960 Knoxville Center Dr, Knoxville, TN 37924
      View Details
    • $700,000

      Corner Lot Former Auto Service

      Corner lot with high traffic, suitable for auto service.
      8541 Asheville Hwy, Knoxville, TN 37924
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    • $1,750,000
      3,094 SF

      Knoxville Restaurant w/ Drive-Thru

      Prime QSR location, high traffic area, updated facilities.
      2904 Knoxville Center Dr, Knoxville, TN 37924
      View Details

    Similar Nearby for Lease

    • $32 SF/Yr
      4,500 SF

      Asheville Hwy Retail Pad Opportunity

      Prime East Knoxville retail space, 1-4,500 sqft.
      6240 Asheville Hwy, Knoxville, TN 37924
      View Details
    • $32 SF/Yr
      4,500 SF

      Retail Pad in East Knoxville

      Retail space with drive-thru potential in high-traffic area.
      6240 Asheville Hwy, Knoxville, TN 37924
      View Details
    • $28 SF/Yr
      3,094 SF

      Restaurant Space Near Amazon Center

      Freestanding restaurant space with drive-thru near Amazon fulfillment center.
      2904 Knoxville Center Dr, Knoxville, TN 37924
      View Details
    • $2,000 /Mo

      Land for Rent Knoxville

      Land available for rent at 7800 Asheville Hwy, Knoxville.
      7800 Asheville Hwy, Knoxville, TN 37924
      View Details
    • $6,400 /Mo

      Millertown Pike Outparcel For Rent

      0.96 acre outparcel adjacent to high-traffic Walmart.
      5320 Millertown Pike, Knoxville, TN 37924
      View Details
    • $15 SF/Yr
      8,000 SF

      Well-Maintained Office Space Available

      Office space with high visibility and ample parking.
      8537 Asheville Hwy, Knoxville, TN 37924
      View Details
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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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