Three-Unit Corner Office
For Sale
Contact for pricing
101 North Highland Avenue, Jackson, TN 38301
Historic 1920 office building with two leased units through December 2028 and a vacant first floor with parking lot access.
Property Size9,396 SF
Price / SF$127.71
Days on Market63
Property Features for 101 North Highland Avenue
General Information
Standard status
Active
Size
9,396 SF
Class
A
Property subtype
Office
Occupancy
66%
Investment Type
Core
Additional Details
Office Units
3
Building Details
Year Built
1920
Units
3
Tenancy
Multi
Listing Agency:
Prosper Realty Group
(731) 467-0036
Listed By:
Clay Fowler · License #330963
Source:
Crexi
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 12 at 4:32AM
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 Prosper Realty Group
Investment Insights
Based on property information with market context.
This historic office building, built in 1920, contains three office units within a 9,396 SF structure. The property is currently 66% occupied, with the first floor vacant and available for immediate move-in. The building also includes an unfinished basement totaling 2,349 SF, offering additional flexible interior space. Existing lease agreements for the second and third floors extend through December 2028.
Located at 101 North Highland Avenue in Jackson, TN, the property sits on a corner with street frontage at Main and Highland. The site includes a spacious parking lot designed to support tenant and visitor access.
For buyers seeking an income-producing office property, the currently leased second and third floors provide in-place agreements through December 2028 while the vacant first floor gives an operator the option to customize or re-tenant space. The combination of a multi-unit configuration, on-site parking, and available basement space can support a range of office tenants or office-building ownership strategies, subject to applicable leasing plans and building use requirements.
Located at 101 North Highland Avenue in Jackson, TN, the property sits on a corner with street frontage at Main and Highland. The site includes a spacious parking lot designed to support tenant and visitor access.
For buyers seeking an income-producing office property, the currently leased second and third floors provide in-place agreements through December 2028 while the vacant first floor gives an operator the option to customize or re-tenant space. The combination of a multi-unit configuration, on-site parking, and available basement space can support a range of office tenants or office-building ownership strategies, subject to applicable leasing plans and building use requirements.
Key Highlights
- 9,396 SF historic office building built in 1920 at 101 N Highland Ave in Jackson, TN
- 3‑unit property with a 66% occupancy rate; first floor is vacant and ready for immediate move‑in
- Second and third floors have existing leases through December 2028
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
$100,268
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
8.36%
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%
$2,005,360
$2.0M
Cap Rate 7%
$1,432,400
$1.4M
Cap Rate 9%
$1,114,089
$1.1M
Market Conditions
NOI Build-Up for 9,396 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
$160.1K $17.04/SF
− Vacancy
−$26.4K −$2.81/SF
EGI
$133.7K $14.23/SF
− OpEx
−$33.4K −$3.56/SF
NOI
$100.3K $10.67/SF
Area
Madison County, TN
Vacancy
16.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
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%
$2,005,360
Cap Rate 7%
$1,432,400
Cap Rate 9%
$1,114,089
Alternative Uses
Best Use
Office B
$1.43M
$1.25M – $1.67M
NOI $100,268 @ 7.0% cap · market cap 8.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.93M
$1.69M – $2.26M
NOI $135,438 @ 7.0% cap · market cap 11.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
1,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 38301, TN
34,170
Population
15,769
Households
2.2
Avg Household Size
37
Median Age
16%
College-Educated
85%
High-School Grad
150.9 sq mi
ZIP Area
226
Density / Sq Mi
$40,062
Median Household Income
$28,542
Median Earnings
$958
Median Rent
$119,400
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?
Office building - Historic 1920 office building with two leased units through December 2028 and a vacant first floor with parking lot access.
Where is this office building located?
The property is located at 101 North Highland Avenue Jackson, TN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 9,396 SF historic office building built in 1920 at 101 N Highland Ave in Jackson, TN; 3‑unit property with a 66% occupancy rate; first floor is vacant and ready for immediate move‑in; Second and third floors have existing leases through December 2028
