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Property profile & analytics
OFF-MARKET
Estimated value
$2,270,000
Medical Office Space
609 Mcfarland St Morristown, TN 37814-3976
Entity Owned
2-yr Hold
~
Est. High Equity
Property ID
US80-1686767
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1991
Construction
WOOD
Total area
15,654 SF
Lot
1.21 ac (52,708 SF)
Zoning code
OMP
APN
032033L B 00400
UPID
US80-1686767
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
Current use
Occupant on record · Public records
-
Frank Ellis, MD Physician
-
High Risk Obstetrical Consultants Physician
-
East Tennessee Ob/Gyn Physician
-
Holt Pam MD Physician
-
Stacy A. Kesterson Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.27M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.40M
Blend (final)
Blend
$2.27M
Owner & transaction history
7 Star Financial LLC · 2 yrs held
7 Star Financial LLC
since 2024
Last sale
$2.3M
7 recorded transactions
Zoning & alternative use
OMP · Morristown, TN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
This district is intended to provide areas for professional, medical, and related businesses requiring separate buildings and building groups, it is the intent of the Office, Medical, and Professional District to provide a transition area in which offices may co exist with Medium Density Residential areas, in order to promote this mixed use environment, traf…
Zone name
Office Medical And Professional District
General category
MIXED_USE
Zone area
230.95 ac
Source
Realmo
Top alternative use upside
Auto repair, garage
$1.6M
+11.8%
Commercial (general)
$1.6M
+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
$2,270,000
ML approach
$2,270,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,460,000
Current use
AUTO REPAIR, GARAGE
$1,635,000
Change: +12% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,565,000
Change: +7% · Conversion: Easy
Blend value · Realmo final
$2.27M
Range $2.04M – $2.50M · ±10% · vs last sale $2.27M (Feb 29 2024)
Last sale anchor
$2.27M
Feb 29 2024
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
$145 / 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
$537,280
Assessed 2023
Previous assessed
$674,240
-20.3% YoY
Assessed land
$50,600
Assessed improvement
$486,680
Land market value
$126,500
Improvement market value
$1,216,700
Total market value
$1,343,200
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
1991
Construction
WOOD
Heating
YES
Cooling
AC.PACKAGE
Stories
1
Units
1
Rooms
80
Bathrooms
15
Total area
15,654 SF
Lot
1.21 ac (52,708 SF)
Zoning code
OMP
APN
032033L B 00400
UPID
US80-1686767
Jurisdiction
HAMBLEN
Zoning & alternative use
OMP · Morristown, TNZoning OMP · permitted uses
OMP · Morristown, TN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
This district is intended to provide areas for professional, medical, and related businesses requiring separate buildings and building groups, it is the intent of the Office, Medical, and Professional District to provide a transition area in which offices may co exist with Medium Density Residential areas, in order to promote this mixed use environment, traffic and signage should be maintained at a minimal level
Zone name
Office Medical And Professional District
General category
MIXED_USE
Zone area
230.95 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.5M
AUTO REPAIR, GARAGE
Est. value
$1.6M
COMMERCIAL (GENERAL)
Est. value
$1.6M
MEDICAL BUILDING Current
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
1991
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
1
Units
1
Rooms
80
Bathrooms
15
Lot
1.21 ac
Current owner
From public records · entity-resolved
7 Star Financial LLC
Entity
Mailing address
PO BOX 353, GAINESVILLE, GA 30503-0353
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 25, 2024
—
7 Star Financial LLC
—
Deed
related
$1,500,000 · Eastman Cu
Feb 29, 2024
$2,270,000
7 Star Financial LLC
Ace Land Associates
Warranty Deed
—
May 14, 2009
—
Ace Land Associates
Ace Land Associates
Quit Claim Deed
related
$1,920,000 · Highlands Union Bank
May 8, 2006
—
Ace Land Associates
Ace Land Associates
Quit Claim Deed
related
—
Oct 16, 2002
—
Ace Land Etal
—
Deed Of Trust
related
—
Aug 20, 2002
—
Ace Land Etal
—
Deed Of Trust
related
—
Jan 29, 1991
$100,000
Ace Land Associates
Unknown,
Grant Deed
—
—
—
Ace Land Associates
—
Deed Of Trust
related
$1,757,328 · Highlands Union Bank
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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