Renovated Office
For Sale
Contact for pricing
133 Holiday Ct, Franklin, TN 37067
Renovated commercial property offers reserved owner-occupant space alongside an established multi-tenant office configuration.
Property Size31,000 SF
Lot Size2.30 Acres
Price / SF$251.60
Days on Market965
Property Features for 133 Holiday Ct
General Information
Standard status
Active
Size
31,000 SF
Class
B
Lot size
2.30 Acres
Property subtype
Office
Lease Type
NNN
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Renovated
2023
Buildings
1
Stories
2
Tenancy
Multi
Building Size
31,000 SF
Listing Agency:
Kelty Real Estate
Listed By:
Travis J. Kelty · License #TN 295753
Source:
Crexi
Added: Jan 9, 2024
Changed: Aug 29
Last Checked: Aug 29 at 4:47PM
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 Kelty Real Estate
Investment Insights
Based on property information with market context.
This 31,200-square-foot office building occupies 2.30 acres and accommodates 17 tenants. Approximately 7,500 square feet is reserved for an owner-occupant, while additional space may become available as existing leases expire. The property underwent improvements in 2023, including exterior repainting, custom lighting, lobby and restroom updates, refreshed common areas, new carpet and paint, digital lobby signage, furniture, artwork, and suite signage.
Newer leases use a triple-net structure covering rentable areas and common areas, with rent escalators included. The property is positioned near Williamson Medical Center and Vanderbilt Bone and Joint, with visibility from Interstate 65 and Murfreesboro Road. Its Franklin, Tennessee location places the building within the south Williamson County commercial office market.
Newer leases use a triple-net structure covering rentable areas and common areas, with rent escalators included. The property is positioned near Williamson Medical Center and Vanderbilt Bone and Joint, with visibility from Interstate 65 and Murfreesboro Road. Its Franklin, Tennessee location places the building within the south Williamson County commercial office market.
Key Highlights
- 31,200‑square‑foot office building on 2.30 acres
- 17 existing tenants occupy the property
- Approximately 7,500 square feet reserved for an owner‑occupant
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
$522,007
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
6.65%
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%
$10,440,140
$10.4M
Cap Rate 7%
$7,457,243
$7.5M
Cap Rate 9%
$5,800,078
$5.8M
Market Conditions
NOI Build-Up for 31,200 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
$823.7K $26.40/SF
− Vacancy
−$127.7K −$4.09/SF
EGI
$696.0K $22.31/SF
− OpEx
−$174.0K −$5.58/SF
NOI
$522.0K $16.73/SF
Area
Williamson 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%
$10,440,140
Cap Rate 7%
$7,457,243
Cap Rate 9%
$5,800,078
Alternative Uses
Best Use
Office B
$7.46M
$6.53M – $8.70M
NOI $522,007 @ 7.0% cap · market cap 6.65%
Second Best
Healthcare Medical
$6.17M
$5.40M – $7.19M
NOI $431,646 @ 7.0% cap · market cap 5.50%
Theoretical Best
Office A
$9.15M
$8.00M – $10.67M
NOI $640,224 @ 7.0% cap · market cap 8.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,759
Businesses Nearby
Explore this area
Business Placement
Demographics for 37067, TN
31,465
Population
14,087
Households
2.2
Avg Household Size
38
Median Age
67%
College-Educated
97%
High-School Grad
32.5 sq mi
ZIP Area
968
Density / Sq Mi
$110,202
Median Household Income
$63,824
Median Earnings
$1,860
Median Rent
$686,200
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 - Renovated commercial property offers reserved owner-occupant space alongside an established multi-tenant office configuration.
Where is this office building located?
The property is located at 133 Holiday Ct Franklin, TN.
What is the asking price?
The asking price for this property is $7,850,000.
What are key features of this property?
This property features: 31,200‑square‑foot office building on 2.30 acres; 17 existing tenants occupy the property; Approximately 7,500 square feet reserved for an owner‑occupant
