Move-in Ready Office
For Sale
$505,000
106 Mission Ct, Franklin, TN 37067
Two-story office condo in Franklin's Cool Springs area.
Property Size1,120 SF
Lot Size0.03 Acres
Price / SF$450.89
Days on Market270
Property Features for 106 Mission Ct
General Information
Standard status
Active
Size
1,120 SF
Lot size
0.03 Acres
Property subtype
Commercial
Building Details
Year Built
2005
Listing Agency:
COMPASS RE
(615) 475-5616
Listed By:
WES WRAY · License #TN 369199
Source:
Corcoran
Added: Nov 11, 2025
Changed: Aug 8
Last Checked: Apr 5 at 9:12PM
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 COMPASS RE
Investment Insights
Based on property information with market context.
This move-in ready, two-story office condo offers approximately 1,120 square feet in Franklin’s Cool Springs area. Suite 101 features a functional layout with two private offices on the main level and two office areas upstairs. Additional amenities include a storage room, kitchenette, and two restrooms, one located on each level. The property is delivered vacant, making it suitable for either an owner-user or an investor. It is situated in a well-maintained professional office park that provides ample parking and excellent access to I-65, McEwen Drive, and Carothers Parkway.
Key Highlights
- Move‑in ready, ±1,120 SF office condo in Cool Springs.
- Functional layout featuring 4 office areas, kitchenette, and 2 restrooms.
- Excellent access to I‑65, McEwen Drive, and Carothers Parkway.
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
$18,739
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
3.71%
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%
$374,780
$374.8K
Cap Rate 7%
$267,700
$267.7K
Cap Rate 9%
$208,211
$208.2K
Market Conditions
NOI Build-Up for 1,120 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
$29.6K $26.40/SF
− Vacancy
−$4.6K −$4.09/SF
EGI
$25.0K $22.31/SF
− OpEx
−$6.2K −$5.58/SF
NOI
$18.7K $16.73/SF
Area
Williamson 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%
$374,780
Cap Rate 7%
$267,700
Cap Rate 9%
$208,211
Alternative Uses
Best Use
Office B
$267.7K
$234.2K – $312.3K
NOI $18,739 @ 7.0% cap · market cap 3.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$328.3K
$287.3K – $383.0K
NOI $22,982 @ 7.0% cap · market cap 4.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,501
Businesses Nearby
Explore this area
Business Placement
Demographics for 37067, TN
31,465
Population
14,087
Households
2.2
Avg Household Size
38
Median Age
67%
College-Educated
97%
High-School Grad
32.5 sq mi
ZIP Area
968
Density / Sq Mi
$110,202
Median Household Income
$63,824
Median Earnings
$1,860
Median Rent
$686,200
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 units - Two-story office condo in Franklin's Cool Springs area.
Where is this office units located?
The property is located at 106 Mission Ct Franklin, TN.
What is the asking price?
The asking price for this property is $505,000.
What are key features of this property?
This property features: Move‑in ready, ±1,120 SF office condo in Cool Springs.; Functional layout featuring 4 office areas, kitchenette, and 2 restrooms.; Excellent access to I‑65, McEwen Drive, and Carothers Parkway.
