Add Listing
    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

    2315 Highway 231 North Shelbyville, TN 37160

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $18,500,000

    67.87 acres for future development with utilities access.

    Type:Commercial/Industrial
    Property size:
    4,034 SF
    Lot size:
    67.87 Acres
    Added:
    Mar 24, 2026
    Days on Market:
    12
    Last Refresh:
    Feb 10 at 8:35 am

    Property Features for 2315 Highway 231 North

    General Information

    Standard status
    Active
    Size
    4,034 SF
    Lot size
    67.87 Acres
    Property subtype
    Commercial/Industrial

    We can help!

    Listing Contact
    TAD CRAIG
    TAD CRAIG

    Listing agent TAD CRAIG License #256440

    Listing office Craig and Wheeler Realty & Auction

    Listing date Mar 24, 2026

    Source Exitrealty

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

    All listing content including descriptions, pricing, images are the copyrighted material of Craig and Wheeler Realty & Auction

    Overview

    67.87 Acres Development Opportunity

    This 67.87-acre property presents a future development opportunity. Approximately 20 acres are located within city limits and have access to sewer, gas, and water. The property fronts three roads: Peacock Road, Midland Road, and Highway 231.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Auto Repair Shop Hotel & Motel Auto Parts Store Department Store Skin Care Clinic Food Market Storage Facility Grocery & Convenience Store Garden Center Discount Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelbyville
    County
    Bedford
    State
    Tennessee
    Longitude
    -86.455664
    Latitude
    35.529737

    Nearby Similar for Sale

    • $599,000

      Shelbyville Farm with Breathtaking Views

      88.94 acres, thriving cattle farm, fenced, ponds, springs.
      692 Anderson Road, Shelbyville, TN 37160
      View Details
    • $309,900
      1,800 SF

      Commercial Property with Highway Frontage

      C1 zoned commercial building with ample parking and expansion potential.
      2601 Highway 64 W, Shelbyville, TN 37160
      View Details
    • $697,500
      3,600 SF

      Versatile Commercial Building with Shop

      Turnkey commercial building with shop and office space.
      117 Prince St, Shelbyville, TN 37160
      View Details
    • $1,600,000
      18,595 SF

      Shelbyville Retail Investment Opportunity

      Retail building with upside potential in Shelbyville, Tennessee.
      875 Union St, Shelbyville, TN 37160
      View Details
    • $349,900
      2,400 SF

      Commercial Shop and Office Building

      2,400 sq ft commercial building with shop and office.
      108 E Highland Ave, Shelbyville, TN 37160
      View Details
    • $1,199,900
      2,500 SF

      Shelbyville Commercial Property For Sale

      Commercial property operating as a liquor store with leasable building.
      314 S Cannon Blvd, Shelbyville, TN 37160
      View Details
    • $650,000

      Shelbyville Commercial Land For Sale

      Over 3 acres of commercial land with road frontage.
      2021 Madison Street, Shelbyville, TN 37160
      View Details
    • $525,000
      952 SF

      Office and Warehouse For Sale

      Office building with warehouse/storage space and parking.
      1301 N Main St, Shelbyville, TN 37160
      View Details
    • $1,490,000
      14,300 SF

      Renovated Commercial Property on Hwy 41A

      Turnkey commercial property with high traffic and flexible layout.
      1608 Madison St, Shelbyville, TN 37160
      View Details
    • $1,150,000

      Prime Commercial Corner Lot

      High-visibility 0.79-acre corner lot in Shelbyville, Tennessee.
      2843 Highway 231 N, Shelbyville, TN 37160
      View Details
    • $135,000

      Shelbyville Land for Residential Development

      2.3 acre lot in Scenic View Subdivision, ready to build.
      Overlook Lane, Shelbyville, TN 37160
      View Details
    • $2,200,000
      4,000 SF

      Established Sandblasting and Painting Business

      Operating business with equipment, shop, office, and additional property.
      201 Anthony Ln, Shelbyville, TN 37160
      View Details

    FAQs

    What type of property is this?
    Commercial land - 67.87 acres for future development with utilities access.
    Where is this commercial land located?
    The property is located at 2315 Highway 231 North Shelbyville, TN.
    What is the asking price?
    The asking price for this property is $18,500,000.
    What are key features of this property?
    This property features: 67.87 acres of land, a prime opportunity.; Prime future development property.; 20 Acres within city limits.
    (931) 684-9112
    We can help!
    Listing Contact
    TAD CRAIG
    TAD CRAIG
    Real Estate License ID: 256440
    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!