Renovated Storefront
For Sale
$1,500,000
820 S Jefferson Avenue, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size3,657 SF
Lot Size0.41 Acres
Price / SF$410.17
Days on Market35
Property Features for 820 S Jefferson Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning
CG
Directions
From Nashville , I 40 East to Exit # 287, L onto S Jefferson, Property on Right. Located approximately 1/2 mile from I-40 Exit.
Subdivision
Putnam Co SE, TN
Standard status
Active
APN
023.00
Size
3,657 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Annual Amount
7773
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1935
Floors in Building
1
Building materials
Block
Roof type
Flat
Listing Agency:
Crye-Leike Lebanon
(615) 444-9777
Listed By:
Wes Stone · License #279833
(615) 289-9551
Added: Aug 3
Changed: Aug 20
Last Checked: Sep 6 at 2:06AM
MLS# 234560
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 3,657-square-foot commercial building offers a compact storefront area alongside office space. Originally constructed in 1935 with block construction, it was renovated in 2000 and includes central heating, central air, public water, and a flat roof. The parcel measures 0.41 acres and has level topography.
The property is within Cookeville city limits and sits within 1/2 mile of I-40 at exit 287. Major chain stores and restaurants are visible from the property. On-site improvements include 4,680 square feet of asphalt paving with 15 open parking spaces. The current zoning designation is CG.
The property is within Cookeville city limits and sits within 1/2 mile of I-40 at exit 287. Major chain stores and restaurants are visible from the property. On-site improvements include 4,680 square feet of asphalt paving with 15 open parking spaces. The current zoning designation is CG.
Key Highlights
- 3,657‑square‑foot building on a 0.41‑acre parcel
- Renovated in 2000; original 1935 block construction
- Storefront area combined with office 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
$57,211
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
3.81%
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%
$1,144,220
$1.1M
Cap Rate 7%
$817,300
$817.3K
Cap Rate 9%
$635,678
$635.7K
Market Conditions
NOI Build-Up for 3,657 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
$84.3K $23.04/SF
− Vacancy
−$2.5K −$0.69/SF
EGI
$81.7K $22.35/SF
− OpEx
−$24.5K −$6.70/SF
NOI
$57.2K $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%
$1,144,220
Cap Rate 7%
$817,300
Cap Rate 9%
$635,678
Alternative Uses
Best Use
Retail
$817.3K
$715.1K – $953.5K
NOI $57,211 @ 7.0% cap · market cap 3.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.51M
$1.32M – $1.76M
NOI $105,652 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
683
Businesses Nearby
Balanced
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
Market
Vacancy Rate% for Retail 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?
Storefront property - The building combines a retail area with offices under CG zoning.
Where is this storefront property located?
The property is located at 820 S Jefferson Avenue Cookeville, TN.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 3,657‑square‑foot building on a 0.41‑acre parcel; Renovated in 2000; original 1935 block construction; Storefront area combined with office space
