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Property profile & analytics
FOR LEASE
Medical Office Space
281 N Lyerly St Chattanooga, TN 37404
Entity Owned
4-yr Hold
Free & Clear
Property ID
US80-0850881
For Lease
1 / 34
$25 SF/Yr
281 N Lyerly St, Chattanooga, TN 37404
View Listing →
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2017
Total area
38,154 SF
Lot
2.25 ac (98,010 SF)
Zoning code
M1
APN
146K E 001
UPID
US80-0850881
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
Current use
Occupant on record · Public records
-
Trey Dyer III, MD Pediatrician Medical Clinic
-
Esli Castillo Physician
-
Rebecca Payne Physician
-
Jay Jolley MD Physician
-
Thomas Holcomb Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$10.73M
Blend (final)
Blend
$13.77M
Owner & transaction history
Lyerly 281 Rik Mp LLC · 4 yrs held
Lyerly 281 Rik Mp LLC
since 2021
Last sale
$16.7M
7 recorded transactions
Zoning & alternative use
M1 · Chattanooga, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$13.3M
+40.3%
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 Chattanooga submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Chattanooga 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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$9,475,000
Current use
RESTAURANT
$13,300,000
Change: +40% · Conversion: Difficult
Blend value · Realmo final
$13.77M
Range $12.39M – $15.14M · ±10% · vs last sale $16.69M (Aug 30 2021)
Last sale anchor
$16.69M
Aug 30 2021
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
$361 / 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
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$73,335
Tax year 2023
Assessed value
$3,277,840
Assessed 2023
Previous assessed
$3,277,840
+0.0% YoY
Effective rate
2.24%
On assessed value
Land market value
$706,700
Improvement market value
$7,487,900
Total market value
$8,194,600
Applied tax rate
1.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Lease
Year built
2017
Heating
NONE
Stories
3
Total area
38,154 SF
Lot
2.25 ac (98,010 SF)
Zoning code
M1
APN
146K E 001
UPID
US80-0850881
Jurisdiction
HAMILTON
Zoning & alternative use
M1 · Chattanooga, TN
Zoning M1 · permitted uses
M1 · Chattanooga, TN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Chattanooga. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$9.5M
RESTAURANT
Est. value
$13.3M
MEDICAL BUILDING Current
RESTAURANT
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2017
Heating
NONE
Stories
3
Lot
2.25 ac
Current owner
From public records · entity-resolved
Lyerly 281 Rik Mp LLC
Entity
Free & Clear · 4 yrs held
Mailing address
800 W MADISON ST STE #400, CHICAGO, IL 60607-2481
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
9 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 1, 2021
—
Lyerly 281 Rik Mp LLC
—
Deed
related
$298,000,000 · Capital One NA
Aug 30, 2021
$16,690,000
Lyerly 281 Rik Mp LLC
Lyerly 281 Medical Properties LLC
Special Warranty Deed
—
Apr 25, 2016
—
Lyerly Mob LLC
—
Trustees Deed
related
$5,900,000 · Smartbank
Apr 11, 2016
$600,000
Lyerly Mob LLC
Southeastern Medical Props LLC
Warranty Deed
—
Feb 16, 2007
—
Southeastern Medical Props LLC
—
Trustees Deed
related
$550,000 · First Tennessee Bank National
Sep 27, 2004
$650,000
Southeastern Medical Props LLC
Owner,record
Warranty Deed
related
—
Dec 11, 2003
$550,000
Forrest M Wilhoit
Driver,propertie
Grant Deed
—
Jul 23, 2003
$325,000
Properties Ll Driver
Earthgrains,baki
Grant Deed
—
—
—
Southeastern Medical Props LLC
—
Deed Of Trust
related
$1,605,000 · First Tennessee Bank National
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.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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