Flex Space with Warehouse
For Sale
$499,900
140 E Borden, Cookeville, TN 38501
Heated and cooled office space is paired with an open warehouse area and on-site utilities.
Property Size3,640 SF
Lot Size0.33 Acres
Price / SF$137.34
Days on Market20
Property Features for 140 E Borden
General Information
Standard status
Active
Size
3,640 SF
Lot size
0.33 Acres
Property subtype
Commercial
Zoning
CL
Site & Location
Road Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
13 ft
Warehouse Space
2,840 SF
Office Build-Out
800 SF
Drive-In Doors
4
Taxes and HOA fees
Annual Taxes
$1,864
Building Details
Building Size
3,640 SF
Year Built
1972
Year Renovated
2024
Buildings
1
Stories
1
Units
1
Listing Agency:
Highlands Elite Real Estate LLC
(931) 260-3743
Listed By:
Wayne Russell · License #333678
(931) 260-3743
Source:
Firstrealty
Added: Aug 11
Changed: Aug 29
Last Checked: Aug 29 at 2:16PM
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 Highlands Elite Real Estate LLC
Investment Insights
Based on property information with market context.
This flex property combines approximately 3,640 square feet of improvements on a 0.33+/- acre site. The heated and cooled office component measures roughly 800 square feet, while the remaining 2,840+/- square feet is configured as open warehouse space. Four 10' X 12' GLOH doors serve the warehouse, which offers a 15' peak height and more than 13' of clear height. A new roof was installed in 2024, and utilities are available to the site.
The property is located at 140 E Borden in Cookeville, west of and behind the S. Jefferson Avenue Kroger shopping center. Approximately 115' of frontage along E Borden Road supports direct street presence. The site carries a Local Commercial zoning designation, identified as CL, and Cookeville is approximately 1.5 hours west of Knoxville, 1.5 hours east of Nashville, and 1.5 hours north of Chattanooga.
The property is located at 140 E Borden in Cookeville, west of and behind the S. Jefferson Avenue Kroger shopping center. Approximately 115' of frontage along E Borden Road supports direct street presence. The site carries a Local Commercial zoning designation, identified as CL, and Cookeville is approximately 1.5 hours west of Knoxville, 1.5 hours east of Nashville, and 1.5 hours north of Chattanooga.
Key Highlights
- Approximately 3,640sf of warehouse and office improvements on 0.33+/- acres
- Open warehouse area totals 2,840+/-sf, with roughly 800sf of heated and cooled office space
- Four 10' X 12' GLOH doors with 15' peak height and 13'+ clear height
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
$29,017
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
5.80%
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%
$580,340
$580.3K
Cap Rate 7%
$414,529
$414.5K
Cap Rate 9%
$322,411
$322.4K
Market Conditions
NOI Build-Up for 3,640 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
$35.7K $9.81/SF
− Vacancy
−$1.6K −$0.43/SF
EGI
$34.1K $9.38/SF
− OpEx
−$5.1K −$1.41/SF
NOI
$29.0K $7.97/SF
Area
Putnam County, TN
Vacancy
4.40%
Lease Rate
$9.81 /SF/Yr
Expense Ratio
15.00%
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%
$580,340
Cap Rate 7%
$414,529
Cap Rate 9%
$322,411
Alternative Uses
Best Use
Office B
$718.8K
$629.0K – $838.7K
NOI $50,319 @ 7.0% cap · market cap 10.07%
Second Best
Warehouse
$414.5K
$362.7K – $483.6K
NOI $29,017 @ 7.0% cap · market cap 5.80%
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,160 @ 7.0% cap · market cap 21.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13 ft
Clear height
4
Drive-in doors
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,482
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 - Heated and cooled office space is paired with an open warehouse area and on-site utilities.
Where is this flex space located?
The property is located at 140 E Borden Cookeville, TN.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Approximately 3,640sf of warehouse and office improvements on 0.33+/- acres; Open warehouse area totals 2,840+/-sf, with roughly 800sf of heated and cooled office space; Four 10' X 12' GLOH doors with 15' peak height and 13'+ clear height
