Mixed-Use Building with Retail
For Sale
$335,000
220 W 3rd Street, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size700 SF
Lot Size0.18 Acres
Price / SF$478.57
Days on Market43
Property Features for 220 W 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
MS
Basement
Crawl Space
Directions
From PCCH: West on Spring Street, right on S Willow to right on W 3rd to Property on Right
Subdivision
Cookeville NE, TN
Standard status
Active
APN
005.00
Size
700 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
1612
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1937
Floors in Building
1
Number of units
1
Building materials
Frame, Vinyl Siding
Roof type
Metal
Listing Agency:
Highlands Elite Real Estate LLC
(931) 400-8820
Listed By:
Wayne Russell · License #333678
(931) 260-3743
Added: Jul 14
Changed: Aug 20
Last Checked: Aug 25 at 4:06PM
MLS# 238351
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.
This 700-square-foot mixed-use building, constructed in 1937, provides an open retail area alongside a separate office, kitchen, storage room, and full restroom with shower. The property has frame construction with vinyl siding, a metal roof, central air, and natural gas heating. A water heater and HVAC system were installed in 2021.
The 0.1768-acre site includes 50 feet of frontage along W 3rd Street at 220 W 3rd Street in Cookeville. The property is within walking distance to CRMC and carries an MS zoning designation. Public water serves the site.
The 0.1768-acre site includes 50 feet of frontage along W 3rd Street at 220 W 3rd Street in Cookeville. The property is within walking distance to CRMC and carries an MS zoning designation. Public water serves the site.
Key Highlights
- 700 square feet of improved mixed‑use space
- Open retail area with separate office, kitchen, storage room, and full restroom with shower
- 50 feet of frontage along W 3rd Street
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
$10,951
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
3.27%
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%
$219,020
$219.0K
Cap Rate 7%
$156,443
$156.4K
Cap Rate 9%
$121,678
$121.7K
Market Conditions
NOI Build-Up for 700 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
$16.1K $23.04/SF
− Vacancy
−$484 −$0.69/SF
EGI
$15.6K $22.35/SF
− OpEx
−$4.7K −$6.70/SF
NOI
$11.0K $15.64/SF
Area
Putnam County, TN
Vacancy
3.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
30.00%
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%
$219,020
Cap Rate 7%
$156,443
Cap Rate 9%
$121,678
Alternative Uses
Best Use
Retail
$156.4K
$136.9K – $182.5K
NOI $10,951 @ 7.0% cap · market cap 3.27%
Second Best
Office B
$138.2K
$121.0K – $161.3K
NOI $9,677 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$288.9K
$252.8K – $337.1K
NOI $20,223 @ 7.0% cap · market cap 6.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,984
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible layout combines open retail space with a private office, kitchen, storage, and full restroom.
Where is this mixed-use property located?
The property is located at 220 W 3rd Street Cookeville, TN.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 700 square feet of improved mixed‑use space; Open retail area with separate office, kitchen, storage room, and full restroom with shower; 50 feet of frontage along W 3rd Street
