Three-Level Mixed-Use
For Sale
$1,750,000
404 N Willow Avenue, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size7,740 SF
Lot Size0.21 Acres
Price / SF$226.10
Days on Market58
Property Features for 404 N Willow Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
CL
Security features
Security System
Window features
Window Coverings
Fireplace
1
Accessibility
Accessible Approach with Ramp
Directions
From PCCH: West on Spring Street, Right on Willow, Property situated on corner of N Willow and W 4th Street
Subdivision
Cookeville NW, TN
Standard status
Active
APN
001.00
Size
7,740 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
15006
Utilities
Utilities
Electricity Available
Heating system
Natural Gas, Fireplace(s), Central
Cooling system
Central Air
Water source
Public
Amenities
security-coded elevator access
Building Details
Year built
2017
Floors in Building
3
Number of units
3
Building materials
Frame, Brick
Roof type
Rubber, Flat
Listing Agency:
Highlands Elite Real Estate LLC
(931) 400-8820
Listed By:
Wayne Russell · License #333678
(931) 260-3743
Added: Jun 29
Changed: Aug 20
Last Checked: Aug 25 at 4:06PM
MLS# 244755
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 three-level mixed-use property contains medical, retail, and office space across the primary and second levels, with a fully furnished apartment on the third floor. The 7,740-square-foot complex was built in 2017 and updated and reconfigured in 2023. Each level is served by a security-coded elevator, and the property includes central air, natural gas heat, a fireplace, a flat rubber roof, public water, and an accessible ramp approach.
The property occupies the intersection of North Willow Avenue and West 4th Street in Cookeville. Average annual daily traffic at the corner exceeds 21,000 vehicles, while Cookeville Regional Medical Center is less than 500 feet away and Tennessee Technological University is approximately 1,500 feet away. Local Commercial (CL) zoning applies.
The configuration allows an owner to use all or part of the complex and lease the balance, as supported by the existing combination of commercial space and residential accommodation.
The property occupies the intersection of North Willow Avenue and West 4th Street in Cookeville. Average annual daily traffic at the corner exceeds 21,000 vehicles, while Cookeville Regional Medical Center is less than 500 feet away and Tennessee Technological University is approximately 1,500 feet away. Local Commercial (CL) zoning applies.
The configuration allows an owner to use all or part of the complex and lease the balance, as supported by the existing combination of commercial space and residential accommodation.
Key Highlights
- 7,740‑square‑foot mixed‑use complex on 0.2129 acres
- Built in 2017; updated and reconfigured in 2023
- Medical, retail, office, and fully furnished apartment space
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
$121,086
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
6.92%
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%
$2,421,720
$2.4M
Cap Rate 7%
$1,729,800
$1.7M
Cap Rate 9%
$1,345,400
$1.3M
Market Conditions
NOI Build-Up for 7,740 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
$178.3K $23.04/SF
− Vacancy
−$5.3K −$0.69/SF
EGI
$173.0K $22.35/SF
− OpEx
−$51.9K −$6.70/SF
NOI
$121.1K $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%
$2,421,720
Cap Rate 7%
$1,729,800
Cap Rate 9%
$1,345,400
Alternative Uses
Best Use
Retail
$1.73M
$1.51M – $2.02M
NOI $121,086 @ 7.0% cap · market cap 6.92%
Second Best
Office B
$1.53M
$1.34M – $1.78M
NOI $106,998 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$3.19M
$2.80M – $3.73M
NOI $223,610 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,516
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible medical, retail, office, and furnished apartment space supports multiple occupancy configurations.
Where is this mixed-use property located?
The property is located at 404 N Willow Avenue Cookeville, TN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 7,740‑square‑foot mixed‑use complex on 0.2129 acres; Built in 2017; updated and reconfigured in 2023; Medical, retail, office, and fully furnished apartment space
