Two-Bedroom Condo Income
For Sale
$200,000
1010 Country Club Rd #I4, Cookeville, TN 38501
Condominium ownership includes private common-pool access, a patio, and a full complement of kitchen and laundry appliances.
Property Size1,088 SF
Price / SF$183.82
Days on Market156
Property Features for 1010 Country Club Rd #I4
General Information
Standard status
Active
Size
1,088 SF
Property subtype
Unimproved Land
Units
Unit Mix
1 x 2BR/1.5BA
Multifamily Units
1
Amenities
private common pool
Central
Electric
Central Air
Electric Oven
Cooktop
Dishwasher
Dryer
Microwave
Refrigerator
Washer
Patio, Electricity Available, Water Available, Shingle
Building Details
Year Built
1972
Listing Agency:
The Huffaker Group, LLC
Listed By:
David Huffaker · License #293136
(615) 480-9617
Source:
Kw
Added: Apr 1
Changed: Sep 2
Last Checked: Sep 3 at 5:18AM
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 The Huffaker Group, LLC
Investment Insights
Based on property information with market context.
Putnam House offers a 1,088-square-foot condominium with two bedrooms and one-and-a-half baths. The 1972 residence includes central air, electric heating, a kitchen equipped with an oven, cooktop, dishwasher, microwave, and refrigerator, plus a washer and dryer. A patio extends the usable living area, while water and electricity are available as exterior features.
The property is located at 1010 Country Club Rd #I4 in Cookeville, Tennessee. TTU campus, local restaurants, and golf courses are accessible by a short walk or drive. Ownership also includes use of a private common pool.
The property is located at 1010 Country Club Rd #I4 in Cookeville, Tennessee. TTU campus, local restaurants, and golf courses are accessible by a short walk or drive. Ownership also includes use of a private common pool.
Key Highlights
- 1,088‑square‑foot condominium with two bedrooms and one‑and‑a‑half baths
- Built in 1972 with central air and electric systems
- Kitchen includes oven, cooktop, dishwasher, microwave, and refrigerator
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
$10,708
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
5.35%
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%
$214,160
$214.2K
Cap Rate 7%
$152,971
$153.0K
Cap Rate 9%
$118,978
$119.0K
Market Conditions
NOI Build-Up for 1,088 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
$20.9K $19.20/SF
− Vacancy
−$1.4K −$1.31/SF
EGI
$19.5K $17.89/SF
− OpEx
−$8.8K −$8.05/SF
NOI
$10.7K $9.84/SF
Area
Putnam County, TN
Vacancy
6.80%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
45.00%
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%
$214,160
Cap Rate 7%
$152,971
Cap Rate 9%
$118,978
Alternative Uses
Best Use
Apartment 5plus
$153.0K
$133.9K – $178.5K
NOI $10,708 @ 7.0% cap · market cap 5.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$449.0K
$392.9K – $523.9K
NOI $31,433 @ 7.0% cap · market cap 15.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Condominium ownership includes private common-pool access, a patio, and a full complement of kitchen and laundry appliances.
Where is this residential income property located?
The property is located at 1010 Country Club Rd #I4 Cookeville, TN.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: 1,088‑square‑foot condominium with two bedrooms and one‑and‑a‑half baths; Built in 1972 with central air and electric systems; Kitchen includes oven, cooktop, dishwasher, microwave, and refrigerator
