Renovated Flex Space with RV
For Sale
$429,000
8515 Cookeville Boatdock Rd, Baxter, TN 38544
Commercial Sale, Baxter, TN
Property Size3,000 SF
Lot Size0.21 Acres
Price / SF$143
Days on Market33
Property Features for 8515 Cookeville Boatdock Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Paved or Surfaced
Directions
From Putnam Co Courthouse: take S Lowe Ave. In 0.5 mi turn R onto E Jackson. In 0.8 mi turn L onto S Willow. In 11 mi turn R onto Baxter Rd. Property is on L in 150 ft.
Subdivision
Putnam Co SW, TN
Standard status
Active
APN
112 066.02
Size
3,000 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
323
Utilities
Water source
Public
Building Details
Year built
2000
Floors in Building
1
Building materials
Frame, Metal Siding
Roof type
Metal
Listing Agency:
The Realty Firm
(931) 520-7750
Listed By:
Christy Ehlert-Wagner
(931) 979-1977
Added: Aug 4
Changed: Aug 20
Last Checked: Sep 5 at 11:06AM
MLS# 245897
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 approximately 3,000-square-foot flex property combines commercial utility with residential-style accommodations. The building includes living quarters, a full bathroom, an open loft, and a garage or shop area with a new six-inch concrete floor and RV garage door. Interior and structural improvements include rebuilt piers, joists, studs, plumbing, electrical systems, and insulation in the living quarters. The frame building has metal siding and a metal roof, with public water service and paved parking.
Located on Cookeville Boatdock Road in Baxter, the property is approximately eight minutes from Cookeville Boat Dock on Center Hill Lake and 10–12 minutes from I-40, Home Depot, and Target. Its configuration supports a range of commercial and live-work concepts, including a market, lake-oriented retail use, bait shop, or custom-finished workspace, subject to applicable approvals.
Located on Cookeville Boatdock Road in Baxter, the property is approximately eight minutes from Cookeville Boat Dock on Center Hill Lake and 10–12 minutes from I-40, Home Depot, and Target. Its configuration supports a range of commercial and live-work concepts, including a market, lake-oriented retail use, bait shop, or custom-finished workspace, subject to applicable approvals.
Key Highlights
- Approximately 3,000 square feet on 0.207 acres
- Renovated frame building with metal siding and metal roof
- Living quarters with full bathroom and insulated walls and ceilings
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
$30,375
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
7.08%
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%
$607,500
$607.5K
Cap Rate 7%
$433,929
$433.9K
Cap Rate 9%
$337,500
$337.5K
Market Conditions
NOI Build-Up for 3,000 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
$54.0K $18.00/SF
− Vacancy
−$5.4K −$1.80/SF
EGI
$48.6K $16.20/SF
− OpEx
−$18.2K −$6.07/SF
NOI
$30.4K $10.13/SF
Area
Putnam 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%
$607,500
Cap Rate 7%
$433,929
Cap Rate 9%
$337,500
Alternative Uses
Best Use
Retail
$670.5K
$586.7K – $782.2K
NOI $46,932 @ 7.0% cap · market cap 10.94%
Second Best
Office B
$592.5K
$518.4K – $691.2K
NOI $41,472 @ 7.0% cap · market cap 9.67%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,671 @ 7.0% cap · market cap 20.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 38544, TN
7,435
Population
3,327
Households
2.2
Avg Household Size
40
Median Age
16%
College-Educated
85%
High-School Grad
79.2 sq mi
ZIP Area
94
Density / Sq Mi
$66,801
Median Household Income
$42,188
Median Earnings
$904
Median Rent
$222,500
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?
Flex space - Flexible commercial building with living quarters, shop space, and finish-to-suit potential near Center Hill Lake.
Where is this flex space located?
The property is located at 8515 Cookeville Boatdock Rd Baxter, TN.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Approximately 3,000 square feet on 0.207 acres; Renovated frame building with metal siding and metal roof; Living quarters with full bathroom and insulated walls and ceilings
