Flex Space with
For Sale
$1,600,000
1301 Shipley Rd, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size6,550 SF
Lot Size11.00 Acres
Price / SF$244.27
Days on Market71
Property Features for 1301 Shipley Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Paved or Surfaced
Directions
From PCCH: Travel West On Spring St to Willow Ave, Go R on Willow Ave, Travel 2.2 Miles to take a L on Shipley Rd. Property on your R. Look for sign.
Subdivision
Putnam Co NW, TN
Standard status
Active
APN
002.00
Size
6,550 SF
Lot size
11.00 Acres
Taxes and HOA fees
Tax Annual Amount
321
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
workshop
high-clearance ceilings
attached garage
wood-burning heat
office suite
climate-controlled
tile flooring
central cooling
dual heating
full kitchen
1.5 baths
Building Details
Year built
2007
Floors in Building
1
Building materials
Frame, Metal Siding
Roof type
Metal
Listing Agency:
Elevate Real Estate
(931) 520-6450
Listed By:
Donnita Hill · License #018217
(931) 261-1500
Added: Jun 16
Changed: Aug 20
Last Checked: Aug 25 at 12:06PM
MLS# 241578
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.
Investment Insights
Based on property information with market context.
This 6,550-square-foot flex property combines a large open workshop with an attached garage and a finished office component. The office area measures more than 800 square feet and includes climate control, tile flooring, a full kitchen, and 1.5 baths. The workshop is designed with high ceilings, heavy-duty concrete flooring, and open-span functionality. Frame construction, metal siding, and a metal roof complete the building improvements, which date to 2007.
The property encompasses 11 acres outside Cookeville city limits, providing substantial land alongside the commercial improvements. Public water serves the site, with central air conditioning and heat-pump heating. Paved or surfaced parking is also included.
The property encompasses 11 acres outside Cookeville city limits, providing substantial land alongside the commercial improvements. Public water serves the site, with central air conditioning and heat-pump heating. Paved or surfaced parking is also included.
Key Highlights
- 6,550‑square‑foot flex property on 11 acres
- Open‑span workshop with attached garage and high‑clearance ceilings
- Office suite exceeds 800 square feet and includes a full kitchen and 1.5 baths
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
31
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
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial facility with office improvements, paved parking, and room for business expansion on a wooded acreage parcel.
Where is this flex space 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‑square‑foot flex property on 11 acres; Open‑span workshop with attached garage and high‑clearance ceilings; Office suite exceeds 800 square feet and includes a full kitchen and 1.5 baths
