Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • 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
    Property profile & analytics

    115 Gay St Lebanon, TN 37087-3639

    • Office Properties & Spaces
    • 6,080 SF
    • 135.00 lot acres
    OFF-MARKET
    Value Estimations
    $665,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-3502117
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Office Properties & Spaces

    Property Details for 115 Gay St

    Year built
    1942
    Lot size
    135.00 lot acres
    Property size
    6,080 SF
    Property type
    Office Properties & Spaces
    APN
    068E P 01000
    APU
    068EP01000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $697,000
      Market price range: $546k - $2.59M
      AI Estimate
      $434,000
      Market price range: $335k - $1.26M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lebanon
    County
    Wilson
    State
    Tennessee
    Longitude
    -86.2902
    Latitude
    36.207
    CBSA code
    34980
    CBSA name
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,174
    $32,400
    $77,360
    $109,760
    -
    $81,000
    $193,400
    $274,400

    Comparable in this City

    • Value Estimation
      $4,385,000
      20,510 SF

      245 Castle Hts Ave

      OFFICE (GENERAL) • 20,510 SF
      245 Castle Hts Ave, Lebanon, TN 37087-2741
      View Details
    • Value Estimation by Request
      1,600 SF

      211 Thomas Ter

      Office Properties & Spaces • 1,600 SF
      211 Thomas Ter, Lebanon, TN 37087
      View Details
    • Value Estimation by Request
      2,340 SF

      1474 Woodside Dr

      OFFICE (GENERAL) • 2,340 SF
      1474 Woodside Dr, Lebanon, TN 37087
      View Details
    • Value Estimation by Request
      2,607 SF

      372 Hiwassee Rd

      OFFICE (GENERAL) • 2,607 SF
      372 Hiwassee Rd, Lebanon, TN 37087-9280
      View Details
    • Value Estimation
      $3,600,000
      20,247 SF

      405 Maple St, Unit 397

      OFFICE (GENERAL) • 20,247 SF
      405 Maple St, Lebanon, TN 37087-4125
      View Details
    • Value Estimation by Request
      2,944 SF

      109 Market St

      OFFICE (GENERAL) • 2,944 SF
      109 Market St, Lebanon, TN 37087-2709
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      750 SF

      Lebanon Office Space - Prime Location

      750 sq ft Office, 2 Rooms, Great Value
      440 Park Ave, Lebanon, TN 37087
      View Details
    • $650,000
      1,989 SF

      Renovated Commercial Building Near I-40

      Renovated 2,000 SF commercial building suitable for various business uses.
      722 Park Ave, Lebanon, TN 37087
      View Details
    • $999,999

      Renovated Commercial Property For Sale

      Completely renovated commercial property with retail, office, or mixed-use opportunities.
      902 Carthage Hwy, Lebanon, TN 37087
      View Details
    • $1,299,000
      17.00 Acres

      17 Acres Lebanon, TN Commercial Land

      Prime 17-acre commercial/residential land in Lebanon, TN.
      0 Dickerson Chapel Rd, Lebanon, TN 37087
      View Details
    • $1,875,000
      2.09 Acres

      Hamilton Station Blvd Commercial Land

      Prime Lebanon, TN Development Opportunity
      1b Hamilton Sta Blvd, Lebanon, TN 37087
      View Details
    • $8,697,000

      New Retail Investment Opportunity

      New construction retail property with long-term leases and high-traffic location.
      Hickory Ridge Rd, Lebanon, TN 37087
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      28,671 SF

      Winwood Professional Plaza: Lebanon, TN

      Class B Medical Office Building; Suites Available
      115 Winwood Dr, Lebanon, TN 37087
      View Details
    • $16 SF/Yr
      1,000 SF

      Prime Office Suite, Rachel Drive

      1,000 SF Office, Immediate Occupancy
      1432 Main St, Lebanon, TN 37087
      View Details
    • $900 /Mo
      1,670 SF

      Downtown Lebanon Historic Arcade Office

      Office spaces for lease in renovated historic downtown arcade.
      142 Public Sq, Lebanon, TN 37087
      View Details
    • $21 SF/Yr
      3,658 SF

      Lebanon Office Space For Rent

      Office space available for lease in Lebanon, Tennessee.
      1420 W Baddour Pkwy, Lebanon, TN 37087
      View Details
    • Contact for pricing
      55,000 SF

      Five Oaks Town Center Retail Space

      Prime Lebanon, TN Retail Opportunity
      3805 Lebanon Rd, Lebanon, TN 37087
      View Details
    • $1,700 /Mo
      1,280 SF

      New Townhome Near Downtown Lebanon

      New 3-bedroom townhome with modern amenities, close to downtown Lebanon.
      420 Park Ave, Lebanon, TN 37087
      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.
    115 Gay St
    Lebanon, TN 37087-3639
    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.