Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    1604 Madison St Shelbyville, TN 37160-3644
    Back to Search
    Property profile & analytics

    1604 Madison St, Shelbyville, TN 37160-3644

    View on Map
    • Retail space
    • 5,310 SF
    • 0.66 lot acres
    Off-Market
    Last Sale Nov 29, 2023
    $120,000
    Property ID
    US80-0921135
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Cheese Shop / Bakery / Specialty Food Shop
    • Ruth's Ice Cream Parlor / Grocery & Convenience Store / Specialty Food Shop

    Property Details for 1604 Madison St

    Year built
    1968
    Lot size
    0.66 lot acres
    Property type
    Retail space
    APN
    002090H C 00100
    APU
    002090HC00100

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Nov 29, 2023 — Circle H Properties LLC Dwayne Keith Heflin Quit Claim Deed · related —
    Apr 9, 2012 — Dwayne K Heflin Heflin,sheri Quit Claim Deed · related —
    Jan 7, 1994 $120,000 Dwayne Keith Heflin Unknown Grant Deed —
    Jan 31, 1991 $125,000 Rovert D Martin Unknown, Grant Deed —
    Nov 2, 1988 $87,750 Isaac Wheeler Unknown, Grant Deed —
    — — Dwayne K Heflin — Deed Of Trust · related $500k · First Community Bank Bedford C

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Shelbyville
    County
    Bedford
    State
    Tennessee
    Longitude
    -86.4193
    Latitude
    35.4836
    CBSA code
    43180
    CBSA name
    SHELBYVILLE, TN MICROPOLITAN 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
    0
    $0.00
    $44,400
    $57,640
    $102,040
    -
    $111,000
    $144,100
    $255,100

    Comparable in this City

    • Value Estimation by Request
      3,856 SF

      208 Main St

      RETAIL STORES (PERSONAL SERVICES)
      208 Main St, Shelbyville, TN 37160-3940
      View Details
    • Value Estimation by Request
      4,186 SF

      109 Public S Sq

      RETAIL STORES (PERSONAL SERVICES)
      109 Public S Sq, Shelbyville, TN 37160-3933
      View Details
    • Value Estimation by Request
      7,020 SF

      104 Public E Sq

      RETAIL STORES (PERSONAL SERVICES)
      104 Public E Sq, Shelbyville, TN 37160-3935
      View Details
    • Value Estimation by Request
      4,004 SF

      107 Public S Sq

      RETAIL STORES (PERSONAL SERVICES)
      107 Public S Sq, Shelbyville, TN 37160-3933
      View Details
    • Value Estimation by Request
      3,276 SF

      117 Public S Sq

      RETAIL STORES (PERSONAL SERVICES)
      117 Public S Sq, Shelbyville, TN 37160-3933
      View Details
    • Value Estimation by Request
      7,968 SF

      110 Public E Sq

      RETAIL STORES (PERSONAL SERVICES)
      110 Public E Sq, Shelbyville, TN 37160-3935
      View Details

    Similar Nearby for Sale

    • $1,490,000
      14,300 SF

      Renovated Commercial Property on Hwy 41A

      Turnkey commercial property with high traffic and flexible layout.
      1608 Madison St, Shelbyville, TN 37160
      View Details
    • Contact for pricing
      2,443 SF

      Retail Space For Sale

      Retail space available with a 5.80% CAP rate.
      747 N Main St, Shelbyville, TN 37160
      View Details
    • Contact for pricing
      21,000 SF

      21,000 SF Warehouse For Sale

      Warehouse with office, retail, storage, and loading dock.
      737 Madison St, Shelbyville, TN 37160
      View Details
    • $1,600,000
      18,595 SF

      Shelbyville Retail Investment Opportunity

      Retail building with upside potential in Shelbyville, Tennessee.
      875 Union St, Shelbyville, TN 37160
      View Details
    • $975,000
      21,000 SF

      21,000 SF Warehouse For Sale

      21,000 SF warehouse with office, retail, and storage potential.
      737 Madison St, Shelbyville, TN 37160
      View Details
    • $339,990
      1,800 SF

      Commercial Property with Highway Frontage

      Zoned commercial property with ample parking and recent upgrades.
      2601 Highway 64 W, Shelbyville, TN 37160
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,800 SF

      Retail Space Anchored by Walmart

      Retail space for lease, anchored by Walmart Supercenter.
      1830-1878 N Main St, Shelbyville, TN 37160
      View Details
    • Contact for pricing

      Industrial Building with Cleanroom Facility

      58,088 SF industrial building with cleanroom-ready facility for lease.
      710 Blue Ribbon Pkwy, Shelbyville, TN 37160
      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.
    1604 Madison St
    Shelbyville, TN 37160-3644
    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

    Thank You for Inquiry
    1604 Madison St, Shelbyville, TN, 37160
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!