217 Western AveMorristown, TN 37814

Property Details for 217 Western Ave

Year built

1951

Construction

WOOD

Lot size

0.33 AC

Property size (Sq ft)

5,008 SF

Zone code

IB

Property type

Office properties

APN

032041B B 02300

APU

032041BB02300

Description

This exceptional 3,052 square foot office building, situated on a 0.33-acre lot at 217 Western Avenue Unit 217 in Morristown, Tennessee, presents a compelling investment opportunity. Recently updated with fresh paint and a resealed parking lot, the building boasts six individual offices, providing ample space for a variety of business needs. Two large common areas offer versatile space for collaboration or client meetings. The property also includes 1.5 full bathrooms and a full kitchen, enhancing convenience and functionality. A significant advantage is the inclusion of a 1700 square foot unfinished basement, ideal for storage or future expansion. The building's excellent condition reflects consistent and meticulous maintenance. Its central location in Morristown ensures easy access for employees and clients, complemented by abundant on-site parking. This property represents a rare chance to acquire a substantial office building in a desirable location at a significantly reduced price. The combination of size, features, and location makes this an exceptional opportunity for business owners and investors alike. Don't miss this chance to secure a prime commercial property in the heart of Morristown.

• CAP approach

  CAP return

  Valuation

  6%

  $1,281,210

  6.5%

  $1,182,656

  7%

  $1,098,180

• Comparable approach

  Method

  Valuation

  Relative Method

  $412,309

  Geo Method

  $412,309

• Alternative Use

  Use

  Valuation

  Residential

  $1,466,493

  Hospitality

  $1,343,300

  Educational

  $1,117,610

  Medical

  $1,156,046

  Retail

  $1,738,504

Location Insight

City

Morristown

County

Hamblen

State

Tennessee

Latitude

36.2048

Longitude

-83.3207

CBSA code

34100

CBSA name

MORRISTOWN, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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