Renovated Freestanding Two-Story Office
For Sale
$599,900
130 Emmitt Ave, Madison, TN 37115
Recently renovated 2,672 SqFt office building for sale or lease.
Property Size2,672 SF
Lot Size0.28 Acres
Price / SF$224.51
Days on Market264
Property Features for 130 Emmitt Ave
General Information
Standard status
Active
Size
2,672 SF
Lot size
0.28 Acres
Listing Agency:
The Homestead Group
(217) 304-5013
Listed By:
Kaileigh Dunn · License #332359
(217) 304-5013
Source:
Exprealty
Added: Nov 17, 2025
Changed: Aug 8
Last Checked: Aug 8 at 1:22PM
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 The Homestead Group
Investment Insights
Based on property information with market context.
This is a recently renovated, freestanding two-story office building with 2,672 square feet available for sale or lease. The building features an enclosed lobby entry, five private offices, a large reception area, and a large open storage area. It also includes two restrooms, a kitchen area, and multiple entrances. Three of the offices could be used as conference rooms or training rooms. Parking is available in front of and behind the building. The property also includes a grass area and storage sheds. It is suitable for a professional business office, such as an attorney, title company, insurance, real estate, or services company. The building is easily accessible from Gallatin Pike.
Key Highlights
- Recently renovated 2,672 SqFt freestanding two‑story office building
- Features 5 private offices and a large reception area
- Multiple entrances and parking in front and behind 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
$44,705
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
7.45%
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%
$894,100
$894.1K
Cap Rate 7%
$638,643
$638.6K
Cap Rate 9%
$496,722
$496.7K
Market Conditions
NOI Build-Up for 2,672 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
$70.5K $26.40/SF
− Vacancy
−$10.9K −$4.09/SF
EGI
$59.6K $22.31/SF
− OpEx
−$14.9K −$5.58/SF
NOI
$44.7K $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%
$894,100
Cap Rate 7%
$638,643
Cap Rate 9%
$496,722
Alternative Uses
Best Use
Office B
$638.6K
$558.8K – $745.1K
NOI $44,705 @ 7.0% cap · market cap 7.45%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.23M
$2.83M – $3.77M
NOI $226,442 @ 7.0% cap · market cap 37.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
620
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?
Office building - Recently renovated 2,672 SqFt office building for sale or lease.
Where is this office building located?
The property is located at 130 Emmitt Ave Madison, TN.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Recently renovated 2,672 SqFt freestanding two‑story office building; Features 5 private offices and a large reception area; Multiple entrances and parking in front and behind building
