Warehouse with Office
For Sale
$469,000
124 Two Mile Pike, Goodlettsville, TN 37072
Includes warehouse space, gated and non-gated parking, and a well-maintained house with five offices.
Property Size2,178 SF
Price / SF$215.34
Days on Market220
Property Features for 124 Two Mile Pike
General Information
Standard status
Active
Size
2,178 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
5
Building Details
Year Built
1938
Listing Agency:
BENCHMARK REALTY, LLC
Listed By:
Deidre Duker
(615) 627-7918
Source:
Benchmarkrealtytn
Added: Jan 28
Changed: Sep 4
Last Checked: Sep 4 at 10:48AM
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 BENCHMARK REALTY, LLC
Investment Insights
Based on property information with market context.
This commercial property combines warehouse space with a well-maintained house that includes a full kitchen, full bathroom, and five offices. The overall layout is flexible and can support a range of retail, office, industrial, and hybrid use scenarios, depending on how a tenant or buyer plans to operate.
The property is located adjacent to Long Hollow Pike and the Goodlettsville town square, with easy access to I-65 and Nashville. Parking includes both gated and non-gated areas, providing options for customers, employees, or operational needs.
Overall, the site offers a practical mix of workspace and office functionality, supported by on-site parking configurations and a layout designed for multiple operating formats.
The property is located adjacent to Long Hollow Pike and the Goodlettsville town square, with easy access to I-65 and Nashville. Parking includes both gated and non-gated areas, providing options for customers, employees, or operational needs.
Overall, the site offers a practical mix of workspace and office functionality, supported by on-site parking configurations and a layout designed for multiple operating formats.
Key Highlights
- Commercial property with warehouse space and a well‑maintained house.
- Year built: 1938.
- On‑site parking includes both gated and non‑gated areas.
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
$36,440
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
7.77%
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%
$728,800
$728.8K
Cap Rate 7%
$520,571
$520.6K
Cap Rate 9%
$404,889
$404.9K
Market Conditions
NOI Build-Up for 2,178 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
$57.5K $26.40/SF
− Vacancy
−$8.9K −$4.09/SF
EGI
$48.6K $22.31/SF
− OpEx
−$12.1K −$5.58/SF
NOI
$36.4K $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%
$728,800
Cap Rate 7%
$520,571
Cap Rate 9%
$404,889
Alternative Uses
Best Use
Warehouse
$2.64M
$2.31M – $3.08M
NOI $184,577 @ 7.0% cap · market cap 39.36%
Second Best
Industrial
$2.23M
$1.95M – $2.60M
NOI $156,046 @ 7.0% cap · market cap 33.27%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
988
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37072, TN
33,065
Population
14,377
Households
2.3
Avg Household Size
40
Median Age
28%
College-Educated
89%
High-School Grad
77.5 sq mi
ZIP Area
427
Density / Sq Mi
$75,514
Median Household Income
$44,313
Median Earnings
$1,359
Median Rent
$340,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Chef's Market Cafe & Takeaway — 900 Conference Dr #9, Goodlettsville, TN 37072
- Firehouse Subs Goodlettsville — 480 Long Hollow Pike, Goodlettsville, TN 37072
Frequently Asked Questions
What type of property is this?
Flex space - Includes warehouse space, gated and non-gated parking, and a well-maintained house with five offices.
Where is this flex space located?
The property is located at 124 Two Mile Pike Goodlettsville, TN.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Commercial property with warehouse space and a well‑maintained house.; Year built: 1938.; On‑site parking includes both gated and non‑gated areas.
