Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    216 Wilma Drive Lot 38 Union City, TN 38261

    View on Map
    Claim this Listing
    Picture of Residential land & home lots at 216 Wilma Drive Lot 38, Union City, TN
    For Sale
    $35,000

    Building Lots - Union City, TN

    Type:Single Family Residence
    Added:
    Sep 5, 2024
    Days on Market:
    584
    Last Refresh:
    Apr 11 at 3:06 am

    Property Features for 216 Wilma Drive Lot 38

    General Information

    Property type
    Land
    Property subtype
    Single Family Residence
    Zoning
    R-1
    Standard status
    Active
    APN
    33.00

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    LYNN HOUSTON DAVIS
    LYNN HOUSTON DAVIS

    Listing agent LYNN HOUSTON DAVIS License #244279

    Listing office LPT REALTY 9401 Executive Park Drive, Suite 250, Knoxville, TN

    Listing date Sep 5, 2024

    MLS# 43037 Listing URL

    Copyright © 2026 Reelfoot Regional 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.

    Overview

    Residential Lots in Union City

    These residential building lots are located in Union City, Tennessee. The zoning is R-1. Refer to the plat for more details.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Auto Repair Shop Grocery & Convenience Store Food Market HVAC Service Garden Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Union City
    County
    Obion
    State
    Tennessee
    Longitude
    -89.020226
    Latitude
    36.43455

    Nearby Similar for Sale

    • $549,900
      4,512 SF

      Union City Commercial Property For Sale

      Income-producing property with storage facility and modern office building.
      2720 Section Line Road, Union City, TN 38261
      View Details
    • $259,000
      7,996 SF

      Versatile Industrial Facility in Union City

      8,000 sq ft insulated facility ideal for logistics, storage.
      921 N First, Union City, TN 38261
      View Details
    • $190,000
      3,774 SF

      Union City Commercial Opportunity

      Versatile commercial space in Union City's historic district.
      202 Railroad Street, Union City, TN 38261
      View Details
    • $265,000
      10,700 SF

      Union City Automotive/Warehouse Facility

      Versatile automotive facility with high visibility and easy access.
      2202 Nailling, Union City, TN 38261
      View Details
    • $265,000
      10,700 SF

      Versatile Automotive Facility in Union City

      Automotive facility with high visibility and easy access for customers.
      2202 Nailling Drive, UNION CITY, TN 38261
      View Details
    • $99,000
      2,231 SF

      Union City Commercial Opportunity

      Versatile property with storefront, production area, and living space.
      415 S 3rd Street, Union City, TN 38261
      View Details
    • $265,000
      10,700 SF

      Union City Automotive Facility

      Versatile automotive facility with high visibility and easy access.
      2202 Nailling Drive, Union City, TN 38261
      View Details
    • $600,000

      Prime Corner Lot on Reelfoot

      1.54-acre corner lot near I-69 Corridor with income potential.
      W Reelfoot Avenue, Union City, TN 38261
      View Details
    • $319,900
      1,020 SF

      Union City Commercial Building

      Commercial building suitable for office, retail, or mixed-use ventures.
      2122 Walker Tanner, Union City, TN 38261
      View Details
    • $220,500

      9-Acre Development Opportunity in Union

      Undeveloped 9-acre tract near I-69 interchange, ideal for development.
      Reese Alexander Road, Union City, TN 38261
      View Details
    • $299,900

      Union City Warehouse with Storefronts

      9,818 SF warehouse with storefront potential near downtown Union City.
      204 N First Street, Union City, TN 38261
      View Details
    • $149,000
      2,011 SF

      Union City Duplex Opportunity

      Updated duplex near downtown Union City, ready for immediate occupancy.
      414 S 5th Street, Union City, TN 38261
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential building lots available in Union City, Tennessee.
    Where is this residential land & home lot located?
    The property is located at 216 Wilma Drive Lot 38 Union City, TN.
    What is the asking price?
    The asking price for this property is $35,000.
    What are key features of this property?
    This property features: Price is per lot.; See Associated Docs for Plat.; Information deemed reliable.
    (731) 234-9902
    We can help!
    Listing Contact
    LYNN HOUSTON DAVIS
    LYNN HOUSTON DAVIS
    Real Estate License ID: 244279
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!