Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$225,000
Residential income homes
2470 Castain Dr Morristown, TN 37813-3050
Individually Owned
28-yr Hold
Absentee Owner
Free & Clear
Property ID
US80-3408257
Property profile
Verified
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Year built
1973
Total area
2,480 SF
Lot
2.6 ac (113,256 SF)
Zoning code
R1
APN
032042 06900
UPID
US80-3408257
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$275k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$225k
Owner & transaction history
Steven Bussell · 28 yrs held
Steven Bussell
since 1998
2 recorded transactions
Zoning & alternative use
R1 · Morristown, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
This is the most restrictive residential district, intended to be used for single family residential areas with low population densities, additional permitted uses, by Review of the Board of Zoning Appeals, include related non commercial recreational, religious, and educational facilities normally required to provide the basic elements of a balanced and attr…
Zone name
Single Family Residential
General category
COMMERCIAL
Zone area
3,124.83 ac
Source
Realmo
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Morristown submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Morristown submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$275,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$225k
Range $203k – $248k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$91 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Property tax & assessments
Assessed value
$49,680
Assessed 2023
Previous assessed
$49,680
+0.0% YoY
Assessed land
$14,000
Assessed improvement
$35,680
Land market value
$35,000
Improvement market value
$89,200
Total market value
$124,200
Applied tax rate
32.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Residential income homes
Use group
APARTMENT HOUSE (UNDER 5 UNITS)
Status
Off-Market
Year built
1973
Heating
RADIANT
Stories
2
Units
4
Bathrooms
4
Total area
2,480 SF
Lot
2.6 ac (113,256 SF)
Zoning code
R1
APN
032042 06900
UPID
US80-3408257
Jurisdiction
HAMBLEN
Zoning & alternative use
R1 · Morristown, TNZoning R1 · permitted uses
R1 · Morristown, TN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
This is the most restrictive residential district, intended to be used for single family residential areas with low population densities, additional permitted uses, by Review of the Board of Zoning Appeals, include related non commercial recreational, religious, and educational facilities normally required to provide the basic elements of a balanced and attractive residential area
Zone name
Single Family Residential
General category
COMMERCIAL
Zone area
3,124.83 ac
Source
Realmo
Building & site characteristics
From public records
Year built
1973
Heating
RADIANT
Stories
2
Units
4
Bathrooms
4
Lot
2.6 ac
Current owner
From public records · entity-resolved
Steven Bussell
Individual
Free & Clear · 28 yrs held
Mailing address
2723 STACY AVE, MORRISTOWN, TN 37814-2148
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
1998
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 12, 1998
$57,875
Steven Bussell
—
Grant Deed
related
—
Oct 22, 1992
$22,000
Reece Newman
Unknown
Grant Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 2470 Castain Dr?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
