Office Unit with Operational
New
For Sale
$425,000
128 Holiday Court, Franklin, TN 37067
Functional office unit with an operational HVAC system and one half bath.
Property Size972 SF
Price / SF$437.24
Days on Market6
Property Features for 128 Holiday Court
General Information
Standard status
Active
Size
972 SF
Property subtype
Commercial
Additional Details
HOA Fee
$128
Highway Access
Yes
Building Details
Year Built
1984
Listed By:
Monica Neubauer
(615) 568-8384
Source:
Benchmarkrealtytn
Added: Sep 1
Changed: Sep 5
Last Checked: Sep 5 at 3:46PM
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 Monica Neubauer
Investment Insights
Based on property information with market context.
This 972-square-foot office unit is located in a 1984 building and includes one half bath. The HVAC system is operational, has received regular servicing, and is original to the building. The space is offered as-is, providing a functional interior for an owner to customize.
The property is at 128 Holiday Court in Franklin, TN, with convenient access to the interstate. The unit is part of an HOA-managed property.
The property is at 128 Holiday Court in Franklin, TN, with convenient access to the interstate. The unit is part of an HOA-managed property.
Key Highlights
- 972‑square‑foot office unit
- Operational HVAC system with regular servicing
- HVAC is original to the 1984 building
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
$16,263
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
3.83%
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%
$325,260
$325.3K
Cap Rate 7%
$232,329
$232.3K
Cap Rate 9%
$180,700
$180.7K
Market Conditions
NOI Build-Up for 972 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
$25.7K $26.40/SF
− Vacancy
−$4.0K −$4.09/SF
EGI
$21.7K $22.31/SF
− OpEx
−$5.4K −$5.58/SF
NOI
$16.3K $16.73/SF
Area
Williamson 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%
$325,260
Cap Rate 7%
$232,329
Cap Rate 9%
$180,700
Alternative Uses
Best Use
Office B
$232.3K
$203.3K – $271.1K
NOI $16,263 @ 7.0% cap · market cap 3.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$284.9K
$249.3K – $332.4K
NOI $19,945 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,759
Businesses Nearby
Explore this area
Business Placement
Demographics for 37067, TN
31,465
Population
14,087
Households
2.2
Avg Household Size
38
Median Age
67%
College-Educated
97%
High-School Grad
32.5 sq mi
ZIP Area
968
Density / Sq Mi
$110,202
Median Household Income
$63,824
Median Earnings
$1,860
Median Rent
$686,200
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?
Office units - Functional office unit with an operational HVAC system and one half bath.
Where is this office units located?
The property is located at 128 Holiday Court Franklin, TN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 972‑square‑foot office unit; Operational HVAC system with regular servicing; HVAC is original to the 1984 building
