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    Property profile & analytics

    2323 Morris Blvd Morristown, TN 37813-1942

    • Drive through restaurants
    • 2,424 SF
    • 0.84 lot acres
    OFF-MARKET
    Last Sale
    Jul 01, 2024
    $675,000
    Value Estimations
    $675,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1125031
    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

    • Arby's / Restaurant / Take-out & Catering

    Property Details for 2323 Morris Blvd

    Year built
    2022
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.84 lot acres
    Property size
    2,424 SF
    Property type
    Drive through restaurants
    APN
    032034F G 01000
    APU
    032034FG01000

    Description

    This exceptional 0.768-acre commercial land parcel presents a unique investment opportunity in Morristown, Tennessee. Located at 2323 E. Morris Blvd, this property boasts 330 feet of frontage on a major east-west arterial road, ensuring high visibility and accessibility. Its strategic location adjacent to the bustling College Square Mall and in close proximity to Walters State Community College guarantees significant foot and vehicular traffic. The site currently houses a newly constructed Arby's restaurant, further demonstrating its prime commercial viability. This property is ideally suited for a variety of uses, including but not limited to a car wash, bank, oil change facility, automotive-related business, or quick-service restaurant (QSR). The lot size allows for flexibility

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $675,000
      ML approach
      $675,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Morristown
    County
    Hamblen
    State
    Tennessee
    Longitude
    -83.266
    Latitude
    36.2214
    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
    $166,320
    $211,040
    $377,360
    -
    $415,800
    $527,600
    $943,400

    Comparable in this City

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      View Details
    • Value Estimation by Request
      2,829 SF

      3100 Morris Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,829 SF
      3100 Morris Blvd, Morristown, TN 37813-1406
      View Details
    • Value Estimation
      $1,735,000
      3,851 SF

      2345 Morris Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,851 SF
      2345 Morris Blvd, Morristown, TN 37813-1943
      View Details
    • Value Estimation by Request
      3,729 SF

      486 Crockett Trce Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,729 SF
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    • Value Estimation by Request
      3,950 SF

      5450 Quarter Horse Trl

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,950 SF
      5450 Quarter Horse Trl, Morristown, TN 37813
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    • Value Estimation by Request
      5,046 SF

      2560 Morris Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 5,046 SF
      2560 Morris Blvd, Morristown, TN 37813-1946
      View Details

    Similar Nearby for Sale

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      Commercial Property on Morris Boulevard

      Established retail/service business location on Morris Boulevard in Morristown.
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      Established retail/service business with ample parking on busy Morris Boulevard.
      5218 E Morris Blvd, Morristown, TN 37813
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    Similar Nearby for Lease

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      Morristown Automotive Lot For Lease

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    • $5 SF/Yr
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      Morristown Warehouse Space For Lease

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      Morristown Acreage Near I-81

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    • Contact for pricing
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      Morristown Warehouse Space Available

      50000 square foot warehouse space for lease.
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      View Details
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    Morristown, TN 37813-1942
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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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