Renovated Office
116 Shivel Drive, Hendersonville, TN 37075
For Sale
$648,900
Flexible commercial layout with multiple offices, an adaptable work area, and additional upstairs space.
Property Size2,045 SF
Price / SF$317.31
Days on Market111
Property Features for 116 Shivel Drive
General Information
Standard status
Size
Property subtype
Zoning
Building Details
Year Built
Year Renovated
Listed By:
Kevin Pigg
(615) 957-7444
Source:
Benchmarkrealtytn
Added: Jul 24
Changed: Nov 10
Last Checked: Nov 10 at 8:25AM
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 Kevin Pigg
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Investment Insights
Based on property information with market context.
This General Commercial-zoned office property provides 2,045 square feet arranged around five offices, two bathrooms, and a generous multipurpose room. The room can support meetings, training, retail, or collaborative work, while the private upper level offers additional space for offices or storage. A kitchen is also included.
Renovation work completed in 2016 addressed the electrical system, plumbing, windows, flooring, and kitchen. More recent improvements include a new furnace and professionally encapsulated basement in 2024, followed by new roof and siding in 2025. The property includes on-site parking and is located near Main Street, with access from Shivel Drive.
Renovation work completed in 2016 addressed the electrical system, plumbing, windows, flooring, and kitchen. More recent improvements include a new furnace and professionally encapsulated basement in 2024, followed by new roof and siding in 2025. The property includes on-site parking and is located near Main Street, with access from Shivel Drive.
Key Highlights
- 2,045 SF office building with five offices and two bathrooms
- General Commercial (GC) zoning
- Multipurpose room suited to meetings, training, retail, or collaborative workspace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,663
Cap Rate
4.26%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$553,260
$553.3K
Cap Rate 7%
$395,186
$395.2K
Cap Rate 9%
$307,367
$307.4K
Market Conditions
NOI Build-Up for 2,045 SF
Gross rent
$44.2K $21.60/SF
− Vacancy
−$7.3K −$3.56/SF
EGI
$36.9K $18.04/SF
− OpEx
−$9.2K −$4.51/SF
NOI
$27.7K $13.53/SF
Area
Sumner County, TN
Vacancy
16.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$553,260
Cap Rate 7%
$395,186
Cap Rate 9%
$307,367
Alternative Uses
Best Use
Office B
$395.2K
$345.8K – $461.1K
NOI $27,663 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$715.8K
$626.3K – $835.1K
NOI $50,107 @ 7.0% cap · market cap 7.72%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,318
Businesses Nearby
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Business Placement
Demographics for 37075, TN
71,023
Population
29,600
Households
2.4
Avg Household Size
39
Median Age
42%
College-Educated
95%
High-School Grad
59.0 sq mi
ZIP Area
1,204
Density / Sq Mi
$97,597
Median Household Income
$50,323
Median Earnings
$1,552
Median Rent
$403,400
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Flexible commercial layout with multiple offices, an adaptable work area, and additional upstairs space.
Where is this office building located?
The property is located at 116 Shivel Drive Hendersonville, TN.
What is the asking price?
The asking price for this property is $648,900.
What are key features of this property?
This property features: 2,045 SF office building with five offices and two bathrooms; General Commercial (GC) zoning; Multipurpose room suited to meetings, training, retail, or collaborative workspace
