Flex Space with High-Clearance
For Sale
$1,600,000
1301 Shipley Rd, Cookeville, TN 38501
COMMERCIAL - Cookeville, TN
Property Size6,550 SF
Lot Size11.00 Acres
Price / SF$244.27
Days on Market57
Property Features for 1301 Shipley Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Paved or Surfaced
Directions
From PCCH: Travel West On Spring St to Willow Ave, Go R on Willow Ave, Travel 2.2 Miles to take a L on Shipley Rd. Property on your R. Look for sign.
Subdivision
Putnam Co NW, TN
Standard status
Active
APN
002.00
Size
6,550 SF
Lot size
11.00 Acres
Taxes and HOA fees
Tax Annual Amount
321
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
full kitchen
1.5 baths
central cooling
dual heating
Building Details
Year built
2007
Floors in Building
1
Building materials
Frame, Metal Siding
Roof type
Metal
Listing Agency:
Elevate Real Estate
(931) 520-6450
Listed By:
Donnita Hill · License #018217
(931) 261-1500
Added: Jun 16
Changed: Aug 4
Last Checked: Aug 11 at 5:06PM
MLS# 241578
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.
Investment Insights
Based on property information with market context.
Flex space property totaling 6,550 sq ft on an 11-acre site, built in 2007. The building includes an expansive open-span workshop with high-clearance ceilings and heavy-duty concrete floors, plus an attached garage and wood-burning heat. An office suite provides finished, climate-controlled space with tile flooring, a full kitchen, and 1.5 baths.
The property is served by public water and features central air cooling. Heating is handled through heat pump (heating) along with dual heating described as electric/wood, and the roof is metal. Exterior construction includes frame with metal siding, and parking is paved or surfaced.
A large lot with privacy and timber supports space to develop or expand operations, including uses consistent with an industrial workshop and office environment. The seller will clear everything from the property within 60 days of closing.
The property is served by public water and features central air cooling. Heating is handled through heat pump (heating) along with dual heating described as electric/wood, and the roof is metal. Exterior construction includes frame with metal siding, and parking is paved or surfaced.
A large lot with privacy and timber supports space to develop or expand operations, including uses consistent with an industrial workshop and office environment. The seller will clear everything from the property within 60 days of closing.
Key Highlights
- 6,550 sq ft flex space built in 2007
- 11‑acre lot with privacy and timber
- Open‑span workshop with high‑clearance ceilings and heavy‑duty concrete floors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$90,547
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,810,940
$1.8M
Cap Rate 7%
$1,293,529
$1.3M
Cap Rate 9%
$1,006,078
$1.0M
Market Conditions
NOI Build-Up for 6,550 SF
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.
Gross rent
$150.9K $23.04/SF
− Vacancy
−$30.2K −$4.61/SF
EGI
$120.7K $18.43/SF
− OpEx
−$30.2K −$4.61/SF
NOI
$90.5K $13.82/SF
Area
Putnam County, TN
Vacancy
20.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,810,940
Cap Rate 7%
$1,293,529
Cap Rate 9%
$1,006,078
Alternative Uses
Best Use
Office B
$1.29M
$1.13M – $1.51M
NOI $90,547 @ 7.0% cap · market cap 5.66%
Second Best
Industrial
$614.3K
$537.5K – $716.7K
NOI $43,000 @ 7.0% cap · market cap 2.69%
Theoretical Best
Office A
$2.70M
$2.37M – $3.15M
NOI $189,231 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 38501, TN
41,141
Population
19,158
Households
2.1
Avg Household Size
33
Median Age
31%
College-Educated
88%
High-School Grad
87.1 sq mi
ZIP Area
472
Density / Sq Mi
$50,923
Median Household Income
$30,191
Median Earnings
$856
Median Rent
$245,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex space offering a climate-controlled office suite with kitchen and baths, plus a high-clearance workshop with heavy-duty floors.
Where is this flex space located?
The property is located at 1301 Shipley Rd Cookeville, TN.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 6,550 sq ft flex space built in 2007; 11‑acre lot with privacy and timber; Open‑span workshop with high‑clearance ceilings and heavy‑duty concrete floors
