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Property profile & analytics
OFF-MARKET
Estimated value
$1,045,000
Medical Office Space
502 7th N St Morristown, TN 37814-3957
Individually Owned
5-yr Hold
~
Est. High Equity
Property ID
US80-1839380
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2008
Construction
WOOD
Total area
6,464 SF
Lot
1.57 ac (68,389 SF)
Zoning code
R2
APN
032033E A 05101
UPID
US80-1839380
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
$1.25M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$687k
Blend (final)
Blend
$1.05M
Owner & transaction history
Lincoln Memorial University · 5 yrs held
Lincoln Memorial University
since 2020
Last sale
$970,000
5 recorded transactions
Zoning & alternative use
R2 · Morristown, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Auto repair, garage
$675,000
+11.8%
Commercial (general)
$645,000
+6.9%
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
$1,345,000
ML approach
$1,245,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
AUTO REPAIR, GARAGE
$675,000
Change: +12% · Conversion: Difficult
COMMERCIAL (GENERAL)
$645,000
Change: +7% · Conversion: Easy
Blend value · Realmo final
$1.05M
Range $941k – $1.15M · ±10% · vs last sale $970k (Dec 8 2020)
Last sale anchor
$970k
Dec 8 2020
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
$162 / 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
$263,800
Assessed 2023
Previous assessed
$263,800
+0.0% YoY
Assessed land
$51,480
Assessed improvement
$212,320
Land market value
$128,700
Improvement market value
$530,800
Total market value
$659,500
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2008
Construction
WOOD
Heating
YES
Cooling
YES
Stories
1
Units
1
Rooms
19
Bathrooms
2
Total area
6,464 SF
Lot
1.57 ac (68,389 SF)
Zoning code
R2
APN
032033E A 05101
UPID
US80-1839380
Jurisdiction
HAMBLEN
Zoning & alternative use
R2 · Morristown, TN
Zoning R2 · permitted uses
R2 · Morristown, TN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Morristown. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
AUTO REPAIR, GARAGE
Est. value
$675,000
COMMERCIAL (GENERAL)
Est. value
$645,000
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
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
2008
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
1
Units
1
Rooms
19
Bathrooms
2
Lot
1.57 ac
Current owner
From public records · entity-resolved
Lincoln Memorial University
Individual
Mailing address
6965 CUMBERLAND GAP PKWY, HARROGATE, TN 37752-8245
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 8, 2020
$970,000
Lincoln Memorial University
Eric Hasemeier
Warranty Deed
—
Oct 15, 2008
$75,000
John Lumb
Hasemeier,eric & Cathy
Warranty Deed
—
—
—
Eric F Hasemeier
—
Deed Of Trust
related
$320,000 · Smartbank
—
—
Cathy S Hasemeier
—
Deed Of Trust
related
$800,000 · Smartbank
—
—
Eric F Hasemeier
—
Loan Modification
related
$17,000 · Smartbank
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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