Multi-Tenant Medical
1090 NEAL, Cookeville, TN 38501
For Sale
Contact for pricing
Healthcare tenants include neurology, diagnostic laboratory services, hearing care, and an on-site pharmacy.
Property Size30,767 SF
Price / SF$263.27
Days on Market8
Property Features for 1090 NEAL
General Information
Standard status
Size
Property subtype
Occupancy
Financials
Asking Price
Cap Rate
Site & Location
Highway Access
Road Access
Additional Details
Tenant in Place
Property Use
Medical Specialty
Building Details
Year Built
Buildings
Building Size
Tenancy
Listing Agency:
Zeustra Inc
Listed By:
Nick Myers · License PA RS322215
Source:
Crexi
Added: Nov 2
Changed: Nov 8
Last Checked: Nov 8 at 3:16PM
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 Zeustra Inc
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Investment Insights
Based on property information with market context.
This 30,767-square-foot medical office property was built in 2006 and is 92.5% occupied. Its tenant roster includes primary care, neurology, diagnostic laboratory services, hearing specialists, and an on-site pharmacy. MyTown Health Partners occupies approximately 55% of the rentable area. Leases are structured on a triple-net basis, include 3% annual rent escalations, and have a 6.8-year weighted average lease term. Approximately 2,300 square feet remain vacant.
Located on Neal Street in Cookeville, the property is across the street from a planned 36,000-square-foot U.S. Department of Veterans Affairs outpatient clinic. The clinic is under development and scheduled to open in 2029. The property serves Cookeville and the broader Upper Cumberland region, with access to the Interstate 40 corridor between Nashville and Knoxville.
Located on Neal Street in Cookeville, the property is across the street from a planned 36,000-square-foot U.S. Department of Veterans Affairs outpatient clinic. The clinic is under development and scheduled to open in 2029. The property serves Cookeville and the broader Upper Cumberland region, with access to the Interstate 40 corridor between Nashville and Knoxville.
Key Highlights
- 30,767‑square‑foot medical office property, built in 2006
- 92.5% occupied with approximately 2,300 square feet vacant
- MyTown Health Partners occupies approximately 55% of rentable area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$425,323
Cap Rate
5.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,506,460
$8.5M
Cap Rate 7%
$6,076,043
$6.1M
Cap Rate 9%
$4,725,811
$4.7M
Market Conditions
NOI Build-Up for 30,767 SF
Gross rent
$708.9K $23.04/SF
− Vacancy
−$141.8K −$4.61/SF
EGI
$567.1K $18.43/SF
− OpEx
−$141.8K −$4.61/SF
NOI
$425.3K $13.82/SF
Area
Putnam County, TN
Vacancy
20.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$8,506,460
Cap Rate 7%
$6,076,043
Cap Rate 9%
$4,725,811
Alternative Uses
Best Use
Office B
$6.08M
$5.32M – $7.09M
NOI $425,323 @ 7.0% cap · market cap 5.25%
Second Best
Healthcare Medical
$5.10M
$4.46M – $5.95M
NOI $356,873 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$12.70M
$11.11M – $14.81M
NOI $888,866 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
92.5%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
255
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Healthcare tenants include neurology, diagnostic laboratory services, hearing care, and an on-site pharmacy.
Where is this medical office space located?
The property is located at 1090 NEAL Cookeville, TN.
What is the asking price?
The asking price for this property is $8,100,000.
What are key features of this property?
This property features: 30,767‑square‑foot medical office property, built in 2006; 92.5% occupied with approximately 2,300 square feet vacant; MyTown Health Partners occupies approximately 55% of rentable area
