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

    3411 W Andrew Johnson Hwy Morristown, TN 37814

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $720,000

    Single tenant restaurant in dense retail corridor with drive-thru.

    Building Details

    Year built
    1970

    We can help!

    Listing Contact
    Jaidyn Smith
    Jaidyn Smith
    Source: Legacycrea

    Listing Agency: Legacy Real Estate Advisors Listing Agent: Jaidyn Smith

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Freestanding Restaurant with Drive-Thru

    This single-tenant, free-standing Itako Hibachi Japanese Grill features a drive-thru. The property is located within the Knoxville/Morristown MSA, ranked in the top 70 in the U.S.A. (#64). The surrounding community is dense, with over 2,500 people residing within a 1-mile radius and over 20,100 people within a 3-mile radius. High traffic counts exceed 34,800 vehicles passing the site daily on W Andrew Johnson Hwy. The lease structure is NN, indicating minimal landlord responsibilities. A projected 2.50% population growth is expected within a 1-mile radius of the site in the next 5 years. The property is situated in an extremely dense retail corridor, surrounded by major retailers including Walmart Supercenter, Tractor Supply Co., Harbor Freight, Lowe's, and ALDI. It is also in close proximity to Morristown Hamblen Healthcare System and Morristown Golf & Country Club.
    Location Intelligence

    Current Use by Public Records

    Southern Care Veterinary ... Veterinary Clinic Itako hibachi Japanese ... Restaurant

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Morristown
    County
    Hamblen
    State
    Tennessee
    Longitude
    -83.250817
    Latitude
    36.230668

    Nearby Similar for Sale

    • New
      $379,900
      1,740 SF

      Morristown Office Building For Sale

      Office building in West Morristown, currently leased, excellent investment.
      442 E Economy Rd, Morristown, TN 37814
      View Details
    • $499,000
      4,764 SF

      Morristown Office Building For Sale

      Spacious office building in the heart of Morristown, Tennessee.
      217 Western Ave, Morristown, TN 37814
      View Details
    • $310,000
      1,658 SF

      Turnkey Commercial Property in Morristown

      Equipped commercial space for sale in a prime Morristown location.
      316 Beech St, Morristown, TN 37813
      View Details
    • $849,900
      Pending

      Professional Office Building in Downtown

      Professional office building central to downtown business corridor.
      400 W 1 St N, Morristown, TN 37814
      View Details
    • $499,000
      9,180 SF

      Morristown Commercial Building with Kitchen

      9,180 SF commercial building with kitchen on 1.6 acres.
      821 Lincoln Ave, Morristown, TN 37814
      View Details
    • $1,595,000
      20,767 SF

      Modern Storage Facility on 6.5 Acres

      Income-producing, climate-controlled storage facility with expansion potential in Morristown, TN.
      3815 W Andrew Johnson Hwy, Morristown, TN 37814
      View Details
    • $399,900
      Pending

      Morristown Brick Duplex Investment Property

      Well-maintained duplex in the heart of Morristown, Tennessee.
      510 S Liberty Hill Rd, Morristown, TN 37813
      View Details
    • $429,900
      Pending

      Commercial Building with Apartment Upstairs

      Commercial building with storefront and upstairs apartment in Morristown.
      2040 Buffalo Trl, Morristown, TN 37814
      View Details
    • $249,000
      756 SF

      Renovated Commercial Property with Income

      Fully renovated commercial property with C-1 zoning and income potential.
      3795 W Andrew Johnson Hwy, Morristown, TN 37814
      View Details
    • $249,900
      Pending

      Morristown Triplex: Turn-Key Investment

      Fully leased, cash-flowing triplex in Morristown's heart. Great investment!
      926 E Main St, Morristown, TN 37814
      View Details
    • $289,500
      0.30 Acres

      Morristown Duplex Near Downtown

      Duplex near downtown Morristown with tenant income.
      1542-1544 Shields Ferry Rd, Morristown, TN 37814
      View Details
    • $283,500
      0.30 Acres

      Morristown Duplex Near Downtown

      Duplex near downtown Morristown with existing tenants and rental income.
      1562-1564 Shields Ferry Rd, Morristown, TN 37814
      View Details

    FAQs

    What type of property is this?
    Drive through restaurant - Single tenant restaurant in dense retail corridor with drive-thru.
    Where is this drive through restaurant located?
    The property is located at 3411 W Andrew Johnson Hwy Morristown, TN.
    What is the asking price?
    The asking price for this property is $720,000.
    What are key features of this property?
    This property features: - Single tenant free-standing Itako Hibachi Japanese Grill with drive-thru; - Located in a dense retail corridor surrounded by major retailers; - High traffic counts: 34,800+ vehicles pass site daily
    (248) 450-3257
    Request Owner's contact information
    3411 W Andrew Johnson Hwy Morristown, TN 37814
    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.
    3411 W Andrew Johnson Hwy
    Morristown, TN 37814
    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
    3411 W Andrew Johnson Hwy Morristown, TN 37814
    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
    Jaidyn Smith
    Jaidyn Smith
    (248) 450-3257 (248) 450-3249
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!