100% Leased Office
For Sale
$1,152,042
1924 Exeter Rd, Germantown, TN 38138
For-sale office investment property in Germantown with 100% leased occupancy.
Property Size2,200 SF
Days on Market27
Property Features for 1924 Exeter Rd
General Information
Standard status
Active
Size
2,200 SF
Class
A
Property subtype
Office - General Office
Occupancy
100%
Building Details
Building Size
2,200 SF
Year Built
1986
Units
2
Listing Agency:
NAI Saig Company
(901) 526-3100
Listed By:
Brian Califf · License ##S-41945
Source:
Commercialcafe
Added: Jul 26
Changed: Aug 11
Last Checked: Aug 18 at 5:19AM
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 NAI Saig Company
Investment Insights
Based on property information with market context.
This for-sale office investment opportunity is located in Germantown, Tennessee. The property is described as part of an office corridor near Poplar Avenue and is presented as fully leased, with 100% occupancy.
The surrounding area is characterized in the offering remarks as a mix of affluent residential neighborhoods and professional services, supporting an end-use environment for office tenants.
Additional details on unit mix, building configuration, and specific lease terms are not provided in the available information.
The surrounding area is characterized in the offering remarks as a mix of affluent residential neighborhoods and professional services, supporting an end-use environment for office tenants.
Additional details on unit mix, building configuration, and specific lease terms are not provided in the available information.
Key Highlights
- Office investment property in Germantown, TN
- 100% leased office occupancy
- Year built: 1986
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
$33,660
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
2.92%
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%
$673,200
$673.2K
Cap Rate 7%
$480,857
$480.9K
Cap Rate 9%
$374,000
$374.0K
Market Conditions
NOI Build-Up for 2,200 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
$52.8K $24.00/SF
− Vacancy
−$7.9K −$3.60/SF
EGI
$44.9K $20.40/SF
− OpEx
−$11.2K −$5.10/SF
NOI
$33.7K $15.30/SF
Area
Memphis, TN
Vacancy
15.00%
Lease Rate
$24.00 /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%
$673,200
Cap Rate 7%
$480,857
Cap Rate 9%
$374,000
Alternative Uses
Best Use
Office B
$480.9K
$420.8K – $561.0K
NOI $33,660 @ 7.0% cap · market cap 2.92%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$650.2K
$568.9K – $758.6K
NOI $45,514 @ 7.0% cap · market cap 3.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,568
Businesses Nearby
Explore this area
Business Placement
Demographics for 38138, TN
25,837
Population
10,747
Households
2.4
Avg Household Size
45
Median Age
69%
College-Educated
98%
High-School Grad
11.9 sq mi
ZIP Area
2,171
Density / Sq Mi
$130,125
Median Household Income
$72,810
Median Earnings
$1,716
Median Rent
$393,600
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 - For-sale office investment property in Germantown with 100% leased occupancy.
Where is this office units located?
The property is located at 1924 Exeter Rd Germantown, TN.
What is the asking price?
The asking price for this property is $1,152,042.
What are key features of this property?
This property features: Office investment property in Germantown, TN; 100% leased office occupancy; Year built: 1986
