4702-4720 Western Ave 56,478 SF 100% Leased Retail Building Knoxville, TN 37921 $8,950,000 ($158.47/SF) 7.68% Cap Rate

Marcus & Millichap is pleased to present the opportunity to acquire a fee simple interest in The Western Avenue Square, a well-established +/- 56,000 SF shopping center situated on a large 7.99 acre site in the rapidly growing city of Knoxville, TN.
Western Avenue Square is fully occupied by a strong internet-resistant and essential use tenant roster. The center is anchored by one of Knoxville’s longest standing businesses, The Tennessee School of Beauty. Founded in 1930, The Tennessee School of Beauty operates as a postsecondary education institution with over 250 students who are on site daily. They have been at this location since 2004 and have a long-term commitment to the site ensuring stable cash flow to this investment opportunity.
The shopping center is strategically positioned along Western Avenue with excellent visibility and exposure to over 44,000 vehicles per day and close proximity to I-640 which see’s over 77,000 vehicles per day. Western Avenue Square also sits just 4.5 miles from Downtown Knoxville and The University of Tennessee.
The immediate trade area is benefiting from continuous growth in residential & commercial developments along with numerous public infrastructure and road widening projects. There have been over 3,000 new homes approved to build in this area of Knoxville, most notably the 300-acre Belltown development. Oak Ridge Hwy, which turns into Western Avenue, has recently been widened to 5 lanes and Schaad Rd has recently been built out to 5 lanes to accommodate future predicted population growth.