Mixed-Use Event and Loft
For Sale
$799,900
Pending
110 W Third Ave, Carthage, TN 37030
Commercial Sale, Carthage, TN
Property Size5,388 SF
Lot Size0.07 Acres
Days on Market46
Property Features for 110 W Third Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Security features
Security System
Basement
Unfinished
Directions
I-40 Exit 258, travel north on Hwy 53 to Carthage 5 miles, turn left onto Upper Ferry Rd/Main St, property located just past court house, on Third Ave
Subdivision
Carthage City Limits, TN
Standard status
Pending
APN
020.00
Size
5,388 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
2710
Utilities
Heating system
Electric (Heating), Central
Cooling system
Central Air
Water source
Public
Amenities
commercial kitchen
sound system
bar/lounge
event hall
outdoor veranda
Building Details
Year built
1930
Floors in Building
2
Building materials
Block, Brick
Roof type
Rubber
Listing Agency:
Blackwell Realty & Auction Carthage
(615) 588-1700
Listed By:
Judy Smith
(615) 489-7719
Added: Jul 9
Changed: Aug 20
Last Checked: Aug 23 at 6:06PM
MLS# 228191
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.
The Rose Building is a two-level mixed-use property totaling 5,388 square feet. Its main level contains an event venue with a commercial kitchen, sound system, bar and lounge area, and an event hall designed for gatherings of up to 211 guests. The building’s block and brick construction dates to 1930, with central heating, electric heat, central air, a rubber roof, and public water service.
A 2,694-square-foot loft occupies the upper floor and includes three bedrooms, two bathrooms, city views, and an outdoor veranda. The property sits on 0.07 acres at 110 W Third Ave in downtown Carthage, Tennessee, offering a combination of commercial event facilities and residential space within one building.
A 2,694-square-foot loft occupies the upper floor and includes three bedrooms, two bathrooms, city views, and an outdoor veranda. The property sits on 0.07 acres at 110 W Third Ave in downtown Carthage, Tennessee, offering a combination of commercial event facilities and residential space within one building.
Key Highlights
- 5,388‑square‑foot mixed‑use building on 0.07 acres
- Ground‑floor event venue accommodates up to 211 guests
- Commercial kitchen, sound system, bar, lounge, and event hall
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
$72,738
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
9.09%
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%
$1,454,760
$1.5M
Cap Rate 7%
$1,039,114
$1.0M
Cap Rate 9%
$808,200
$808.2K
Market Conditions
NOI Build-Up for 5,388 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
$129.3K $24.00/SF
− Vacancy
−$12.9K −$2.40/SF
EGI
$116.4K $21.60/SF
− OpEx
−$43.6K −$8.10/SF
NOI
$72.7K $13.50/SF
Area
Smith County, TN
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,454,760
Cap Rate 7%
$1,039,114
Cap Rate 9%
$808,200
Alternative Uses
Best Use
Mixed Use
$1.04M
$909.2K – $1.21M
NOI $72,738 @ 7.0% cap · market cap 9.09%
Second Best
Apartment 5plus
$802.3K
$702.0K – $936.0K
NOI $56,161 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,562 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
Explore this area
Business Placement
Demographics for 37030, TN
7,258
Population
3,364
Households
2.2
Avg Household Size
41
Median Age
20%
College-Educated
85%
High-School Grad
65.0 sq mi
ZIP Area
112
Density / Sq Mi
$57,510
Median Household Income
$39,926
Median Earnings
$918
Median Rent
$226,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown commercial building combining an event venue with a residential loft and outdoor veranda.
Where is this mixed-use property located?
The property is located at 110 W Third Ave Carthage, TN.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 5,388‑square‑foot mixed‑use building on 0.07 acres; Ground‑floor event venue accommodates up to 211 guests; Commercial kitchen, sound system, bar, lounge, and event hall
