Flex Condo With Warehouse
For Sale
$675,000
1-5 Industrial Park Dr, Hendersonville, TN 37075
Commercial condo combining office accommodations with functional warehouse space and an overhead door.
Property Size4,100 SF
Price / SF$164.63
Days on Market12
Property Features for 1-5 Industrial Park Dr
General Information
Standard status
Active
Size
4,100 SF
Warehouse & Industrial
Warehouse Space
2,050 SF
Office Build-Out
2,050 SF
Additional Details
Office Units
1
Amenities
conference room
Listing Agency:
Caudill Properties
(615) 824-0510
Listed By:
Bryan R. Miller
(615) 516-9672
Source:
Exprealty
Added: Sep 1
Changed: Sep 10
Last Checked: Sep 11 at 3:03PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Caudill Properties
Investment Insights
Based on property information with market context.
Unit 1 is a commercial condominium positioned at the back left of the property, with a layout that separates administrative and warehouse functions. The office component measures 2,050 square feet and includes four offices, a conference room, and a utility room. An additional 2,050 square feet of warehouse space provides an overhead door for loading and access.
The property is located at 1-5 Industrial Park Dr in Hendersonville, TN. The building has a new roof, and additional parking is available at the rear. This configuration offers a defined office area alongside dedicated warehouse space within the same commercial condo unit.
The property is located at 1-5 Industrial Park Dr in Hendersonville, TN. The building has a new roof, and additional parking is available at the rear. This configuration offers a defined office area alongside dedicated warehouse space within the same commercial condo unit.
Key Highlights
- 2,050 SF of office space with four offices
- 2,050 SF warehouse area with an overhead door
- Conference room and utility room included
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
$32,925
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
4.88%
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%
$658,500
$658.5K
Cap Rate 7%
$470,357
$470.4K
Cap Rate 9%
$365,833
$365.8K
Market Conditions
NOI Build-Up for 4,100 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
$40.0K $9.75/SF
− Vacancy
−$1.2K −$0.30/SF
EGI
$38.7K $9.45/SF
− OpEx
−$5.8K −$1.42/SF
NOI
$32.9K $8.03/SF
Area
Sumner County, TN
Vacancy
3.10%
Lease Rate
$9.75 /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%
$658,500
Cap Rate 7%
$470,357
Cap Rate 9%
$365,833
Alternative Uses
Best Use
Office B
$980.0K
$857.5K – $1.14M
NOI $68,597 @ 7.0% cap · market cap 10.16%
Second Best
Warehouse
$470.4K
$411.6K – $548.8K
NOI $32,925 @ 7.0% cap · market cap 4.88%
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.67M
NOI $100,459 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
885
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37075, TN
71,023
Population
29,600
Households
2.4
Avg Household Size
39
Median Age
42%
College-Educated
95%
High-School Grad
59.0 sq mi
ZIP Area
1,204
Density / Sq Mi
$97,597
Median Household Income
$50,323
Median Earnings
$1,552
Median Rent
$403,400
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 - Commercial condo combining office accommodations with functional warehouse space and an overhead door.
Where is this flex space located?
The property is located at 1-5 Industrial Park Dr Hendersonville, TN.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,050 SF of office space with four offices; 2,050 SF warehouse area with an overhead door; Conference room and utility room included
