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    Property profile & analytics

    609 Elm St Martin, TN 38237-3401

    • Grocery and convenience stores
    • 5,440 SF
    • 144.00 lot acres
    OFF-MARKET
    Last Sale
    Apr 26, 2023
    $1,518,318
    Value Estimations
    $1,295,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1269983
    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

    • 3-J's 70 / Gas Station / Convenience Store
    • ATM (3-J'S Deli & Food Mart) / Atm

    Property Details for 609 Elm St

    Year built
    1976
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    144.00 lot acres
    Property size
    5,440 SF
    Zone code
    8
    Property type
    Grocery and convenience stores
    APN
    092078D D 00301
    APU
    092078DD00301

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,295,000
      ML approach
      $1,420,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Martin
    County
    Weakley
    State
    Tennessee
    Longitude
    -88.8539
    Latitude
    36.3347
    CBSA code
    32280
    CBSA name
    MARTIN, TN MICROPOLITAN 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
    $15,600
    $195,720
    $211,320
    -
    $39,000
    $489,300
    $528,300

    Comparable in this City

    • Value Estimation
      $1,200,000
      4,352 SF

      975 Main St

      GROCERY, SUPERMARKET • 4,352 SF
      975 Main St, Martin, TN 38237-2540
      View Details
    • Value Estimation
      $1,415,000
      4,508 SF

      200 Mt Pelia Rd

      GROCERY, SUPERMARKET • 4,508 SF
      200 Mt Pelia Rd, Martin, TN 38237-3804
      View Details
    • Value Estimation
      $345,000
      4,434 SF

      5595 Skyhawk Pkwy

      GROCERY, SUPERMARKET • 4,434 SF
      5595 Skyhawk Pkwy, Martin, TN 38237-2705
      View Details
    • Value Estimation
      $300,000
      3,105 SF

      424 Lindell St

      GROCERY, SUPERMARKET • 3,105 SF
      424 Lindell St, Martin, TN 38237-1820
      View Details
    • Value Estimation
      $760,000
      3,290 SF

      821 University St

      GROCERY, SUPERMARKET • 3,290 SF
      821 University St, Martin, TN 38237-1627
      View Details
    • Value Estimation
      $280,000
      2,464 SF

      838 University St

      GROCERY, SUPERMARKET • 2,464 SF
      838 University St, Martin, TN 38237-1637
      View Details

    Similar Nearby for Sale

    • $325,000
      2,748 SF

      Retail Opportunity in Martin, TN

      Retail property suitable for a liquor or convenience store.
      785 Main St, Martin, TN 38237
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    • $1,300,000
      12,940 SF

      Commercial Property in Downtown Martin

      Prime commercial property with established businesses and growth potential.
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    • $745,000
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      Leased Mixed-Use Investment Opportunity

      Fully leased mixed-use property with retail and residential units.
      233 S Lindell St, Martin, TN 38237
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    • $1,300,000
      12,940 SF

      Commercial Property in Downtown Martin

      Prime commercial property with established businesses and growth potential.
      115 Neal St, Martin, TN 38237
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    • $795,000
      10,164 SF

      Furnished Restaurant with Living Quarters

      Two-story furnished restaurant with living space in Martin, TN.
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    • $745,000
      7,000 SF

      Leased Mixed-Use Investment Opportunity

      Fully leased mixed-use property with retail and residential units.
      233 S Lindell St, Martin, TN 38237
      View Details

    Similar Nearby for Lease

    • $23,065
      92,260 SF

      Martin, TN Warehouse Opportunity

      92,260 sq ft industrial space for lease in Martin, TN.
      8160 Hwy 45S, Martin, TN 38237
      View Details
    • Contact for pricing
      25,000 SF

      Prime Martin, TN Commercial Land

      7.55 Acres, Zoned PB, Development Ready
      833 University St, Martin, TN 38237
      View Details
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    609 Elm St
    Martin, TN 38237-3401
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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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