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    Private Retreat with Shop Title is generated by Realmo AI

    28 Shoulders Ln S, Lebanon, TN 37090

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    Claim this Listing
    For Sale
    $699,900

    16.74-acre retreat featuring a primary residence, guest retreat, and shop.

    Type:Land or Vacant Lot
    Lot size:
    16.74 Acres
    Added:
    Apr 3, 2026
    Days on Market:
    62
    Last Refresh:
    Apr 3 at 8:28 pm

    Property Features for 28 Shoulders Ln S

    General Information

    Standard status
    Active
    Lot size
    16.74 Acres
    Property subtype
    Land or Vacant Lot

    We can help!

    Listing Contact
    JUDY G. ROARK

    Listing agent JUDY G. ROARK

    Listing office CRYE-LEIKE, INC., REALTORS

    Listing date Apr 3, 2026

    Source Corcoran

    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 CRYE-LEIKE, INC., REALTORS

    HighLights

    • Private 16.74‑acre fenced and cross‑fenced retreat.
    • Extensively updated Primary Residence with new roof (2022), windows (2023), and siding (2024) along with updated plumbing/electrical.
    • Separate Guest Retreat with its own electrical service and water meter.
    • Impressive 30’ x 36’ shop with 200 amp electrical service.
    • Multiple electrical services: 400 amp to Primary Residence, 200 amp to shop, and 200 amp to Guest Retreat.
    • New back deck and upgraded exterior features.

    Overview

    This private 16.74-acre property includes a primary residence, a separate guest retreat, and a 30’ x 36’ shop. The property is fully fenced and cross-fenced. The primary residence has been extensively upgraded with new windows in 2023, new siding in 2024, a new roof in 2022, and new gutters in 2024. Plumbing has been updated with PEX in 2021, and new electrical with a 400 amp service has been installed. The interior features durable luxury plank flooring and updated bathrooms with modern finishes. The property has separate electrical services, including 200 amp service to both the home and shop, plus an additional 200 amp service and separate water meter for the guest retreat. A new back deck and upgraded exterior features enhance the outdoor space. The fenced and cross-fenced land is suitable for animals, recreation, or future expansion. The 30’ x 36’ shop provides workspace, storage, and potential for equestrian, hobbies, or business use. It is located in Lebanon, TN.
    Location Intelligence

    Current Use by Public Records

    Horse & equestrian properties

    Suggested Use

    Coworking & Hybrid Office

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

    Location Insight

    • Map
    • Local Demand
    City
    Lebanon
    County
    Wilson
    State
    Tennessee
    Longitude
    -86.11357
    Latitude
    36.23259

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    FAQs

    What type of property is this?
    Horse & equestrian property - 16.74-acre retreat featuring a primary residence, guest retreat, and shop.
    Where is this horse & equestrian property located?
    The property is located at 28 Shoulders Ln S Lebanon, TN.
    What is the asking price?
    The asking price for this property is $699,900.
    What are key features of this property?
    This property features: Private 16.74‑acre fenced and cross‑fenced retreat.; Extensively updated Primary Residence with new roof (2022), windows (2023), and siding (2024) along with updated plumbing/electrical.; Separate Guest Retreat with its own electrical service and water meter.
    (615) 754-8999
    We can help!
    Listing Contact
    JUDY G. ROARK
    Learn More
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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.

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