2747 Andrew Johnson HwyMorristown, TN 37814

Property Details for 2747 Andrew Johnson Hwy

Year built

1982

Lot size

0.51 AC

Property size (Sq ft)

9,044 SF

Property type

Retail properties

Property subtype

Retail space

APN

032041H C 00300

APU

032041HC00300

Description

This exceptional commercial property, located at 2747 W Andrew Johnson Highway in Morristown, Tennessee, presents a unique investment opportunity. The 8,849 square foot building sits on a 0.51-acre lot and is ideally suited for a quick-service restaurant (QSR), fast food establishment, or other commercial ventures. Priced at $350,000 ($67.80 per square foot), this property boasts excellent visibility and accessibility, situated between downtown Morristown and the Cherokee Crossing intersection of Merchants Greene Boulevard and US Highway 11-E. High traffic counts and a growing market, fueled by the recent addition of numerous worldwide manufacturers and national retailers, make this a highly desirable location. The property benefits from its proximity to major retailers including Lowe's, Walmart Supercenter, Food City, Texas Roadhouse, and Chili's. Furthermore, its location near the newly constructed (2021) $37,000,000 Covenant Health Care outpatient facility (50,000 square feet), which includes a free-standing emergency department, diagnostics center, and physician center, ensures a strong and expanding customer base. This property offers significant potential for immediate return on investment and long-term growth in a thriving commercial area. The zip code is 37814.

• CAP approach

  CAP return

  Valuation

  6%

  $3,401,214

  6.5%

  $3,139,582

  7%

  $2,915,326

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,876,373

  Geo Method

  $1,876,373

• Alternative Use

  Use

  Valuation

  Residential

  $2,648,355

  Hospitality

  $2,425,879

  Educational

  $2,018,303

  Medical

  $2,087,715

  Retail

  $3,139,582

Location Insight

City

Morristown

County

Hamblen

State

Tennessee

Latitude

36.2016

Longitude

-83.3319

CBSA code

34100

CBSA name

MORRISTOWN, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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