Two-Story Office/Retail
For Sale
$649,900
107 S Washington, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size3,408 SF
Price / SF$190.70
Days on Market53
Property Features for 107 S Washington
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
CBD
Parking features
Offsite, On Street
Accessibility
Accessible Approach with Ramp
Directions
From PCCH: South on S Washington to property on right
Subdivision
Cookeville NE, TN
Standard status
Active
APN
002.00
Size
3,408 SF
Taxes and HOA fees
Tax Annual Amount
3411
Utilities
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
2
Building materials
Block, Brick, Metal Siding
Roof type
Flat, Composition
Listing Agency:
Highlands Elite Real Estate LLC
(931) 400-8820
Listed By:
Wayne Russell · License #333678
(931) 260-3743
Added: Jul 1
Changed: Aug 20
Last Checked: Aug 22 at 7:06AM
MLS# 245525
Copyright © 2026 Upper Cumberland Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Well-maintained two-level office/retail building totaling approximately 3,408 square feet, fronting S. Washington Avenue in downtown Cookeville. The first floor features a flexible, owner/tenant-ready layout with multiple private offices, men’s and women’s restrooms, a kitchenette, and an open bullpen area suited for collaborative work or receptionist functions. A finished basement adds additional open flex space and restrooms, providing room for storage, support functions, or adaptable workspace.
The property is located in the Central Business District (CBD) zoning designation and benefits from strong walkability, visibility, and proximity to local amenities, municipal services, and public parking. Parking is available via offsite and on-street options, and the property has an accessible approach with a ramp.
Constructed with block and brick and finished with metal siding, the building includes central heating and central air conditioning. The roof is flat with composition roofing, and the property was built in 1950.
The property is located in the Central Business District (CBD) zoning designation and benefits from strong walkability, visibility, and proximity to local amenities, municipal services, and public parking. Parking is available via offsite and on-street options, and the property has an accessible approach with a ramp.
Constructed with block and brick and finished with metal siding, the building includes central heating and central air conditioning. The roof is flat with composition roofing, and the property was built in 1950.
Key Highlights
- Approximately 3,408 square feet with two defined levels plus a finished basement
- Fronts S. Washington Avenue in downtown Cookeville
- CBD zoning designation
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
$53,315
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
8.20%
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%
$1,066,300
$1.1M
Cap Rate 7%
$761,643
$761.6K
Cap Rate 9%
$592,389
$592.4K
Market Conditions
NOI Build-Up for 3,408 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
$78.5K $23.04/SF
− Vacancy
−$2.4K −$0.69/SF
EGI
$76.2K $22.35/SF
− OpEx
−$22.8K −$6.70/SF
NOI
$53.3K $15.64/SF
Area
Putnam County, TN
Vacancy
3.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
30.00%
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%
$1,066,300
Cap Rate 7%
$761,643
Cap Rate 9%
$592,389
Alternative Uses
Best Use
Retail
$761.6K
$666.4K – $888.6K
NOI $53,315 @ 7.0% cap · market cap 8.20%
Second Best
Office B
$673.0K
$588.9K – $785.2K
NOI $47,112 @ 7.0% cap · market cap 7.25%
Theoretical Best
Office A
$1.41M
$1.23M – $1.64M
NOI $98,458 @ 7.0% cap · market cap 15.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
163
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Two-story office/retail building with a finished basement, accessible entry, and central HVAC plus offsite and on-street parking.
Where is this office building located?
The property is located at 107 S Washington Cookeville, TN.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Approximately 3,408 square feet with two defined levels plus a finished basement; Fronts S. Washington Avenue in downtown Cookeville; CBD zoning designation
