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    The Largest CRE Database in the US with Over 1 Million Listings

    305 Greenwave Dr Ridgely, TN 38080

    Sponsored
    For Sale
    Pending
    $279,900

    COMMERCIAL - Ridgely, TN

    Property size:
    21,386 SF
    Lot size:
    3.00 Acres
    Days on Market:
    12
    Last Refresh:
    Jan 25 at 10:06 pm

    Property Features for 305 Greenwave Dr

    General Information

    Special listing conditions
    Standard
    Property type
    Commercial Sale
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Pending
    APN
    057N A 011.01
    Parking
    10
    Size
    21,386 SF
    Lot size
    3.00 Acres

    Utilities

    Utilities
    Electricity Available
    Sewer type
    Public Sewer
    Heating system
    Central
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1976
    Flooring type
    Concrete, Vinyl, Carpet
    Building materials
    Metal Siding, Spray Foam Insulation
    Roof type
    Metal

    We can help!

    Listing Contact
    Bradley V Arnold
    Bradley V Arnold

    Southern Lifestyle Properties (731) 613-2354

    Listing agent Bradley V Arnold (731) 431-9479 License #277769

    Listing date Jan 14, 2026

    MLS# 2500669 Listing URL

    Copyright © 2026 Central West Tennessee 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.

    Learn more

    Property Insight Report

    Overview

    Ridgely Office/Warehouse Facility on 3 Acres

    This 21,386 SF office/warehouse facility is located in Ridgely, Tennessee, situated on 3 acres. Constructed in 1976, the property features a solid structure and adaptable layout suitable for various business operations. Originally zoned M-1 for industrial use, it was later re-zoned to R-2. Re-zoning back to M-1 for industrial purposes is possible. The facility includes 3,356 SF of finished office space and 18,030 SF of open warehouse area. The office space contains multiple private offices, half-baths, and a finished area previously used as an apartment, complete with a full kitchen, living room, multiple rooms, bathrooms, and laundry hookups. This space can be repurposed for additional offices, a breakroom, or on-site staff accommodations. The warehouse features concrete floors, partial and full dividing walls, and plywood lining up to eight feet. It has a 14-foot eave height and is centrally heated and cooled. The property is accessible via a 30-foot ingress/egress easement on Greenwave Drive from Dillard Street. The exterior includes 17,000 SF of asphalt and gravel parking, plus an additional 1,500 SF gravel drive. There is also a 625 SF covered loading area, along with one 10' x 10' drive-thru door and one 10' x 10' dock door with a 25' x 25' loading well. The location offers convenient access to Reelfoot Lake State Park and Dyersburg Municipal Airport. State Routes 22, 78, 79, 181, and 21 provide direct connections to Jackson (75 miles) and Memphis (100 miles). Historically, the property's M-1 zoning allowed for various industrial, commercial, and agricultural uses, including warehousing, manufacturing, automotive services, and professional offices. The area has potential for growth with the development of a new river port and increased economic activity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Flex space

    Map

    City
    Ridgely
    County
    Lake
    State
    Tennessee
    Longitude
    -89.485796
    Latitude
    36.257823

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    FAQs

    What type of property is this?
    Warehouse - 21,386 SF office/warehouse on 3 acres in Ridgely, TN.
    Where is this warehouse located?
    The property is located at 305 Greenwave Dr Ridgely, TN.
    What is the asking price?
    The asking price for this property is $279,900.
    What are key features of this property?
    This property features: - Potential for re-zoning back to M-1 for industrial use, offering flexibility.; - Benefit from a large 18,030 SF warehouse space featuring concrete floors, partial/full dividing walls, 14-foot eave height, and central heating/cooling.; - Includes 3,356 SF of finished office space with private offices, half-baths, and a finished apartment with a full kitchen and laundry hookups.
    (731) 431-9479
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    305 Greenwave Dr Ridgely, TN 38080
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    Ridgely, TN 38080
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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
    305 Greenwave Dr Ridgely, TN 38080
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    We can help!
    Listing Contact
    Bradley V Arnold
    Bradley V Arnold
    Real Estate License ID: 277769
    (731) 431-9479
    Learn more
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