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    2550 Morris Blvd Morristown, TN 37813-5827
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    Property profile & analytics

    2550 Morris Blvd Morristown, TN 37813-5827

    View on Map
    • Retail properties & Spaces
    • 96,158 SF
    • 5.73 lot acres
    Off-Market
    Last Sale Dec 2, 2022
    Property ID
    US80-1454433
    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
    $3,945,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Great American Cookies / (Bike/Boat/Book/etc) Store / Bakery
    • Carousel Pets Inc / (Bike/Boat/Book/etc) Store / Pet Store
    • FYE / (Bike/Boat/Book/etc) Store
    • AT&T Store / Mobile Phone Store / Electronics & Wireless Store
    • Benefit Cosmetics BrowBar Beauty Counter / Hair Salon / Nail Salon

    Property Details for 2550 Morris Blvd

    Year built
    1988
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    5.73 lot acres
    Property size
    96,158 SF
    Property type
    Retail properties & Spaces
    APN
    032034 01000 001
    APU
    3203401000001

    Description

    College Square Mall presents a unique investment opportunity in East Tennessee. This dominant regional shopping center boasts a total of 466,171 square feet and is the only mall of its kind within a 55-mile radius of an eight-county area known for its thriving industrial and manufacturing sectors. Currently, the entire 466,171 square foot space is available for lease, offering significant potential for a variety of retail uses. The mall currently houses over 50 specialty stores, including well-known national brands such as American Eagle Outfitters, Bath & Body Works, and others. Food options include Longhorn Steakhouse and Olive Garden. A key draw for the mall is the 12-screen AMC College Square movie theater, the only cinema within a 25-mile radius, providing a significant foot traffic boost. Available spaces range from 1,100 to 5,471 square feet, offering flexibility for various retail concepts. This prime location, coupled with the lack of competing shopping centers, presents a rare opportunity for significant retail growth and market dominance. The property's size and tenant mix offer a strong foundation for a successful retail venture.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,669,000
      Market price range: $2.62M - $8.61M
      AI Estimate
      $4,217,000
      Market price range: $2.77M - $12.4M

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $6,145,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Morristown
    County
    Hamblen
    State
    Tennessee
    Longitude
    -83.2619
    Latitude
    36.2223
    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
    $301,720
    $1,198,280
    $1,500,000
    -
    $754,300
    $2,995,700
    $3,750,000

    Comparable in this City

    • Value Estimation by Request
      10.65 Acres

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    • Value Estimation
      $2,200,000
      27,388 SF

      140 Ter Ln

      DEPARTMENT STORE • 27,388 SF
      140 Ter Ln, Morristown, TN 37813-1996
      View Details
    • Value Estimation by Request
      0.50 Acres

      2219 Morris Blvd

      Retail properties & Spaces • 21,770 SF
      2219 Morris Blvd, Morristown, TN 37813
      View Details
    • Value Estimation by Request
      107,122 SF

      507 Davy Crockett Pkwy

      Retail properties & Spaces • 107,122 SF
      507 Davy Crockett Pkwy, Morristown, TN 37813
      View Details
    • Value Estimation
      $3,985,000
      73,596 SF

      2550 Morris Blvd

      DEPARTMENT STORE • 73,596 SF
      2550 Morris Blvd, Morristown, TN 37813-5827
      View Details
    • Value Estimation
      $535,000
      19,038 SF

      718 Cumberland St, Unit 716

      DEPARTMENT STORE • 19,038 SF
      718 Cumberland St, Morristown, TN 37813-5229
      View Details

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      Established Auto Parts Business

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    Similar Nearby for Lease

    • Contact for pricing

      Retail Space Near Walters State

      Retail space for lease near Walters State Community College.
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      View Details
    • $5,833 /Mo

      Morristown Acreage Near I-81

      1.36 acres for lease near I-81 and local businesses.
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    • $5 SF/Yr
      16,000 SF

      Morristown Warehouse Space For Lease

      16,000 SF warehouse space with shared loading docks.
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      View Details
    • Contact for pricing
      50,000 SF

      Morristown Warehouse Space Available

      50000 square foot warehouse space for lease.
      325 Industrial Ave, Morristown, TN 37813
      View Details
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    Morristown, TN 37813-5827
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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.

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