High-Clearance Auto
New
For Sale
$1,600,000
1301 Shipley Rd, Cookeville, TN 38501
Open-span workshop with climate-controlled office space, kitchen, and 1.5 baths.
Property Size6,550 SF
Lot Size11.00 Acres
Price / SF$244.27
Days on Market2
Property Features for 1301 Shipley Rd
General Information
Standard status
Active
Size
6,550 SF
Lot size
11.00 Acres
Property subtype
Commercial
Additional Details
Clear Span
Yes
Taxes and HOA fees
Annual Taxes
$320
Amenities
workshop
office suite
full kitchen
1.5 baths
attached garage
wood-burning heat
central cooling
dual heating
tile flooring
high-clearance ceilings
heavy-duty concrete floors
Building Details
Building Size
6,550 SF
Year Built
2007
Stories
1
Listing Agency:
Elevate Real Estate
(931) 261-1500
Listed By:
Donnita Hill · License #018217
(931) 261-1500
Source:
Firstrealty
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 6:43AM
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 Elevate Real Estate
Investment Insights
Based on property information with market context.
Built in 2007, this auto shop property combines 6,550 sq ft of industrial workspace with finished office accommodations. The main building features an open-span workshop, high-clearance ceilings, heavy-duty concrete floors, an attached garage, and wood-burning heat. The office component provides 800+ sq ft of finished, climate-controlled space with tile flooring, a full kitchen, and 1.5 baths.
The property encompasses 11 acres at 1301 Shipley Rd outside Cookeville city limits, with timber and room for expansion. Building systems include central cooling and dual electric and wood heat. The property is currently configured for auto salvage and repair operations.
The property encompasses 11 acres at 1301 Shipley Rd outside Cookeville city limits, with timber and room for expansion. Building systems include central cooling and dual electric and wood heat. The property is currently configured for auto salvage and repair operations.
Key Highlights
- 6,550 sq ft of industrial and office space
- 11‑acre property outside Cookeville city limits
- High‑clearance, open‑span workshop with heavy‑duty concrete floors
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
$102,469
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
6.40%
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%
$2,049,380
$2.0M
Cap Rate 7%
$1,463,843
$1.5M
Cap Rate 9%
$1,138,544
$1.1M
Market Conditions
NOI Build-Up for 6,550 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
$150.9K $23.04/SF
− Vacancy
−$4.5K −$0.69/SF
EGI
$146.4K $22.35/SF
− OpEx
−$43.9K −$6.70/SF
NOI
$102.5K $15.64/SF
Area
Putnam County, TN
Vacancy
3.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
30.00%
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%
$2,049,380
Cap Rate 7%
$1,463,843
Cap Rate 9%
$1,138,544
Alternative Uses
Best Use
Retail
$1.46M
$1.28M – $1.71M
NOI $102,469 @ 7.0% cap · market cap 6.40%
Second Best
Office B
$1.29M
$1.13M – $1.51M
NOI $90,547 @ 7.0% cap · market cap 5.66%
Theoretical Best
Office A
$2.70M
$2.37M – $3.15M
NOI $189,231 @ 7.0% cap · market cap 11.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 38501, TN
41,141
Population
19,158
Households
2.1
Avg Household Size
33
Median Age
31%
College-Educated
88%
High-School Grad
87.1 sq mi
ZIP Area
472
Density / Sq Mi
$50,923
Median Household Income
$30,191
Median Earnings
$856
Median Rent
$245,100
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
- Cookeville Auto Salvage LLC — 1301 Shipley Rd, Cookeville, TN 38501
Frequently Asked Questions
What type of property is this?
Auto shop - Open-span workshop with climate-controlled office space, kitchen, and 1.5 baths.
Where is this auto shop located?
The property is located at 1301 Shipley Rd Cookeville, TN.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 6,550 sq ft of industrial and office space; 11‑acre property outside Cookeville city limits; High‑clearance, open‑span workshop with heavy‑duty concrete floors
