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145 S Gay St 4,464 SF Retail Building Knoxville, TN 37902 $2,200,000 ($492.83/SF)
Investment Highlights
- Prime Downtown Location with Heavy Foot Traffic
- Expansive Private Deck with Skyline Views – Oversized deck overlooking Gay Street with sweeping views of the downtown skyline and city lights
- Separate Sale Potential (Commercial & Residential) – Two commercial units and three residential units with the ability to sell components separately,
- Five Dedicated Parking Spaces – A true rarity in downtown Knoxville, adding significant tenant appeal and long-term value.
- Strong Income & Rental Flexibility – Fully leased residential units plus Airbnb/VRBO approval
- Located just minutes from the University of Tennessee: naturally attracts students, faculty, medical professionals, and out-of-state visitors
Executive Summary
Offered as a full acquisition or as separately purchasable commercial and residential components, this 4,464 SF mixed-use asset in the heart of Downtown Knoxville combines structural flexibility with authentic urban appeal. Priced at $2.2M ($492.83/SF), the building presents a rare opportunity to own a thoughtfully renovated property designed for both income strength and long-term adaptability.
The five-unit configuration — two commercial spaces below and three residential units above — allows for a diversified cash flow under one roof or strategically separate the commercial and residential components to unlock value over time. That flexibility is uncommon in downtown assets of this scale.
The ground level is currently home to an established restaurant and marketplace, contributing to the steady foot traffic that defines this corridor. Above, the residential units are fully leased and approved for Airbnb and VRBO, offering both dependable long-term income and short-term rental potential in one of Knoxville’s most walkable districts.
Located just minutes from the University of Tennessee, the property naturally draws students, faculty, medical professionals, and visitors. Step outside and you’re immediately immersed in Gay Street’s restaurants, retail, the Tennessee Theatre, brew pubs, and UT game day energy — a location that consistently sustains demand.
An expansive private deck overlooks Gay Street, delivering sweeping downtown skyline views and vibrant city lights — a rare amenity that elevates the residential experience.
Even more exceptional: five dedicated parking spaces, a meaningful advantage in Downtown Knoxville where parking is often limited.
Convenient to UT Medical Center and just 20 minutes from McGhee Tyson Airport, this is a flexible, income-producing downtown asset that pairs strong fundamentals with true sense of place.
Call/Text Tanay Mankad at 865-323-4927 or email tanay.mankad1@gmail.com for additional details and showing instructions.
The five-unit configuration — two commercial spaces below and three residential units above — allows for a diversified cash flow under one roof or strategically separate the commercial and residential components to unlock value over time. That flexibility is uncommon in downtown assets of this scale.
The ground level is currently home to an established restaurant and marketplace, contributing to the steady foot traffic that defines this corridor. Above, the residential units are fully leased and approved for Airbnb and VRBO, offering both dependable long-term income and short-term rental potential in one of Knoxville’s most walkable districts.
Located just minutes from the University of Tennessee, the property naturally draws students, faculty, medical professionals, and visitors. Step outside and you’re immediately immersed in Gay Street’s restaurants, retail, the Tennessee Theatre, brew pubs, and UT game day energy — a location that consistently sustains demand.
An expansive private deck overlooks Gay Street, delivering sweeping downtown skyline views and vibrant city lights — a rare amenity that elevates the residential experience.
Even more exceptional: five dedicated parking spaces, a meaningful advantage in Downtown Knoxville where parking is often limited.
Convenient to UT Medical Center and just 20 minutes from McGhee Tyson Airport, this is a flexible, income-producing downtown asset that pairs strong fundamentals with true sense of place.
Call/Text Tanay Mankad at 865-323-4927 or email tanay.mankad1@gmail.com for additional details and showing instructions.
Property Facts
Sale Type
Owner User
Sale Condition
1031 Exchange
Property Type
Retail
Property Subtype
Building Size
4,464 SF
Building Class
C
Year Built/Renovated
1900/2024
Price
$2,200,000
Price Per SF
$492.83
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.93
Lot Size
0.11 AC
Opportunity Zone
Yes
Zoning
C - Commercial, residential, retail, restaurant, AIRBNB , VRBO, Overnight and long-term rentals, office space
Parking
5 Spaces (1.12 Spaces per 1,000 SF Leased)
Frontage
Amenities
- 24 Hour Access
- Corner Lot
- Food Court
- Restaurant
- Balcony
Walk Score®
Walker's Paradise (91)
Bike Score®
Very Bikeable (72)
Nearby Major Retailers
Property Taxes
| Parcel Number | 094EJ-031 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $514,920 |
Property Taxes
Parcel Number
094EJ-031
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$514,920
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Knox Realty
145 S Gay St
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