Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Victorian Era Commercial Property Title is generated by Realmo AI

    118 S Greenwood St, Lebanon, TN 37087

    View on Map
    Claim this Listing
    For Sale
    $995,000

    Historic Lebanon property ideal for office, boutique, or mixed-use.

    Type:Commercial
    Property size:
    2,500 SF
    Lot size:
    0.91 Acres
    Price / SF:
    $398/SF
    Added:
    Apr 14, 2026
    Days on Market:
    49
    Last Refresh:
    Apr 14 at 11:44 am

    Property Features for 118 S Greenwood St

    General Information

    Standard status
    Active
    Size
    2,500 SF
    Lot size
    0.91 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1904

    We can help!

    Listing Contact
    MICAH ZANE MINZAK

    Listing agent MICAH ZANE MINZAK

    Listing office UPTOWN TENNESSEE REALTORS, INC.

    Listing date Apr 14, 2026

    Source Corcoran

    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 UPTOWN TENNESSEE REALTORS, INC.

    HighLights

    • Prime location: Just two blocks from the historic square in downtown Lebanon.
    • Large 0.91‑acre lot: Offers ample parking and expansion potential.
    • Modern updates: Includes new HVAC, plumbing, electrical systems, and metal roof.
    • Versatile zoning: Zoned Commercial Office Professional, suitable for various business uses and currently operating as office space and an Airbnb.
    • Historic charm: Beautifully maintained Victorian‑era building with a wraparound porch.
    • Functional layout: Features five separate rooms, a full bath, and a half bath.

    Overview

    This 2,500 sq ft Victorian-era commercial property, built in 1904, is located two blocks from the historic square in downtown Lebanon. The property is situated on a 0.91-acre lot and features five separate rooms suitable for private offices, meeting spaces, or client areas. It includes a full bath and a half bath. Updates include modern HVAC, plumbing, electrical systems, and a metal roof. Zoned Commercial Office Professional, the property is suitable for a range of business uses and is currently operating as both office space and an Airbnb. The exterior features a wraparound porch and maintained landscaping. Ample parking is available, with additional space for expansion. The property is suitable for business owners or investors looking to establish a presence in Lebanon.
    Location Intelligence

    Current Use by Public Records

    CSR Engineering Inc Engineer Lebanon Insurance Agency Insurance Agency Realtor James Fuller Real Estate Agency Uptown Tennessee Realtors, ... Real Estate Agency Easterly Gary Insurance Agency

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lebanon
    County
    Wilson
    State
    Tennessee
    Longitude
    -86.2964
    Latitude
    36.210667

    Nearby Similar for Sale

    • $550,000
      1,989 SF

      Renovated Commercial Building Near I-40

      Versatile commercial property in Lebanon, TN, suitable for various businesses.
      722 Park Ave, Lebanon, TN 37087
      View Details
    • $599,000
      1,535 SF

      Retail Building Near Interstate I40

      1.05 acre retail property with 1535 sq ft building.
      331 S Maple St, Lebanon, TN 37087
      View Details
    • $599,000
      1,535 SF

      Retail Building Near Interstate I40

      1.05 acre retail property with 1535 SF building.
      331 S Maple St, Lebanon, TN 37087
      View Details
    • $999,999
      2,493 SF

      Renovated Commercial Property For Sale

      Completely renovated commercial property suitable for retail, office, or mixed-use.
      902 Carthage Hwy, Lebanon, TN 37087
      View Details
    • $399,000
      1,749 SF

      Commercial Potential on Oversized Lot

      Oversized corner lot with commercial potential, previously a hardware store.
      1289 Hunters Point Pike, Lebanon, TN 37087
      View Details
    • $425,000
      1,080 SF

      Renovated 1930s Office Building

      Fully renovated 1930s office building suitable for various professional uses.
      106 S Tarver Ave, Lebanon, TN 37087
      View Details
    • $2,230,000
      4,436 SF

      Pinnacle Financial Partners NNN Lease

      NNN leased Pinnacle Financial Partners with long term.
      1412 W Baddour Pkwy, Lebanon, TN
      View Details
    • $5,250,000
      10,400 SF

      Commercial Property Near Interstate Access

      Commercial property with steel building, office space, and storage yard.
      6700 Old Murfreesboro Rd E, Lebanon, TN 37090
      View Details
    • Contact for pricing

      Retail Building Near I-40

      Freestanding retail building on 1.23 acres, near I-40.
      803 E Baddour Pkwy, Lebanon, TN 37087
      View Details
    • $1,100,000
      7,528 SF

      Industrial Building For Sale

      8,210 SF industrial building with 7,528 SF conditioned space.
      320 S Cumberland St, Lebanon, TN 37087
      View Details
    • $650,000
      1,989 SF

      Renovated Commercial Building Near I-40

      Renovated 2,000 SF commercial building suitable for various business uses.
      722 Park Ave, Lebanon, TN 37087
      View Details
    • Contact for pricing
      5,950 SF

      Established Restaurant for Sale

      Restaurant established in 2007, operating 7 days a week.
      6750 Eastgate Blvd, Lebanon, TN
      View Details

    FAQs

    What type of property is this?
    Office building - Historic Lebanon property ideal for office, boutique, or mixed-use.
    Where is this office building located?
    The property is located at 118 S Greenwood St Lebanon, TN.
    What is the asking price?
    The asking price for this property is $995,000.
    What are key features of this property?
    This property features: Prime location: Just two blocks from the historic square in downtown Lebanon.; Large 0.91‑acre lot: Offers ample parking and expansion potential.; Modern updates: Includes new HVAC, plumbing, electrical systems, and metal roof.
    (615) 515-8696
    We can help!
    Listing Contact
    MICAH ZANE MINZAK
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    118 S Greenwood St, Lebanon, TN 37087
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!