8541 Asheville HwyKnoxville, TN 37924

Property Details for 8541 Asheville Hwy

Year built

1966

Construction

STEEL FRAME

Lot size

1.52 AC

Property size (Sq ft)

1,497 SF

Property type

Retail properties

Property subtype

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.

• CAP approach

  CAP return

  Valuation

  6%

  $562,983

  6.5%

  $519,677

  7%

  $482,557

• Comparable approach

  Method

  Valuation

  Relative Method

  $310,585

  Geo Method

  $310,585

• Alternative Use

  Use

  Valuation

  Residential

  $438,367

  Hospitality

  $401,541

  Educational

  $334,078

  Medical

  $345,567

  Retail

  $519,677

Location Insight

City

Knoxville

County

Knox

State

Tennessee

Latitude

36.0259

Longitude

-83.738

CBSA code

28940

CBSA name

KNOXVILLE, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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