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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    515 Great Circle Rd Nashville, TN 37228

    • Office buildings
    • 35,665 SF
    • 3.00 lot acres
    For Lease
    View listing
    $15 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-3379119
    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

    • Matthew Hardison / Physician

    Property Details for 515 Great Circle Rd

    Year built
    1998
    Lot size
    3.00 lot acres
    Property size
    35,665 SF
    Zone code
    IWD
    Property type
    Office buildings
    APN
    070-11-0-010-00
    APU
    7011001000

    Description

    This exceptional 35,528-square-foot single-tenant property, located in Nashville's Metrocenter submarket, presents a unique opportunity. Situated on three acres in Davidson County, this Class B building offers versatile space ideal for medical office, flex, or R&D uses. Built in 1998 with extensive renovations completed in 2013, the property boasts 15.25-foot ceiling heights (warehouse area) and features two loading docks with two dock-high doors. The building includes two walk-in coolers, a blow-out room, and an air generator room. A significant advantage is the robust electrical service: a 120-480-amp, 3-phase system supported by a heavy-power diesel generator ensuring uninterrupted power. Furthermore, the property offers four zero air generators, four high-grade nitrogen generators, four low-grade nitrogen generators, four dry air generators, and two air compressors. Ample parking is provided with approximately 150 spaces in a paved lot. This property is conveniently located minutes from Nashville's downtown core, making it an attractive option for businesses seeking a functional and well-equipped space. The entire 35,528 square feet is currently vacant, providing immediate occupancy for a single tenant.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Nashville
    County
    Davidson
    State
    Tennessee
    Longitude
    -86.8097
    Latitude
    36.1979
    CBSA code
    34980
    CBSA name
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, 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
    2023
    $82,227
    $627,280
    $1,899,680
    $2,526,960
    -
    $1,568,200
    $4,749,200
    $6,317,400

    Comparable in this City

    • Value Estimation
      $2,850,000
      20,345 SF

      240 Venture Cir

      OFFICE BUILDING • 20,345 SF
      240 Venture Cir, Nashville, TN 37228-1604
      View Details
    • Value Estimation
      $5,365,000
      29,033 SF

      810 Dominican Dr

      OFFICE BUILDING • 29,033 SF
      810 Dominican Dr, Nashville, TN 37228-1906
      View Details
    • Value Estimation
      $39,880,000
      250,482 SF

      200 Athens Way

      OFFICE BUILDING • 250,482 SF
      200 Athens Way, Nashville, TN 37228-1308
      View Details
    • Value Estimation
      $8,775,000
      50,569 SF

      201 Great Cir Rd

      OFFICE BUILDING • 50,569 SF
      201 Great Cir Rd, Nashville, TN 37228-1701
      View Details
    • Value Estimation
      $4,635,000
      26,712 SF

      250 Venture Cir

      OFFICE BUILDING • 26,712 SF
      250 Venture Cir, Nashville, TN 37228-1604
      View Details
    • Value Estimation
      $18,015,000
      110,919 SF

      227 French Lndg Dr

      OFFICE BUILDING • 110,919 SF
      227 French Lndg Dr, Nashville, TN 37228-1605
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      MetroCenter Office Space Available

      Office space for rent in the heart of MetroCenter.
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      Mainstream Drive Office Space Available

      Office space with open floor plan and ample parking.
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      Available office space with monument signage and easy interstate access.
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      Nashville Office Building for Lease

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    • $27 SF/Yr
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      Renovated Office Space Near Downtown

      Office space with easy access to downtown Nashville.
      545 Mainstream Dr, Nashville, TN 37228
      View Details
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    515 Great Circle Rd
    Nashville, TN 37228
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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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