Flex Space with Warehouse
For Sale
$499,900
140 E Borden, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size3,640 SF
Lot Size0.33 Acres
Price / SF$137.34
Days on Market38
Property Features for 140 E Borden
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CL
Security features
Security System
Directions
From PCCH: South on Jefferson, Right on Foutch Drive, Right on E Borden to Subject on Right
Subdivision
Cookeville NE, TN
Standard status
Active
APN
010.00 000
Size
3,640 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Annual Amount
1864
Utilities
Utilities
Natural Gas Available
Water source
Public
Building Details
Year built
1972
Floors in Building
1
Number of units
1
Building materials
Block, Metal Siding
Roof type
Flat
Listing Agency:
Highlands Elite Real Estate LLC
(931) 400-8820
Listed By:
Wayne Russell · License #333678
(931) 260-3743
Added: Jul 17
Changed: Aug 20
Last Checked: Aug 23 at 4:06AM
MLS# 245754
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 flex-space property includes approximately 3,640 square feet on 0.33+/- acres. The layout combines roughly 800 square feet of heated and cooled office space with approximately 2,840+/- square feet of open warehouse area. Four 10' X 12' GLOH doors serve the warehouse, which offers a 15' peak height and more than 13' of clear height. The building was constructed in 1972 and features block and metal siding construction with a flat roof replaced in 2024.
The property has approximately 115' of frontage along E Borden Road and carries a Local Commercial Zoning Designation, identified as CL. Public water, natural gas availability, and utilities to the site support the existing commercial improvements. It is positioned west of and behind the S. Jefferson Avenue Kroger shopping center in Cookeville, approximately 1.5 hours west of Knoxville, 1.5 hours east of Nashville, and 1.5 hours north of Chattanooga.
The property has approximately 115' of frontage along E Borden Road and carries a Local Commercial Zoning Designation, identified as CL. Public water, natural gas availability, and utilities to the site support the existing commercial improvements. It is positioned west of and behind the S. Jefferson Avenue Kroger shopping center in Cookeville, approximately 1.5 hours west of Knoxville, 1.5 hours east of Nashville, and 1.5 hours north of Chattanooga.
Key Highlights
- Approximately 3,640 SF flex property on 0.33+/- acres
- Approximately 800 SF heated and cooled office area
- Approximately 2,840+/- SF open warehouse space
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
Warehouse
$414.5K
$362.7K – $483.6K
NOI $29,017 @ 7.0% cap · market cap 5.80%
Second Best
Industrial
$341.4K
$298.7K – $398.3K
NOI $23,896 @ 7.0% cap · market cap 4.78%
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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- Firehouse Subs Cookeville — 670 S Jefferson Ave, Cookeville, TN 38501
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial flex property with climate-controlled office space, open warehouse area, and local commercial zoning.
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 3,640 SF flex property on 0.33+/- acres; Approximately 800 SF heated and cooled office area; Approximately 2,840+/- SF open warehouse space
