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    Woodhaven Venue Near Fall Creek Title is generated by Realmo AI

    1249 Gulf Road, Spencer, TN 38585

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    Claim this Listing
    For Sale
    $1,999,900

    COMMERCIAL - Spencer, TN

    Property size:
    9,562 SF
    Lot size:
    15.00 Acres
    Price / SF:
    $209/SF
    Added:
    Mar 30, 2026
    Days on Market:
    46
    Last Refresh:
    May 14 at 4:06 pm

    Property Features for 1249 Gulf Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Paved or Surfaced
    Fireplace
    1
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    048 002.01
    Size
    9,562 SF
    Lot size
    15.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    5135

    Utilities

    Utilities
    Propane
    Heating system
    Propane (Heating), Fireplace(s), Electric (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2005
    Floors in Building
    2
    Building materials
    Frame, Block, Stone, HardiPlank Type
    Roof type
    Metal

    We can help!

    Listing Contact
    Trace Jenkins
    Trace Jenkins

    Listing agent Trace Jenkins License #255274

    Listing office The Property Company 36 W Broad St., Cookeville, TN

    Listing date Mar 30, 2026

    MLS# 243178

    Copyright © 2026 Upper Cumberland 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.

    HighLights

    • 15+ acres of rolling meadows near Fall Creek Falls
    • Turnkey wedding venue with indoor and outdoor ceremony spaces
    • Reception hall accommodates up to 150 guests
    • Renovated on‑site farmhouse featuring 3 bedrooms and 2.5 baths
    • Scenic courtyard with 140‑foot covered porch
    • Commercial kitchen, bridal and groom suites, and planning areas

    Overview

    Located near Fall Creek Falls, this commercial property features a wedding and event venue on over 15 acres of rolling meadows. The venue combines rustic charm with modern elegance, offering indoor and outdoor ceremony spaces. A reception hall accommodates up to 150 guests, and a courtyard includes a 140-foot covered porch. The property also features a renovated on-site farmhouse with 3 bedrooms and 2.5 baths, a full kitchen, and living areas. Wraparound porches offer scenic views, and a 2-car garage is included. Additional amenities consist of stone fireplaces, a commercial kitchen, bridal and groom suites, laundry facilities, planning areas, and storage space. The property is designed to host wedding weekends, providing couples with exclusive access to the venue and its amenities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Woodhaven Venue Wedding Service Lavender Gardens at WoodHaven Garden Center

    Suggested Use

    Real Estate Agency Garden Center Hotel & Motel Travel Agency Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Spencer
    County
    Van Buren
    State
    Tennessee
    Longitude
    -85.35487
    Latitude
    35.705467

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    FAQs

    What type of property is this?
    Wedding venue - Wedding and event venue with farmhouse on 15+ acres.
    Where is this wedding venue located?
    The property is located at 1249 Gulf Road Spencer, TN.
    What is the asking price?
    The asking price for this property is $1,999,900.
    What are key features of this property?
    This property features: 15+ acres of rolling meadows near Fall Creek Falls; Turnkey wedding venue with indoor and outdoor ceremony spaces; Reception hall accommodates up to 150 guests
    (931) 261-5979
    We can help!
    Listing Contact
    Trace Jenkins
    Trace Jenkins
    Real Estate License ID: 255274
    Learn More
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    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.

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