Pine Wood Office Complex
For Sale
$3,500,000
10541 Cedar Grove Rd, Smyrna, TN 37167
Two-building office complex in high-traffic area near Stonecrest Medical
Property Size9,700 SF
Lot Size0.35 Acres
Price / SF$360.82
Days on Market162
Property Features for 10541 Cedar Grove Rd
General Information
Standard status
Active
Size
9,700 SF
Lot size
0.35 Acres
Property subtype
Commercial
Amenities
Shingle Roof
Building Details
Year Built
2004
Listing Agency:
BUYER'S AGENT OF NASHVILLE & MID TN
(615) 500-1428
Listed By:
JOHN R PHILLIPS
Source:
Corcoran
Added: Mar 2
Changed: Aug 9
Last Checked: Aug 9 at 9:10PM
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 BUYER'S AGENT OF NASHVILLE & MID TN
Investment Insights
Based on property information with market context.
The Pine Wood Office Complex consists of two buildings, located at 10541 and 10543 Cedar Grove Road, each containing 4,850 square feet. The total property size is 9,700 square feet. The building at 10541 Cedar Grove Road houses four tenants, while 10543 Cedar Grove Road contains two tenants, one of which is the owning entity. Situated within the Stonecrest Medical Center Complex area, the property benefits from high traffic and close proximity to I-24. Utilities are separately metered for each tenant, who are responsible for paying their pro-rated share of the property taxes. The potential monthly income may be $19,400 per month.
Key Highlights
- High traffic location within Stonecrest Medical Center Complex with close proximity to I‑24.
- Potential monthly income of $19,400.
- Two buildings, each with 4,850 sq. ft.
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
$162,291
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
4.64%
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%
$3,245,820
$3.2M
Cap Rate 7%
$2,318,443
$2.3M
Cap Rate 9%
$1,803,233
$1.8M
Market Conditions
NOI Build-Up for 9,700 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
$256.1K $26.40/SF
− Vacancy
−$39.7K −$4.09/SF
EGI
$216.4K $22.31/SF
− OpEx
−$54.1K −$5.58/SF
NOI
$162.3K $16.73/SF
Area
Rutherford County, TN
Vacancy
15.50%
Lease Rate
$26.40 /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%
$3,245,820
Cap Rate 7%
$2,318,443
Cap Rate 9%
$1,803,233
Alternative Uses
Best Use
Office B
$2.32M
$2.03M – $2.70M
NOI $162,291 @ 7.0% cap · market cap 4.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.35M
$2.93M – $3.91M
NOI $234,662 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,167
Businesses Nearby
Explore this area
Business Placement
Demographics for 37167, TN
61,731
Population
23,694
Households
2.6
Avg Household Size
36
Median Age
28%
College-Educated
90%
High-School Grad
55.0 sq mi
ZIP Area
1,122
Density / Sq Mi
$79,720
Median Household Income
$42,705
Median Earnings
$1,359
Median Rent
$330,600
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 - Two-building office complex in high-traffic area near Stonecrest Medical
Where is this office building located?
The property is located at 10541 Cedar Grove Rd Smyrna, TN.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: High traffic location within Stonecrest Medical Center Complex with close proximity to I‑24.; Potential monthly income of $19,400.; Two buildings, each with 4,850 sq. ft.
