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    Versatile Commercial Building Near I-81 Title is generated by Realmo AI

    249 Neal Drive, Blountville, TN 37617

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    For Lease
    $8 SF/Yr $4,504/Mo (calc)

    COMMERCIAL - Blountville, TN

    Property size:
    6,756 SF
    Lot size:
    0.62 Acres
    Added:
    May 15, 2026
    Days on Market:
    9
    Last Refresh:
    May 23 at 5:06 pm

    Property Features for 249 Neal Drive

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    Commercial
    Parking
    20
    Standard status
    Active
    APN
    050 036.05
    Size
    6,756 SF
    Lot size
    0.62 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1981

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Central, Heat Pump (Heating), Forced Air
    Cooling system
    Zoned, Heat Pump, Central Air
    Water source
    Public

    Building Details

    Year built
    1981
    Building materials
    Block, Stucco
    Roof type
    Rolled Hot Mop

    We can help!

    Listing Contact
    Garrett Addington
    Garrett Addington

    Listing agent Garrett Addington License #337697

    Listing office The Addington Agency Bristol 121 Bluff City Hwy, Bristol, TN

    Listing date May 15, 2026

    MLS# 9995442

    Copyright © 2026 Tennessee Virginia Regional Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    This commercial property, located just off Exit 69 on I-81, offers over 6,700 square feet of flexible space suitable for various business uses. The one-level layout combines private offices, conference rooms, classroom-style spaces, and a warehouse area with roll-up door access. It includes multiple exterior entry points and four individual bathrooms. One of the conference spaces features a kitchenette. The M1 zoning provides upside for tenants needing room to grow, as the layout can be divided into 2-4 separate units with multiple private entrances already in place. The property has undergone capital improvements, including roof replacement within the last 8 years and updated HVAC systems within the last 5 years. The property is located in Blountville, TN, in Sullivan County, and sits on a 0.62-acre lot. It is suitable for owner-users, growing companies, training facilities, contractors, distribution, light manufacturing, and service businesses. The property allows for easy connectivity throughout the Tri-Cities region while still offering privacy and functionality.
    Property Profile Location Intelligence

    Current Use by Public Records

    Associated General Contractors Association / Organization

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Blountville
    County
    Sullivan
    State
    Tennessee
    Longitude
    -82.330234
    Latitude
    36.542081

    FAQs

    What type of property is this?
    Flex space - Flexible commercial space with office, classroom, and warehouse components.
    Where is this flex space located?
    The property is located at 249 Neal Drive Blountville, TN.
    What is the lease rate?
    The lease rate is $8 SF/Yr.
    (423) 646-1060
    We can help!
    Listing Contact
    Garrett Addington
    Garrett Addington
    Real Estate License ID: 337697
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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
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