Building Details

Building Size 10,000 SF

Year Built 1951

Listing Agency: Jamison Durham Real Estate w***@outlook.com Show Phone

Listed By: Keith Boykin · License #306941 Show Phone

Source: Firstrealty

Added: Mar 7, 2025 Changed: Aug 21 Last Checked: Aug 23 at 12:13PM

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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 Jamison Durham Real Estate

Investment Insights

Based on property information with market context.

This commercial flex property at 105 Hunter Ave includes a spacious lot with on-site parking and is zoned Commercial. The 1951-built asset can accommodate office, retail, warehouse, or service-based business functions, as stated in the property information.

The property is positioned just off Cookeville Hwy in Carthage, providing access to the surrounding road network and nearby businesses. Its existing commercial configuration offers a basis for an owner-user, relocation, or expansion plan.

Key Highlights

• Commercial zoning
• Built in 1951
• On‑site parking for customers and employees

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

$71,874

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

7.99%

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%

$1,437,480 $1.4M

Cap Rate 7%

$1,026,771 $1.0M

Cap Rate 9%

$798,600 $798.6K

Market Conditions

NOI Build-Up for 10,000 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

$106.8K $10.68/SF

− Vacancy

−$4.1K −$0.41/SF

EGI

$102.7K $10.27/SF

− OpEx

−$30.8K −$3.08/SF

NOI

$71.9K $7.19/SF

Area

Smith County, TN

Vacancy

3.86%

Lease Rate

$10.68 /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%

$1,437,480

Cap Rate 7%

$1,026,771

Cap Rate 9%

$798,600

Alternative Uses

Best Use

Flex RnD

$1.59M

$1.39M – $1.85M (±1% cap)

NOI $111,150 @ 7.0% cap · market cap 12.35%

Second Best

Warehouse

$1.37M

$1.20M – $1.60M (±1% cap)

NOI $96,102 @ 7.0% cap · market cap 10.68%

Theoretical Best

Office A

$2.93M

$2.57M – $3.42M (±1% cap)

NOI $205,200 @ 7.0% cap · market cap 22.80%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Rackley Roofing Roofing Company

Suggested Use

Top Pick Dental Office Building Supply (Bike/Boat/Book/etc) Store Locksmith Storage Facility Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

147

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 37030, TN

7,258

Population

3,364

Households

2.2

Avg Household Size

41

Median Age

20%

College-Educated

85%

High-School Grad

65.0 sq mi

ZIP Area

112

Density / Sq Mi

$57,510

Median Household Income

$39,926

Median Earnings

$918

Median Rent

$226,000

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Commercial zoning, on-site parking, and access from Cookeville Hwy support office, retail, warehouse, or service uses.

Where is this flex space located?

The property is located at 105 Hunter Ave Carthage, TN.

What is the asking price?

The asking price for this property is $899,900.

What are key features of this property?

This property features: Commercial zoning; Built in 1951; On‑site parking for customers and employees