Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    Us Highway 64 Somerville, TN 38068

    Sponsored
    For Sale
    $389,000

    Land - Somerville, TN

    Property size:
    3,500 SF
    Lot size:
    31.32 Acres
    Days on Market:
    3
    Last Refresh:
    Jan 26 at 10:06 am

    Property Features for Us Highway 64

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Zoning
    R1
    Size
    3,500 SF
    Lot size
    31.32 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Keith Morris

    Cheryl G Morris (901) 497-6998

    Listing agent Keith Morris (901) 235-6047

    Listing date Jan 24, 2026

    MLS# 10213568 Listing URL

    Copyright © 2026 Memphis Area 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

    Overview

    31 Acres with Stocked Lake

    This 31-acre tract is located just east of Laconia, Tennessee, and approximately 2 minutes from Backerman's Bakery. The property features approximately 12 acres of pasture and a balance of wooded area. A stocked lake, just under 3 acres, includes over 1800 linear feet of shoreline frontage. There is approximately 600 linear feet of frontage on Highway 64. A barn of approximately 3500 square feet is suitable for cows or horses and includes a workshop. Numerous building sites are located around the lake, which serves as a central feature for potential new homes. The property is unrestricted, though Fayette County Planning Commission standards for R1 zoning apply to new construction. The land is currently under Green Belt Taxation.
    Location Intelligence

    Current Use by Public Records

    Agricultural land

    Map

    City
    Somerville
    County
    Hardeman
    State
    Tennessee
    Longitude
    -89.157396
    Latitude
    35.318493

    Nearby Similar for Sale

    • $250,000

      Remodeled Commercial Building in Somerville

      Freestanding commercial building in excellent condition, ideal for various uses.
      107 W Latta Ln, Somerville, TN 38068
      View Details
    • $399,000

      Office Building in Somerville, TN

      Office space available in Fayette County's county seat.
      17985 Highway 64, Somerville, TN 38068
      View Details
    • $550,000
      7,644 SF

      Retail Property on Major Thoroughfare

      Retail property with high visibility and traffic in Whiteville, TN.
      2050 Us Highway 64, Whiteville, TN 38075
      View Details
    • $2,143,000

      New Construction Drive-Thru Investment

      New construction drive-thru property with long-term corporate lease.
      25 West Land Way, Oakland, TN 38060
      View Details
    • $1,592,960
      10,500 SF

      Retail Property in Whiteville, TN

      Retail property for sale with 10,500 square feet of space.
      2070 Us Highway 64, Whiteville, TN 38075
      View Details
    • $350,000

      Somerville Commercial Building Opportunity

      4000 sq ft Commercial Building, Prime Location
      17650 Hwy 64 Hwy, Somerville, TN 38068
      View Details
    • $160,000

      Historic Yo-Yo Inn - Investment Opportunity

      Iconic Elvis-linked commercial property. Prime Somerville location.
      17745 Hwy 64 Hwy, Somerville, TN 38068
      View Details
    • $275,000

      Somerville Office Building - Highway 64

      Prime Commercial Space, High Visibility Location
      16210 Hwy 64 Hwy, Somerville, TN 38068
      View Details
    • $435,000

      Somerville Office Building - Hwy 64

      Prime Hwy 64 Office Space - Vacant & Ready
      17985 Hwy 64 Hwy, Somerville, TN 38068
      View Details
    • Contact for pricing

      High-Traffic Hwy 64 Commercial Lease

      Oakland, TN: Prime Commercial Land Lease
      1475 Hwy 64 Hwy, Oakland, TN 38028
      View Details
    • $2,000,000

      6085 Hwy 64 Hwy, Oakland, TN 38060

      Commercial real estate
      6085 Hwy 64 Hwy, Oakland, TN 38060
      View Details

    FAQs

    What type of property is this?
    Agricultural land - 31 unrestricted acres with stocked lake, barn, and highway frontage.
    Where is this agricultural land located?
    The property is located at Us Highway 64 Somerville, TN.
    What is the asking price?
    The asking price for this property is $389,000.
    What are key features of this property?
    This property features: - Unrestricted 31-acre tract featuring a stocked lake with approximately 1800 LF of lake shore frontage.; - Approximately 12 acres of pasture and the rest is wooded.; - Large barn (approx. 3500 SF) is suitable for livestock and a workshop.
    (901) 235-6047
    Request Owner's contact information
    Us Highway 64 Somerville, TN 38068
    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.
    Us Highway 64
    Somerville, TN 38068
    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
    Us Highway 64 Somerville, TN 38068
    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

    We can help!
    Listing Contact
    Keith Morris
    (901) 235-6047
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.