Add Listing
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1320 Converse St Morristown, TN 37814

    • Land
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 1320 Converse St

    Property type
    Land
    Property subtype
    Apartment buildings

    Description

    This exceptional 12-unit apartment building presents a compelling investment opportunity in Morristown, Tennessee. Located at 1320 N. Henry Street and 103 W. Converse Street, this multifamily property boasts a prime location near West Elementary School and local amenities, ensuring consistent tenant demand. The property comprises twelve one-bedroom units, generating a gross monthly income of nearly $11,000. The property is classified as both multifamily and commercial, offering flexibility and potential for future development. Situated in Hamblen County, TN, zip code 37814, the property's convenient location offers easy access to a nearby market and the town center. The current owner handles lawn maintenance at a cost of $200 per month. The asking price for this high-yield investment is $1,200,000. Detailed financial records are available upon request. This property represents a rare opportunity to acquire a well-maintained, income-producing asset in a thriving Tennessee community. The property's strong rental history and desirable location make it an ideal investment for both seasoned and novice investors seeking stable returns and potential for appreciation. Further information regarding the property's financials and operational details can be provided upon request. Don't miss this chance to secure a profitable addition to your investment portfolio.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Morristown
    County
    Hamblen
    State
    Tennessee
    Longitude
    -83.3026
    Latitude
    36.2245

    Comparable in this City

    • Value Estimation by Request
      1,638 SF

      1459 De Vault St

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,638 SF
      1459 De Vault St, Morristown, TN 37814-1497
      View Details
    • Value Estimation by Request
      3,056 SF

      106 King Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,056 SF
      106 King Ave, Morristown, TN 37814-6668
      View Details
    • Value Estimation by Request
      1,690 SF

      923 3rd N St

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,690 SF
      923 3rd N St, Morristown, TN 37814-4807
      View Details
    • Value Estimation by Request
      3,074 SF

      800 Church St

      APARTMENT HOUSE (UNDER 5 UNITS) • 3,074 SF
      800 Church St, Morristown, TN 37814-3563
      View Details
    • Value Estimation
      $1,000,000
      8,995 SF

      106 Hamilton Ave

      APARTMENT HOUSE (UNDER 5 UNITS) • 8,995 SF
      106 Hamilton Ave, Morristown, TN 37814-4624
      View Details
    • Value Estimation by Request
      8,520 SF

      650 Panther Crk Rd

      APARTMENT HOUSE (UNDER 5 UNITS) • 8,520 SF
      650 Panther Crk Rd, Morristown, TN 37814-1245
      View Details

    Similar Nearby for Sale

    • $799,000
      4,500 SF

      Morristown Multifamily Investment Opportunity

      Five-unit multifamily property with strong cash flow in Morristown, TN.
      106 King Ave, Morristown, TN 37814
      View Details
    • $100,000
      3.40 Acres

      Land with Creek in Morristown

      3.4-acre tract with creek, utilities, and building sites.
      2636 Shields Ferry Rd, Morristown, TN 37814
      View Details
    • $449,900

      Land For Sale

      Land available for sale in Morristown, Tennessee.
      Sandstone Dr, Morristown, TN 37814
      View Details
    • $350,000
      0.51 Acres

      Morristown QSR/Restaurant Opportunity

      Prime location, 8,849 SF building, 0.51 acres.
      2747 Andrew Johnson Hwy, Morristown, TN 37814
      View Details
    • New
      $99,999
      1.14 Acres

      Land with Existing Barn

      Land for sale featuring a barn in Morristown, TN.
      2951 Cherokee Dr, Morristown, TN 37814
      View Details
    • $2,150,000
      Pending

      Cherokee Lake Frontage Land

      Large unrestricted land tract with lake frontage in Morristown, Tennessee.
      Brights Pike, Morristown, TN 37814
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Land Available Near Ingles Market

      Land for rent near Ingles Market with ample parking.
      2114 E Andrew Johnson Hwy, Morristown, TN 37814
      View Details
    • $1,270,000
      4,000 SF

      Turn-Key Restaurant Ready for Lease

      Restaurant in excellent condition with parking and remodeled interior.
      1716 W Andrew Johnson Hwy, Morristown, TN 37814
      View Details
    • $13 SF/Yr
      15,354 SF

      Morristown Retail Space For Lease

      High-traffic retail space available in Morristown, TN.
      3004 Andrew Johnson Hwy, Morristown, TN 37814
      View Details
    • New
      $379,900
      1,650 SF

      Morristown Office Building For Lease

      Office building in West Morristown, Tennessee, suitable for investment.
      442 E Economy Rd, Morristown, TN 37814
      View Details
    • $13 SF/Yr
      4,666 SF

      Retail Space on Highway

      Retail space for lease in a growing Morristown market.
      3004 W Andrew Johnson Hwy, Morristown, TN 37814
      View Details
    • $12 SF/Yr
      2,282 SF

      Morristown CBD Office Opportunity

      Versatile office space in Morristown's vibrant Central Business District.
      209 E Main St, Morristown, TN 37814
      View Details
    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.
    1320 Converse St
    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
    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!