80-Unit Mixed-Use
For Sale
$2,690,000
1115 S Willow Ave, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size38,152 SF
Lot Size2.66 Acres
Price / SF$70.51
Days on Market105
Property Features for 1115 S Willow Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Accessibility
Accessible Approach with Ramp
Directions
From PCCH: Travel South on Jefferson Ave, Turn R onto I-40 West, Merge R onto exit 286/S Willow Ave, Turn L at the light, stay in the right lane, turn R into property just over the bridge.
Subdivision
Putnam Co SW, TN
Standard status
Active
APN
094.00
Size
38,152 SF
Lot size
2.66 Acres
Taxes and HOA fees
Tax Annual Amount
6782
Utilities
Heating system
Electric (Heating), Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1966
Floors in Building
2
Number of units
80
Building materials
Block, Brick
Roof type
Composition
Listing Agency:
Elevate Real Estate
(931) 520-6450
Listed By:
Donnita Hill · License #018217
(931) 261-1500
Added: Jun 19
Changed: Oct 1
Last Checked: Oct 1 at 5:06PM
MLS# 243361
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 1966-built property combines an 80-unit lodging facility with a retail storefront currently occupied by Benny’s Store. The buildings contain 38,152 square feet on a 2.66-acre site. Construction is block and brick, with central air conditioning, central and natural gas heating, and a composition roof. Public water serves the property, and an accessible approach ramp is present.
At 1115 S Willow Ave in Cookeville, the site is positioned at the I-40 and S Willow Ave interchange. The Willows shopping development is planned across the street, with Target and Home Depot identified as anchors. The property is zoned for commercial use according to the listing, though its stated zoning descriptions differ.
At 1115 S Willow Ave in Cookeville, the site is positioned at the I-40 and S Willow Ave interchange. The Willows shopping development is planned across the street, with Target and Home Depot identified as anchors. The property is zoned for commercial use according to the listing, though its stated zoning descriptions differ.
Key Highlights
- 80‑unit lodging facility with a retail storefront
- 38,152 square feet of building area on 2.66 acres
- At the I‑40 and S Willow Ave interchange
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
$239,213
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
8.89%
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%
$4,784,260
$4.8M
Cap Rate 7%
$3,417,329
$3.4M
Cap Rate 9%
$2,657,922
$2.7M
Market Conditions
NOI Build-Up for 38,152 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
$572.3K $15.00/SF
− Vacancy
−$68.7K −$1.80/SF
EGI
$503.6K $13.20/SF
− OpEx
−$264.4K −$6.93/SF
NOI
$239.2K $6.27/SF
Area
Putnam County, TN
Vacancy
12.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$4,784,260
Cap Rate 7%
$3,417,329
Cap Rate 9%
$2,657,922
Alternative Uses
Best Use
Retail
$8.53M
$7.46M – $9.95M
NOI $596,856 @ 7.0% cap · market cap 22.19%
Second Best
Mixed Use
$5.52M
$4.83M – $6.44M
NOI $386,289 @ 7.0% cap · market cap 14.36%
Theoretical Best
Office A
$15.75M
$13.78M – $18.37M
NOI $1,102,220 @ 7.0% cap · market cap 40.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
226
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - An operating hospitality property with a separate retail storefront sits beside the I-40 and South Willow Avenue interchange.
Where is this mixed-use property located?
The property is located at 1115 S Willow Ave Cookeville, TN.
What is the asking price?
The asking price for this property is $2,690,000.
What are key features of this property?
This property features: 80‑unit lodging facility with a retail storefront; 38,152 square feet of building area on 2.66 acres; At the I‑40 and S Willow Ave interchange
