Flex Building with
For Sale
$529,000
340 Old Gainesboro Hwy, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size3,840 SF
Lot Size0.79 Acres
Price / SF$137.76
Days on Market72
Property Features for 340 Old Gainesboro Hwy
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
UNRES
Parking features
Paved or Surfaced
Directions
From Jackson County Courthouse: S Grundy Quarles Hwy for 8.8 miles onto Old Gainesboro Hwy (aka Gainesboro Grade). Turn left and property is 0.5 miles on the right. If coming from I-40 Baxter exit, go N on Hwy 56 (Grundy Quarles Hwy ) about 7 miles to Old Gainesboro Hwy. turn R and go 0.5 miles to property on the right.
Subdivision
Jackson Co SE, TN
Standard status
Active
APN
045.01
Size
3,840 SF
Lot size
0.79 Acres
Taxes and HOA fees
Tax Annual Amount
1483
Utilities
Utilities
Natural Gas Available
Heating system
Central, Natural Gas, Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
covered front porch
overhead garage door
natural gas HVAC
Building Details
Year built
2020
Floors in Building
1
Building materials
Frame, Stone, Metal Siding
Roof type
Metal
Listing Agency:
Horseman Real Estate, Llc
(931) 644-6590
Listed By:
Hannah Horseman · License #297619
(931) 621-3446
Added: Jul 10
Changed: Sep 13
Last Checked: Sep 19 at 5:06AM
MLS# 243811
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.
Constructed in 2020, this 3,840-square-foot flex building combines 760 square feet of office space with showroom and warehouse areas. The office portion includes central air and natural gas HVAC, while the structure features metal siding, a metal roof, and a covered front porch. An overhead garage door accommodates large delivery trucks, and the paved parking area supports customer and employee parking. Public water and natural gas are available.
The 0.788-acre parcel is located at 340 Old Gainesboro Hwy in Cookeville, near the Putnam County line in Jackson County. The property is designated UNRES, and the current operation is a family-owned flooring and carpet business. A recent survey provides updated boundary information.
The 0.788-acre parcel is located at 340 Old Gainesboro Hwy in Cookeville, near the Putnam County line in Jackson County. The property is designated UNRES, and the current operation is a family-owned flooring and carpet business. A recent survey provides updated boundary information.
Key Highlights
- 3,840‑square‑foot flex building completed in 2020
- 760 square feet of office space with showroom and warehouse areas
- 0.788‑acre parcel with a recent survey
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
$30,611
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
5.79%
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%
$612,220
$612.2K
Cap Rate 7%
$437,300
$437.3K
Cap Rate 9%
$340,122
$340.1K
Market Conditions
NOI Build-Up for 3,840 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
$37.7K $9.81/SF
− Vacancy
−$1.7K −$0.43/SF
EGI
$36.0K $9.38/SF
− OpEx
−$5.4K −$1.41/SF
NOI
$30.6K $7.97/SF
Area
Putnam County, TN
Vacancy
4.40%
Lease Rate
$9.81 /SF/Yr
Expense Ratio
15.00%
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%
$612,220
Cap Rate 7%
$437,300
Cap Rate 9%
$340,122
Alternative Uses
Best Use
Retail
$858.2K
$750.9K – $1.00M
NOI $60,074 @ 7.0% cap · market cap 11.36%
Second Best
Warehouse
$437.3K
$382.6K – $510.2K
NOI $30,611 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$1.58M
$1.39M – $1.85M
NOI $110,939 @ 7.0% cap · market cap 20.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
33
Businesses Nearby
Well-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Unrestricted flex property with office, showroom, warehouse space, paved parking, and an overhead door for delivery access.
Where is this flex space located?
The property is located at 340 Old Gainesboro Hwy Cookeville, TN.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: 3,840‑square‑foot flex building completed in 2020; 760 square feet of office space with showroom and warehouse areas; 0.788‑acre parcel with a recent survey
