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    15391 State Rte Hwy 111 Spencer, TN 38585

    Sponsored
    For Sale
    $450,000

    COMMERCIAL - Spencer, TN

    Property size:
    10,320 SF
    Days on Market:
    13
    Last Refresh:
    Feb 3 at 11:06 pm

    Property Features for 15391 State Rte Hwy 111

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    003.00
    Parking features
    Assigned
    Size
    10,320 SF

    Utilities

    Utilities
    Electricity Available
    Water source
    Public

    Building Details

    Year built
    1992
    Floors in Building
    1
    Building materials
    Block

    We can help!

    Listing Contact
    Heather Bryant

    The Real Estate Collective (931) 559-9500

    Listing agent Heather Bryant (931) 260-0303

    Listing date Jan 22, 2026

    MLS# 241730

    Copyright © 2026 Upper Cumberland Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Established Grocery Business Opportunity

    An established Save A Lot grocery business in Spencer, Tennessee, presents a rare opportunity for ownership. Situated in a close-knit community without major grocery competitors nearby, this essential neighborhood store serves as a primary food source for local residents, ensuring consistent demand and strong community reliance. The sale includes the business and inventory; the building will be leased. This turnkey operation is fully equipped with three checkout registers, a dairy cooler, cooled produce display, frozen coolers and floor cases, a loading dock, grocery carts, and a complete meat department. The meat department features a meat cooler, grinder, butcher block, knives, and produce scales and equipment. This is an ideal opportunity for an investor seeking a stable, service-driven business with long-term community value in an underserved market. The property is located in a high traffic area and has been a cornerstone of the local community for years. The property size is 10320 square feet and is located in Van Buren County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Map

    City
    Spencer
    County
    Van Buren
    State
    Tennessee
    Longitude
    -85.4579798
    Latitude
    35.7484849

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    FAQs

    What type of property is this?
    Grocery and convenience store - Turnkey Save A Lot grocery business in Spencer, Tennessee for sale.
    Where is this grocery and convenience store located?
    The property is located at 15391 State Rte Hwy 111 Spencer, TN.
    What is the asking price?
    The asking price for this property is $450,000.
    What are key features of this property?
    This property features: - Established Save A Lot grocery business in Spencer, TN with no major nearby competitors.; - Turnkey operation includes all equipment: registers, coolers, meat department, and more.; - Serves as a primary food source for the local community, ensuring consistent demand.
    (931) 260-0303
    Request Owner's contact information
    15391 State Rte Hwy 111 Spencer, TN 38585
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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
    15391 State Rte Hwy 111 Spencer, TN 38585
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    We can help!
    Listing Contact
    Heather Bryant
    Real Estate License ID: 362698
    (931) 260-0303
    Learn more
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