Medical Office Space with Exam
For Sale
$1,295,000
1420 Fritz Street SE, Cleveland, TN 37323
Commercial Sale, Cleveland, TN
Property Size4,785 SF
Lot Size0.37 Acres
Price / SF$270.64
Days on Market701
Property Features for 1420 Fritz Street SE
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Interior features
Crown Molding
Exterior features
Rain Gutters
Subdivision
Blackburn
Lot features
Cleared, Cleared
Elementary school
Blythe-Bower
Middle school
Cleveland
High school
Cleveland
Directions
From 25th and Keith Street, go east on 25th Street, continue onto APD 40, turn left onto Blackburn. And then left onto Fritz Street SE.
Standard status
Active
APN
065e F 01604 000
Size
4,785 SF
Lot size
0.37 Acres
Taxes and HOA fees
Tax Annual Amount
8497
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
exam rooms
lab
break room
X-ray room
nurses station
records area
waiting area
bathrooms
Building Details
Year built
2004
Flooring type
Tile, Carpet
Building materials
Brick Veneer
Roof type
Shingle
Listing Agency:
Bender Realty
(423) 472-2173
Listed By:
Brian Workman · License #271193
(423) 618-0900
Added: Oct 2, 2024
Changed: Aug 19
Last Checked: Sep 2 at 7:06AM
MLS# 20244364
Copyright © 2026 River Counties 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.
Built in 2004, this 4,785-square-foot medical office property is arranged for clinical use with up to 12 exam rooms, a laboratory, X-ray room, break room, nurses station, records area, and a generous waiting area. Additional provider office space is located upstairs, and the building includes five bathrooms. Brick veneer construction, tile and carpet flooring, crown molding, central heating and central air support the interior configuration.
The property occupies 0.37 acres at 1420 Fritz Street SE in Cleveland, Tennessee. Public water and public sewer serve the site, while rain gutters and a shingle roof are among the exterior features. Commercial zoning applies to the property.
The property occupies 0.37 acres at 1420 Fritz Street SE in Cleveland, Tennessee. Public water and public sewer serve the site, while rain gutters and a shingle roof are among the exterior features. Commercial zoning applies to the property.
Key Highlights
- 4,785‑square‑foot medical office building constructed in 2004
- Up to 12 exam rooms with laboratory and X‑ray room
- Large waiting area, nurses station, records area, and break room
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
$55,812
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
4.31%
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%
$1,116,240
$1.1M
Cap Rate 7%
$797,314
$797.3K
Cap Rate 9%
$620,133
$620.1K
Market Conditions
NOI Build-Up for 4,785 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
$103.4K $21.60/SF
− Vacancy
−$10.3K −$2.16/SF
EGI
$93.0K $19.44/SF
− OpEx
−$37.2K −$7.78/SF
NOI
$55.8K $11.66/SF
Area
Bradley County, TN
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$1,116,240
Cap Rate 7%
$797,314
Cap Rate 9%
$620,133
Alternative Uses
Best Use
Healthcare Medical
$797.3K
$697.7K – $930.2K
NOI $55,812 @ 7.0% cap · market cap 4.31%
Second Best
Office B
$756.7K
$662.1K – $882.8K
NOI $52,970 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$1.00M
$878.5K – $1.17M
NOI $70,282 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37323, TN
31,497
Population
12,841
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
114.6 sq mi
ZIP Area
275
Density / Sq Mi
$67,538
Median Household Income
$41,922
Median Earnings
$908
Median Rent
$213,900
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?
Medical Office Space - Configured for clinical operations with dedicated treatment, support, administrative, and patient reception areas.
Where is this medical office space located?
The property is located at 1420 Fritz Street SE Cleveland, TN.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 4,785‑square‑foot medical office building constructed in 2004; Up to 12 exam rooms with laboratory and X‑ray room; Large waiting area, nurses station, records area, and break room
