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    Property profile & analytics

    5953 Elementary Way Ooltewah, TN 37363-3171

    • Medical Office Space
    • 8,208 SF
    • 0.80 lot acres
    OFF-MARKET
    Last Sale
    Jun 27, 2022
    $4,000,000
    Value Estimations
    $2,920,000
    Show details
    Cap Rate Potential
    2.5%
    Medical Office Space
    Location Intelligence
    Property ID
    US80-0669277
    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

    • Medical Office Space

    Property Details for 5953 Elementary Way

    Year built
    2021
    Lot size
    0.80 lot acres
    Property size
    8,208 SF
    Zone code
    A
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    132H B 002.03
    APU
    132HB00203

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,865,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,087,000
      Market price range: $1.13M - $2.80M
      AI Estimate
      $2,087,000
      Market price range: $1.13M - $2.80M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,905,000
      Current use
      RESTAURANT
      $2,810,000
      Change: +47% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,675,000
      Change: +40% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Ooltewah
    County
    Hamilton
    State
    Tennessee
    Longitude
    -85.061
    Latitude
    35.0822
    CBSA code
    16860
    CBSA name
    CHATTANOOGA, TN-GA 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
    $24,945
    $0.00
    $0.00
    $658,120
    -
    $348,500
    $1,296,800
    $1,645,300

    Comparable in this City

    • Value Estimation
      $2,295,000
      11,488 SF

      6059 Arbury Way

      MEDICAL BUILDING • 11,488 SF
      6059 Arbury Way, Ooltewah, TN 37363-5001
      View Details
    • Value Estimation
      $1,865,000
      5,465 SF

      9309 Apison Pike

      MEDICAL BUILDING • 5,465 SF
      9309 Apison Pike, Ooltewah, TN 37363-4340
      View Details
    • Value Estimation by Request
      4,303 SF

      6847 Mtn Vw Rd

      MEDICAL BUILDING • 4,303 SF
      6847 Mtn Vw Rd, Ooltewah, TN 37363-6561
      View Details
    • Value Estimation by Request
      2,288 SF

      4957 Swinyar Dr

      MEDICAL BUILDING • 2,288 SF
      4957 Swinyar Dr, Ooltewah, TN 37363-2204
      View Details
    • Value Estimation by Request
      1,032 SF

      9298 Apison Pike

      MEDICAL BUILDING • 1,032 SF
      9298 Apison Pike, Ooltewah, TN 37363-7267
      View Details
    • Value Estimation
      $2,920,000
      13,072 SF

      5945 Elementary Way

      MEDICAL BUILDING • 13,072 SF
      5945 Elementary Way, Ooltewah, TN 37363-3173
      View Details

    Similar Nearby for Sale

    • $439,900
      Pending

      R-3 Land for Townhomes

      R-3 zoned land with public utilities available.
      5233 Spalding Dr, Ooltewah, TN 37363
      View Details
    • $300,000
      0.22 Acres

      Ooltewah Commercial Lot For Sale

      C-2 zoned commercial lot with road frontage in Ooltewah, TN.
      8220 Apison Pike, Ooltewah, TN 37363
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    • $3,900,000
      3.80 Acres

      Prime Ooltewah Commercial Land

      3.8-Acre Corner Lot near I-75
      8080 Old Cleveland Pike, Ooltewah, TN 37363
      View Details
    • New
      $75,000
      0.50 Acres

      Ooltewah Land Opportunity

      0.5-acre lot in Ooltewah, ready for development.
      9607 W Cherry St, Ooltewah, TN 37363
      View Details
    • $659,000
      1,450 SF

      Established Bakery and Retail Space

      Commercial space with operating bakery in prime location for sale.
      9298 Apison Pike, Ooltewah, TN 37363
      View Details

    Similar Nearby for Lease

    • $27 SF/Yr
      1,200 SF

      Ooltewah Office Space: 1200 SF

      Prime Ooltewah location, 1200 sq ft, single tenant.
      6143 Ooltewah Georgetown Rd, Ooltewah, TN 37363
      View Details
    • $27 SF/Yr
      1,800 SF

      Ooltewah Office Space: 1800 SQFT

      Prime Ooltewah location, versatile space, ready to occupy.
      6143 Ooltewah Georgetown Rd, Ooltewah, TN 37363
      View Details
    • $14 SF/Yr

      Collegedale Office Space For Lease

      Office property in Collegedale, offering high visibility and ample parking.
      9415 Apison Pike, Ooltewah, TN 37363
      View Details
    • $10 SF/Yr
      51,626 SF

      Prime Ooltewah Office Space

      Single-tenant office, 4,000 sq ft available.
      8920 Transport Ln, Ooltewah, TN 37363
      View Details
    • $24 SF/Yr
      2,255 SF

      Collegedale Office Space Available

      Office space available for lease in Collegedale, Tennessee.
      5945 Elementary Way, Collegedale, TN 37363
      View Details
    • $15 SF/Yr

      Retail Space Near I-75

      Retail space in high-traffic area near I-75.
      6711 Mountain View Rd, Ooltewah, TN 37363
      View Details
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    Ooltewah, TN 37363-3171
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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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