Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    748 Statem Gap Rd Morristown, TN 37813-3551

    • Commercial land
    • 1.00 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1873047
    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

    • Commercial land

    Property Details for 748 Statem Gap Rd

    Lot size
    1.00 lot acres
    Zone code
    A1
    Property type
    Commercial land
    APN
    032050 02100 001
    APU
    3205002100001

    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
    Morristown
    County
    Hamblen
    State
    Tennessee
    Longitude
    -83.2953
    Latitude
    36.1805
    CBSA code
    34100
    CBSA name
    MORRISTOWN, 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
    0
    $0.00
    $40,000
    $0.00
    $40,000
    -
    $100,000
    $0.00
    $100,000

    Comparable in this City

    • Value Estimation by Request
      0.37 Acres

      Sawyers Rd

      VACANT COMMERCIAL LAND • 0.37 Acres
      Sawyers Rd, Morristown, TN 37813
      View Details
    • Value Estimation by Request
      11.23 Acres

      Sugar Holw Rd

      VACANT COMMERCIAL LAND • 11.23 Acres
      Sugar Holw Rd, Morristown, TN 37813
      View Details
    • Value Estimation by Request
      6.02 Acres

      Thomas R James Dr

      VACANT COMMERCIAL LAND • 6.02 Acres
      Thomas R James Dr, Morristown, TN 37813
      View Details
    • Value Estimation by Request
      0.86 Acres

      Vly Home Rd

      VACANT COMMERCIAL LAND • 0.86 Acres
      Vly Home Rd, Morristown, TN 37813
      View Details
    • Value Estimation by Request

      3405 Chucky Riv Rd

      VACANT COMMERCIAL LAND
      3405 Chucky Riv Rd, Morristown, TN 37813-4208
      View Details
    • Value Estimation by Request
      1.07 Acres

      Cumberland St

      VACANT COMMERCIAL LAND • 1.07 Acres
      Cumberland St, Morristown, TN 37813
      View Details

    Similar Nearby for Sale

    • $310,000

      Morristown Land with Redevelopment Potential

      10.65-acre land parcel with redevelopment potential in Morristown, Tennessee.
      4520 Enka Hwy, Morristown, TN 37813
      View Details
    • $599,000

      Commercial Land on Morris Boulevard

      0.5-acre commercial land suitable for various business uses.
      2219 East Morris Blvd, Morristown, TN 37813
      View Details
    • $199,900
      1.71 Acres

      Corner Lot on Highway 160

      Corner lot on Hwy 160 and Martin Luther King Jr Pkwy.
      Parcel 45. Martin Luther King Jr Pkwy, Morristown, TN 37813
      View Details
    • $469,000

      Redevelopment Opportunity in Morristown, TN

      Former gas station site ready for redevelopment in growing area.
      2207 E Morris Blvd, Morristown, TN 37813
      View Details
    • $2,700,000
      38.00 Acres

      Undeveloped Land Near Walmart

      Large commercial land tract near Walmart with development potential.
      750 Thompson Creek Rd, Morristown, TN 37813
      View Details
    • $549,900
      16.94 Acres

      Morristown Land Near Highway 160

      16.94 acre tract off Highway 160 in Morristown, Tennessee.
      3434 Maple Valle Rd, Morristown, TN 37813
      View Details

    Similar Nearby for Lease

    • $5,833 /Mo

      Morristown Acreage Near I-81

      1.36 acres for lease near I-81 and local businesses.
      5254 S Davy Crockett Pkwy, Morristown, TN 37813
      View Details
    • $5 SF/Yr
      16,000 SF

      Morristown Warehouse Space For Lease

      16,000 SF warehouse space with shared loading docks.
      1145 Urban Dr, Morristown, TN 37813
      View Details
    • $2,000 /Mo
      23,958 SF

      Morristown Automotive Lot For Lease

      High-visibility automotive lot on South Cumberland Street available for lease.
      1315 S Cumberland St, Morristown, TN 37813
      View Details
    • Contact for pricing
      23,900 SF

      Crockett Square: Retail Space Available

      Prime Walmart shadow center; 1,600 SF available.
      463 Davy Crockett Pkwy, Morristown, TN 37813
      View Details
    • $3 SF/Yr
      50,000 SF

      Morristown Warehouse Space Available

      50000 square foot warehouse space for lease.
      325 Industrial Ave, Morristown, TN 37813
      View Details
    • Contact for pricing
      107,122 SF

      Crockett Square Retail Center

      Morristown, TN Retail Space Available
      507 Davy Crockett Pkwy, Morristown, TN 37813
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    748 Statem Gap Rd
    Morristown, TN 37813-3551
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.