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    Subdividable Land Parcel For Sale Title is generated by Realmo AI

    8 Phillips Rd, Lebanon, TN 37087

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    For Sale
    $325,000

    5.23 acre lot suitable for building two homes.

    Added:
    Jun 11, 2025
    Days on Market:
    337
    Last Refresh:
    Mar 16 at 9:09 am

    Property Features for 8 Phillips Rd

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    BOB SOREY

    Listing agent BOB SOREY

    Listing office BEST REAL ESTATE ADVISORS

    Listing date Jun 11, 2025

    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 BEST REAL ESTATE ADVISORS

    HighLights

    • Subdividable 5.23‑acre lot approved for two homes, a rare find due to stringent regulations.
    • Minimal deed restrictions offer flexibility in construction and design.
    • No HOA fees, providing cost savings and freedom from association rules.
    • Ample 190 ft road frontage and lot depth exceeding 1200 ft.
    • Creek at the rear of the property, not in a FEMA flood zone.
    • Listing broker assistance available to guide the subdivision process.

    Overview

    This 5.23-acre property offers the potential to construct two homes, a rare find given the challenges of locating land that complies with established regulations. The parcel possesses sufficient soil to accommodate a 5-bedroom house and benefits from road frontage, facilitating subdivision. Wilson County mandates that each land tract have 50 feet of public road access and meet specific size requirements for subdivision. Given the asking price and the minimal cost to subdivide, this tract presents a unique opportunity due to the scarcity of subdividable building lots at this price point. Deed restrictions are minimal, focusing on house size, exterior construction materials, and other reasonable requirements to protect investment. There is no HOA requirement. A creek is located at the rear of the property, but FEMA maps do not indicate that the property is in a flood zone. With 190 feet of paved county road frontage and a depth of over 1200 feet, the tract meets subdivision requirements and offers the potential to build two single-family houses. Subdivision into two building lots will require a surveyor to process the property and submit it to planning. The property is located in Lebanon, TN.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Spa & Massage Center Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Kitchen & Bath Showroom Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    Lebanon
    County
    Wilson
    State
    Tennessee
    Longitude
    -86.2161
    Latitude
    36.2604

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    FAQs

    What type of property is this?
    Land - 5.23 acre lot suitable for building two homes.
    Where is this land located?
    The property is located at 8 Phillips Rd Lebanon, TN.
    What is the asking price?
    The asking price for this property is $325,000.
    What are key features of this property?
    This property features: Subdividable 5.23‑acre lot approved for two homes, a rare find due to stringent regulations.; Minimal deed restrictions offer flexibility in construction and design.; No HOA fees, providing cost savings and freedom from association rules.
    (615) 758-6880
    We can help!
    Listing Contact
    BOB SOREY
    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.

    More about this property
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