Mixed-Use Property with 5-Bay
For Sale
$499,900
632 Inman Street E, Cleveland, TN 37311
COMMERCIAL - Cleveland, TN
Property Size2,536 SF
Lot Size0.82 Acres
Price / SF$197.12
Days on Market695
Property Features for 632 Inman Street E
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Lot features
Corner Lot, Corner Lot
Elementary school
Arnold
Middle school
Cleveland
High school
Cleveland
Directions
Corner of Inman and Dooley
Standard status
Active
APN
057d K 01200 000
Size
2,536 SF
Lot size
0.82 Acres
Taxes and HOA fees
Tax Annual Amount
2476
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1977
Flooring type
Carpet
Building materials
Wood Siding
Roof type
Shingle
Listing Agency:
Epique Realty
(888) 893-3537
Listed By:
Toye Sowder · License #264789
(423) 313-8891
Added: Sep 17, 2024
Changed: Aug 4
Last Checked: Aug 12 at 3:06PM
MLS# 20241565
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.
This mixed-use property contains 2,536 square feet across a retail-oriented main level and an upper floor configured for multifamily residential living. A 5-bay garage adds functional utility, while wood siding, carpet flooring, and a shingle roof reflect the existing construction. The property was built in 1977 and includes public water and public sewer service, with cable available.
The offering includes two parcels totaling 0.82 acres, including the vacant lot adjoining the building. The site occupies a corner location in downtown Cleveland at the gateway into the city, with 291 feet of frontage along Inman Street and 170 feet along Dooley Street. It is positioned just off APD 40 and 64 Hwy.
The offering includes two parcels totaling 0.82 acres, including the vacant lot adjoining the building. The site occupies a corner location in downtown Cleveland at the gateway into the city, with 291 feet of frontage along Inman Street and 170 feet along Dooley Street. It is positioned just off APD 40 and 64 Hwy.
Key Highlights
- 2,536‑square‑foot mixed‑use building with retail space on the main level and residential living above
- 5‑bay garage included with the property
- Two parcels totaling 0.82 acres, including an adjoining vacant lot
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
$25,677
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
5.14%
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%
$513,540
$513.5K
Cap Rate 7%
$366,814
$366.8K
Cap Rate 9%
$285,300
$285.3K
Market Conditions
NOI Build-Up for 2,536 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
$45.6K $18.00/SF
− Vacancy
−$4.6K −$1.80/SF
EGI
$41.1K $16.20/SF
− OpEx
−$15.4K −$6.07/SF
NOI
$25.7K $10.13/SF
Area
Bradley County, TN
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$513,540
Cap Rate 7%
$366,814
Cap Rate 9%
$285,300
Alternative Uses
Best Use
Mixed Use
$366.8K
$321.0K – $428.0K
NOI $25,677 @ 7.0% cap · market cap 5.14%
Second Best
Retail
$342.4K
$299.6K – $399.4K
NOI $23,965 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$532.1K
$465.6K – $620.8K
NOI $37,249 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
545
Businesses Nearby
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 Multifamily 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 - Two-parcel commercial property combines retail space, upper-level residential living, and a separate vacant lot.
Where is this mixed-use property located?
The property is located at 632 Inman Street E Cleveland, TN.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 2,536‑square‑foot mixed‑use building with retail space on the main level and residential living above; 5‑bay garage included with the property; Two parcels totaling 0.82 acres, including an adjoining vacant lot
