Renovated Retail/Office Flex
For Sale
$5,995,000
1717 Gallatin Pike N, Madison, TN 37115
Renovated commercial building in Rivergate, leased to national tenant.
Property Size25,269 SF
Price / SF$237.25
Days on Market271
Property Features for 1717 Gallatin Pike N
General Information
Standard status
Active
Size
25,269 SF
Property subtype
Retail
Net Operating Income
$431,424
Building Details
Building Size
25,269 SF
Year Built
1989
Listing Agency:
PCG COMMERCIAL, INC
(916) 303-0133
Listed By:
Adrian Del Rio · License #TN #371574
Source:
Pcgcommercial
Added: Nov 25, 2025
Changed: Aug 20
Last Checked: Aug 22 at 5:03AM
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 PCG COMMERCIAL, INC
Investment Insights
Based on property information with market context.
The renovated standalone retail/office flex building is located in the Rivergate central business district, approximately 20 minutes from Downtown Nashville. The property is currently leased NNN to Concentra, a national credit-rated health services tenant, with a lease extension that commenced in 2020 and ends in October 2030, including an additional 5-year extension option. Concentra occupies 9,120 square feet at a lease rate of $1.68 per square foot, generating a monthly income of $15,390 and an annual income of $184,680. CAM expenses are fully reconciled annually. Concentra specializes in occupational medicine and workforce health, treating approximately 50,000 patients daily across 625 health centers in 44 states. The property features 16,149 square feet of vacant warm shell, wet sprinklered space with 4 bathrooms, which can be divided into approximately 10,000 square feet and 5,000 square feet. The estimated market rent for the vacant space is $1.65 - $1.75 per square foot NNN. The vacant suites are suitable for an owner-user business looking to own and collect monthly NNN income to offset expenses. The building is an end-cap standalone property situated at the intersection of Gallatin Pike and Myatt, with a traffic count of approximately 53,000 average daily traffic. The property includes 50 allocated on-parcel parking spaces. Recent renovations include a new roof, six new HVAC units, newly laid asphalt, updated exterior brick, modern metal awning covers, larger windows for natural lighting, and energy-efficient exterior lighting. The property is located in the epicenter of the Rivergate retail central business district, near retailers such as Target, Walmart, and Home Depot. The area behind the property includes a large Amazon fulfillment center and industrial businesses. The Rivergate area has a population of 42,000 within a 3-mile radius and 82,000 within a 5-mile radius, with 50,000 employees.
Key Highlights
- Leased to Concentra, a national credit‑rated tenant, under a long‑term NNN lease for stable income.
- Opportunity for owner‑user to occupy a portion of the 16,149 SF vacant space, divisible into +/-10,000 SF and 5,000 SF, while benefiting from existing tenant income.
- Recent renovations include a new roof, HVAC units, asphalt, updated exterior, and energy‑efficient lighting.
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
$422,776
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
7.05%
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%
$8,455,520
$8.5M
Cap Rate 7%
$6,039,657
$6.0M
Cap Rate 9%
$4,697,511
$4.7M
Market Conditions
NOI Build-Up for 25,269 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
$667.1K $26.40/SF
− Vacancy
−$103.4K −$4.09/SF
EGI
$563.7K $22.31/SF
− OpEx
−$140.9K −$5.58/SF
NOI
$422.8K $16.73/SF
Area
Davidson County, TN
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$8,455,520
Cap Rate 7%
$6,039,657
Cap Rate 9%
$4,697,511
Alternative Uses
Best Use
Office B
$6.04M
$5.28M – $7.05M
NOI $422,776 @ 7.0% cap · market cap 7.05%
Second Best
Healthcare Medical
$5.57M
$4.87M – $6.50M
NOI $389,960 @ 7.0% cap · market cap 6.50%
Theoretical Best
Warehouse
$30.59M
$26.77M – $35.69M
NOI $2,141,449 @ 7.0% cap · market cap 35.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 37115, TN
39,821
Population
19,845
Households
2
Avg Household Size
37
Median Age
23%
College-Educated
82%
High-School Grad
21.5 sq mi
ZIP Area
1,852
Density / Sq Mi
$53,034
Median Household Income
$37,215
Median Earnings
$1,263
Median Rent
$271,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Renovated commercial building in Rivergate, leased to national tenant.
Where is this retail space located?
The property is located at 1717 Gallatin Pike N Madison, TN.
What is the asking price?
The asking price for this property is $5,995,000.
What are key features of this property?
This property features: Leased to Concentra, a national credit‑rated tenant, under a long‑term NNN lease for stable income.; Opportunity for owner‑user to occupy a portion of the 16,149 SF vacant space, divisible into +/-10,000 SF and 5,000 SF, while benefiting from existing tenant income.; Recent renovations include a new roof, HVAC units, asphalt, updated exterior, and energy‑efficient lighting.
