Flexible Shop Building with
For Sale
$349,900
241 1st Street SW, Cleveland, TN 37311
COMMERCIAL - Cleveland, TN
Property Size3,980 SF
Lot Size0.12 Acres
Price / SF$87.91
Days on Market13
Property Features for 241 1st Street SW
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Subdivision
City of Cleveland
Lot features
Level, Corner Lot, Level, Corner Lot
Elementary school
Arnold
Middle school
Cleveland
High school
Cleveland
Directions
From Keith Street, turn onto Inman Street. Turn right onto Worth Street, then turn right onto 1st. Building on left. at the corner of Spring and 1st.
Standard status
Active
APN
049n L 00100 000
Size
3,980 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
1485
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1972
Flooring type
Concrete
Building materials
Block
Listing Agency:
EXIT Provision Realty
(423) 472-9200
Listed By:
Dennis Opp · License #320959
(423) 240-0231
Added: Jul 31
Changed: Aug 4
Last Checked: Aug 12 at 2:06PM
MLS# 20263996
Copyright © 2026 River Counties 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.
Flexible shop building in the established commercial corridor of downtown Cleveland, TN at 241 1st Street SW. The layout is designed to accommodate a variety of trade, light industrial, and shop applications, making it suitable for contractors and service operations. Select shop equipment and assets are included with the building.
The building is constructed with block materials and features concrete flooring. Cooling is provided via window unit(s). Utilities include public water and public sewer.
Built in 1972 and set on a 0.12-acre lot, this is a compact flex property sized for practical shop and service use, with existing equipment staying with the building for the next occupant.
The building is constructed with block materials and features concrete flooring. Cooling is provided via window unit(s). Utilities include public water and public sewer.
Built in 1972 and set on a 0.12-acre lot, this is a compact flex property sized for practical shop and service use, with existing equipment staying with the building for the next occupant.
Key Highlights
- 241 1st Street SW, Cleveland, TN 37311
- 0.12‑acre lot with a 3,980 SF flex shop building
- Block construction and concrete flooring
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
$21,036
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
6.01%
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%
$420,720
$420.7K
Cap Rate 7%
$300,514
$300.5K
Cap Rate 9%
$233,733
$233.7K
Market Conditions
NOI Build-Up for 3,980 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
$30.9K $7.76/SF
− Vacancy
−$834 −$0.21/SF
EGI
$30.1K $7.55/SF
− OpEx
−$9.0K −$2.27/SF
NOI
$21.0K $5.29/SF
Area
Bradley County, TN
Vacancy
2.70%
Lease Rate
$7.76 /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%
$420,720
Cap Rate 7%
$300,514
Cap Rate 9%
$233,733
Alternative Uses
Best Use
Industrial
$300.5K
$263.0K – $350.6K
NOI $21,036 @ 7.0% cap · market cap 6.01%
Second Best
Flex RnD
$268.1K
$234.6K – $312.8K
NOI $18,766 @ 7.0% cap · market cap 5.36%
Theoretical Best
Office A
$835.1K
$730.7K – $974.3K
NOI $58,458 @ 7.0% cap · market cap 16.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,174
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37311, TN
29,687
Population
12,942
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
83%
High-School Grad
50.1 sq mi
ZIP Area
593
Density / Sq Mi
$46,827
Median Household Income
$28,839
Median Earnings
$890
Median Rent
$205,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Firehouse Subs Village Green — 201 Keith St SW Ste 18, Cleveland, TN 37311
- Alshabibi Catering — 260 Broad St NW, Cleveland, TN 37311
Frequently Asked Questions
What type of property is this?
Flex space - Block construction flex shop with concrete floors, window-unit cooling, and public water and sewer in downtown Cleveland.
Where is this flex space located?
The property is located at 241 1st Street SW Cleveland, TN.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 241 1st Street SW, Cleveland, TN 37311; 0.12‑acre lot with a 3,980 SF flex shop building; Block construction and concrete flooring
