245 Gay St Building | 145 S Gay St
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245 Gay St Building 145 S Gay St
3,200 SF 63% Leased Retail Building Knoxville, TN 37902 £2,173,213 (£679/SF) 5.63% Net Initial Yield
Investment Highlights
- Downtown Knoxville. Retail downstairs and residential upstairs
- Airbnb and Vrbo rentals upstairs
- Restaurant and Mini Mart already in place on Triple net leases
Executive Summary
Completely remodeled Commercial Building in Downtown Knoxville Tennessee! Two retail spaces on the first floor and Three Airbnb/Vrbo units on the second floor. Remodeled in 2024 and just a short 3-minute walk to Market Square and the grand Tennessee Theater. Featuring a new Mexican restaurant and Quick stop mini mart on the first floor and 3 rentals on the second floor. The Mexican restaurant and Mini mart rent for $3000 per month each, triple net and the 2 room rental units rent for $250.00 per night with the studio apartment for $199.00 per night. All units have parking included. A large common deck on the second floor gives the renters a nice view of Downtown Knoxville and the Smoky mountains! These are perfect rentals for all home games of the Tennessee Vols and any weekend get a way!
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£127,576
|
£39.87
|
| Taxes |
£15,374
|
£4.80
|
| Operating Expenses |
£20,444
|
£6.39
|
| Total Expenses |
£35,819
|
£11.19
|
| Net Operating Income |
£91,757
|
£28.67
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £127,576 |
| Annual Per SF | £39.87 |
| Taxes | |
|---|---|
| Annual | £15,374 |
| Annual Per SF | £4.80 |
| Operating Expenses | |
|---|---|
| Annual | £20,444 |
| Annual Per SF | £6.39 |
| Total Expenses | |
|---|---|
| Annual | £35,819 |
| Annual Per SF | £11.19 |
| Net Operating Income | |
|---|---|
| Annual | £91,757 |
| Annual Per SF | £28.67 |
Property Facts
Sale Type
Investment or Owner User
Sale Condition
REO Sale
Property Type
Retail
Property Subtype
Building Size
3,200 SF
Year Built/Renovated
1900/2024
Price
£2,173,213
Price Per SF
£679
Net Initial Yield
5.63%
NOI
£122,344
Percent Leased
63%
Tenancy
Multiple
Number of Floors
2
Opportunity Zone
Yes
Zoning
commercial - commercial and residential
Walk Score ®
Walker's Paradise (91)
Bike Score ®
Very Bikeable (72)
Nearby Major Retailers
1 of 20
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Presented by
Knox Realty
245 Gay St Building | 145 S Gay St
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