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    Cookeville Commercial Property For Sale Title is generated by Realmo AI

    1150 Chocolate Dr., Cookeville, TN 38506

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    Pending
    $995,000

    SINGLE_FAMILY - Cookeville, TN

    Type:Office
    Property size:
    5,864 SF
    Lot size:
    1.01 Acres
    Added:
    May 14, 2026
    Days on Market:
    10
    Last Refresh:
    May 23 at 3:06 pm

    Property Features for 1150 Chocolate Dr.

    General Information

    Property type
    Residential
    Property subtype
    Office
    Zoning
    Commercial
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Pending
    APN
    054.08
    Size
    5,864 SF
    Lot size
    1.01 Acres

    Taxes and HOA fees

    Tax Annual Amount
    7036

    Utilities

    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1987
    Floors in Building
    1
    Number of units
    1
    Building materials
    Frame, Brick
    Roof type
    Shingle

    We can help!

    Listing Contact
    Vickie Loftis
    Vickie Loftis

    Listing agent Vickie Loftis License #291404

    Listing office American Way Real Estate 710 S Jefferson Ave., Cookeville, TN

    Listing date May 14, 2026

    MLS# 244265

    Copyright © 2026 Upper Cumberland Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Excellent Cookeville City location with exceptional visibility and high traffic volume.
    • 5,684 sq ft all‑brick commercial building.
    • Strong rental history with a long‑term tenant.
    • Easy access to Highway 111 and Interstate I‑40.
    • Occupies 1.09 acres with numerous paved parking spaces and handicap‑accessible entrances.
    • Features a receptionist area, conference room, multiple offices, a kitchen, storage facility rooms, and bathrooms.

    Overview

    This single-story, all-brick commercial property offers 5,684 square feet of space in an advantageous location within Cookeville. The property benefits from exceptional visibility and high traffic volume. Situated on 1.01 acres, the site provides easy access to Highway 111 and Interstate I-40. The building's layout includes a receptionist area, a conference room, multiple offices, a kitchen, storage facility rooms, and bathrooms. It features numerous paved parking spaces and handicap-accessible entrances. The property has a strong rental history with a long-term tenant. The current tenants wish to continue occupying the premises and have eight years remaining on their lease. The lease contains a time notice provision.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $900.7K
    NOI $81,064 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.16M
    NOI $81,064 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.62M
    NOI $81,064 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.
         Calculated for Office B

    Component $ $/SF
    Gross rent $135.1k $23.04
    − Vacancy −$27.0k −$4.61
    EGI $108.1k $18.43
    − OpEx −$27.0k −$4.61
    NOI $81.1k $13.82
    5,864 SF · lease $23.04/SF/yr · vacancy 20.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $1.16M
    $1.01M – $1.35M (±1% cap)
    NOI $81,064 @ 7.0% cap · market cap 8.15%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $2.42M
    $2.12M – $2.82M (±1% cap)
    NOI $169,412 @ 7.0% cap · market cap 17.03%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    L.B.J.& C. Head ... High School Uslbj & C Daycare Center

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cookeville
    County
    Putnam
    State
    Tennessee
    Longitude
    -85.46351
    Latitude
    36.1817329

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    FAQs

    What type of property is this?
    Office building - Single-story commercial property in Cookeville with high visibility and traffic.
    Where is this office building located?
    The property is located at 1150 Chocolate Dr. Cookeville, TN.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Excellent Cookeville City location with exceptional visibility and high traffic volume.; 5,684 sq ft all‑brick commercial building.; Strong rental history with a long‑term tenant.
    (931) 510-4143
    We can help!
    Listing Contact
    Vickie Loftis
    Vickie Loftis
    Real Estate License ID: 291404
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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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