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    Property profile & analytics

    307 Lk Dr Somerville, TN 38068-9702

    • Residential income homes
    • 6,968 SF
    • 1.80 lot acres
    OFF-MARKET
    Last Sale
    Sep 27, 2024
    $1,176,146
    Value Estimations
    $1,165,000
    Show details
    Cap Rate Potential
    4.7%
    Residential income homes
    Location Intelligence
    Property ID
    US80-0862337
    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

    • Lake Street Apartments / Apartment Building

    Property Details for 307 Lk Dr

    Year built
    2002
    Lot size
    1.80 lot acres
    Property size
    6,968 SF
    Property type
    Residential income homes
    Property subtype
    Small apartment buildings
    APN
    024090B A 06200
    APU
    024090BA06200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,175,000
      ML approach
      $1,175,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $925,000
      6.5%
      $855,000
      7%
      $790,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Somerville
    County
    Fayette
    State
    Tennessee
    Longitude
    -89.3655
    Latitude
    35.2457
    CBSA code
    32820
    CBSA name
    MEMPHIS, TN-MS-AR 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
    $18,800
    $258,960
    $277,760
    -
    $47,000
    $647,400
    $694,400

    Comparable in this City

    • Value Estimation
      $290,000
      8,290 SF

      430 Jernigan Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 8,290 SF
      430 Jernigan Dr, Somerville, TN 38068-6358
      View Details
    • Value Estimation
      $260,000
      1,600 SF

      Westview Cv

      APARTMENT HOUSE (UNDER 5 UNITS) • 1,600 SF
      Westview Cv, Somerville, TN 38068
      View Details
    • Value Estimation
      $205,000
      7,122 SF

      431 Jernigan Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 7,122 SF
      431 Jernigan Dr, Somerville, TN 38068
      View Details
    • Value Estimation
      $375,000
      5,900 SF

      400 Mdw Ln

      APARTMENT HOUSE (UNDER 5 UNITS) • 5,900 SF
      400 Mdw Ln, Somerville, TN 38068-9771
      View Details
    • Value Estimation
      $1,575,000
      9,036 SF

      12250 Main St

      APARTMENT HOUSE (UNDER 5 UNITS) • 9,036 SF
      12250 Main St, Somerville, TN 38068-1667
      View Details
    • Value Estimation
      $260,000
      7,574 SF

      Jernigan Dr

      APARTMENT HOUSE (UNDER 5 UNITS) • 7,574 SF
      Jernigan Dr, Somerville, TN 38068
      View Details

    Similar Nearby for Sale

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      Somerville TN Apartment Complex

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      Somerville Land For Sale

      45 acre land parcel in Somerville, Tennessee.
      Country Club Rd, Somerville, TN 38068
      View Details
    • $259,900
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      Highway 64 Land Opportunity

      2.85 acres of commercial land with existing utilities.
      17775 Highway 64, Somerville, TN 38068
      View Details
    • $145,000
      5.02 Acres

      Picturesque Land in Somerville, TN

      5.02 acres with sunset views, close to amenities.
      1 Karcher Rd, Somerville, TN 38068
      View Details
    • $369,800
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      25+ Acre Somerville Land Parcel

      25+ acres near Oakland, TN, ideal for estate or retreat.
      Dogwood Rd, Somerville, TN 38068
      View Details
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      Serene Land Parcel in Somerville

      7+/- acres of residential land in Somerville, Tennessee.
      7 Acres Us 64, Somerville, TN 38068
      View Details
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    307 Lk Dr
    Somerville, TN 38068-9702
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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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