Corner Restaurant Turnkey
For Sale
$249,900
4628 W Broad St, Cookeville, TN 38501
Fully renovated corner restaurant space with a front patio seating area, bar-top service, and approximately 20 parking spaces.
Property Size960 SF
Price / SF$260.31
Days on Market173
Property Features for 4628 W Broad St
General Information
Standard status
Active
Size
960 SF
Total Parking Spaces
20
Site & Location
Traffic Count
7,300 vehicles/day
Highway Access
Yes
Additional Details
Furnished
Yes
Taxes and HOA fees
Annual Taxes
$938
Amenities
front patio seating area
high-end commercial appliances
bar-top service area
security system with cameras
Listing Agency:
Highlands Elite Real Estate LLC
(931) 644-3311
Listed By:
Brandon Farley
(931) 644-3311
Source:
Exprealty
Added: Mar 13
Changed: Aug 21
Last Checked: Aug 30 at 10:07PM
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 Highlands Elite Real Estate LLC
Investment Insights
Based on property information with market context.
Fully renovated commercial property located on a corner site and presented turn-key for restaurant, coffee shop, or sports bar concepts. The updates include a new roof, updated electrical and plumbing, fresh interior and exterior paint, and a newly concreted parking area. Interior features include a front patio seating area for outdoor dining, high-end commercial appliances, and a bar-top service area. A security system with cameras will convey.
The property is located on W Broad St in the Cookeville/Baxter corridor, just minutes from I-40, with an over 7,300 AADT count.
Approximately 20 parking spaces are available for customer access and convenience.
The property is located on W Broad St in the Cookeville/Baxter corridor, just minutes from I-40, with an over 7,300 AADT count.
Approximately 20 parking spaces are available for customer access and convenience.
Key Highlights
- Fully renovated corner commercial property with front patio seating area for outdoor dining
- Previously operated as a restaurant; suitable for a restaurant, coffee shop, or sports bar concept
- Major improvements include new roof, updated electrical and plumbing, fresh interior/exterior paint, and newly concreted parking area
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
$15,892
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
6.36%
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%
$317,840
$317.8K
Cap Rate 7%
$227,029
$227.0K
Cap Rate 9%
$176,578
$176.6K
Market Conditions
NOI Build-Up for 960 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
$22.1K $23.04/SF
− Vacancy
−$929 −$0.97/SF
EGI
$21.2K $22.07/SF
− OpEx
−$5.3K −$5.52/SF
NOI
$15.9K $16.55/SF
Area
Putnam County, TN
Vacancy
4.20%
Lease Rate
$23.04 /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%
$317,840
Cap Rate 7%
$227,029
Cap Rate 9%
$176,578
Alternative Uses
Best Use
Specialty Retail
$227.0K
$198.7K – $264.9K
NOI $15,892 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$396.2K
$346.7K – $462.3K
NOI $27,735 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7,300 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
30
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully renovated corner restaurant space with a front patio seating area, bar-top service, and approximately 20 parking spaces.
Where is this conventional restaurant located?
The property is located at 4628 W Broad St Cookeville, TN.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Fully renovated corner commercial property with front patio seating area for outdoor dining; Previously operated as a restaurant; suitable for a restaurant, coffee shop, or sports bar concept; Major improvements include new roof, updated electrical and plumbing, fresh interior/exterior paint, and newly concreted parking area
