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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1620 Progress Pkwy Morristown, TN 37813-4525

    • Manufacturing properties
    • 69,097 SF
    • 17.24 lot acres
    OFF-MARKET
    Value Estimations
    $1,400,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1687168
    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

    • Koch Foods Inc. / Meat Processor

    Property Details for 1620 Progress Pkwy

    Year built
    2005
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    17.24 lot acres
    Property size
    69,097 SF
    Zone code
    A1
    Property type
    Manufacturing properties
    APN
    032062 00300
    APU
    3206200300

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,125,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,671,000
      Market price range: $435k - $1.67M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $920,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Morristown
    County
    Hamblen
    State
    Tennessee
    Longitude
    -83.2958
    Latitude
    36.1403
    CBSA code
    34100
    CBSA name
    MORRISTOWN, 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
    0
    $0.00
    $152,720
    $1,190,000
    $1,342,720
    -
    $381,800
    $2,975,000
    $3,356,800

    Comparable in this City

    • Value Estimation
      $485,000
      58,080 SF

      5330 Manchester Ave

      MANUFACTURING (LIGHT) • 58,080 SF
      5330 Manchester Ave, Morristown, TN 37813-1146
      View Details
    • Value Estimation
      $400,000
      12,980 SF

      557 Sugar Holw Rd

      MANUFACTURING (LIGHT) • 12,980 SF
      557 Sugar Holw Rd, Morristown, TN 37813-2866
      View Details
    • Value Estimation
      $1,485,000
      26,000 SF

      1403 Technology Way

      MANUFACTURING (LIGHT) • 26,000 SF
      1403 Technology Way, Morristown, TN 37813-3779
      View Details
    • Value Estimation
      $800,000
      231,308 SF

      150 Orbit Electric Dr

      MANUFACTURING (LIGHT) • 231,308 SF
      150 Orbit Electric Dr, Morristown, TN 37813-2763
      View Details
    • Value Estimation
      $385,000
      26,400 SF

      325 Desoto Ave

      MANUFACTURING (LIGHT) • 26,400 SF
      325 Desoto Ave, Morristown, TN 37813-1102
      View Details
    • Value Estimation
      $955,000
      199,015 SF

      325 Desoto Ave

      MANUFACTURING (LIGHT) • 199,015 SF
      325 Desoto Ave, Morristown, TN 37813-1102
      View Details

    Similar Nearby for Sale

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      11,104 SF

      Morristown Industrial/Self-Storage Opportunity

      11,104 SF building on 1.867 acres in Morristown, TN.
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      View Details
    • $300,000
      1.08 Acres

      Morristown Commercial Land - $300K

      1.08-acre commercial lot, prime location.
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      View Details
    • $450,000
      2.59 Acres

      Morristown Mixed-Use Business Opportunity

      Established Auto Salvage Yard, 2.59 Acres
      740 Pine Brooke Rd, Morristown, TN 37813
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    • $310,000

      Morristown Land with Redevelopment Potential

      10.65-acre land parcel with redevelopment potential in Morristown, Tennessee.
      4520 Enka Hwy, Morristown, TN 37813
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    • Contact for pricing
      0.20 Acres

      Residential Lot Near City Amenities

      Level city lot suitable for residential development near amenities.
      915 Forgey Ave, Morristown, TN 37813
      View Details
    • $39,900
      0.61 Acres

      Land Available in Morristown, TN

      Residential land for sale in Morristown, Tennessee.
      Springvale Rd, Morristown, TN 37813
      View Details

    Similar Nearby for Lease

    • $5 SF/Yr
      16,000 SF

      Morristown Warehouse Space For Lease

      16,000 SF warehouse space with shared loading docks.
      1145 Urban Dr, Morristown, TN 37813
      View Details
    • $3 SF/Yr
      50,000 SF

      Morristown Warehouse Space Available

      50000 square foot warehouse space for lease.
      325 Industrial Ave, Morristown, TN 37813
      View Details
    • Contact for pricing
      23,900 SF

      Crockett Square: Retail Space Available

      Prime Walmart shadow center; 1,600 SF available.
      463 Davy Crockett Pkwy, Morristown, TN 37813
      View Details
    • $5,833 /Mo

      Morristown Acreage Near I-81

      1.36 acres for lease near I-81 and local businesses.
      5254 S Davy Crockett Pkwy, Morristown, TN 37813
      View Details
    • $2,000 /Mo
      23,958 SF

      Morristown Automotive Lot For Lease

      High-visibility automotive lot on South Cumberland Street available for lease.
      1315 S Cumberland St, Morristown, TN 37813
      View Details
    • Contact for pricing
      107,122 SF

      Crockett Square Retail Center

      Morristown, TN Retail Space Available
      507 Davy Crockett Pkwy, Morristown, TN 37813
      View Details
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    1620 Progress Pkwy
    Morristown, TN 37813-4525
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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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