Flex Space with Office
1401 Spring Place Road Southeast, Cleveland, TN 37323
For Sale
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A partially leased property pairs an income-producing suite with a separate office and warehouse area.
Property Size5,000 SF
Price / SF$160
Days on Market56
Property Features for 1401 Spring Place Road Southeast
General Information
Standard status
Size
Property subtype
Occupancy
Building Details
Buildings
Building Size
Listing Agency:
RH Real Estate, LLC
Listed By:
Hayden Hall · License TN #372628
(423) 605-3359
Source:
Crexi
Added: Sep 17
Changed: Nov 6
Last Checked: Nov 10 at 6:04AM
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 RH Real Estate, LLC
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Investment Insights
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This 5,000-square-foot flex property combines office space and warehouse area. The 3,000-square-foot owner-user portion includes a reception area, one executive office, five additional offices, two conference or classroom spaces, one and a half baths, and storage. Roll-up doors are stored in the attic for a potential warehouse conversion. The building has undergone recent updates.
A 2,000-square-foot portion is leased under a five-year NNN agreement. An additional lot beside the building is also included; future construction or other development would be subject to applicable zoning and approvals.
A 2,000-square-foot portion is leased under a five-year NNN agreement. An additional lot beside the building is also included; future construction or other development would be subject to applicable zoning and approvals.
Key Highlights
- 5,000‑square‑foot flex building with office and warehouse areas
- 2,000 square feet leased on a five‑year NNN term
- 3,000‑square‑foot owner‑user area includes six offices and two conference or classroom spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,090
Cap Rate
4.01%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$641,800
$641.8K
Cap Rate 7%
$458,429
$458.4K
Cap Rate 9%
$356,556
$356.6K
Market Conditions
NOI Build-Up for 5,000 SF
Gross rent
$38.8K $7.76/SF
− Vacancy
−$1.0K −$0.21/SF
EGI
$37.8K $7.55/SF
− OpEx
−$5.7K −$1.13/SF
NOI
$32.1K $6.42/SF
Area
Bradley County, TN
Vacancy
2.70%
Lease Rate
$7.76 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$641,800
Cap Rate 7%
$458,429
Cap Rate 9%
$356,556
Alternative Uses
Best Use
Warehouse
$458.4K
$401.1K – $534.8K
NOI $32,090 @ 7.0% cap · market cap 4.01%
Second Best
Industrial
$377.5K
$330.3K – $440.5K
NOI $26,427 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$1.05M
$918.0K – $1.22M
NOI $73,440 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
40%
Occupancy
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 37323, TN
31,497
Population
12,841
Households
2.5
Avg Household Size
41
Median Age
18%
College-Educated
88%
High-School Grad
114.6 sq mi
ZIP Area
275
Density / Sq Mi
$67,538
Median Household Income
$41,922
Median Earnings
$908
Median Rent
$213,900
Median Home Value
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Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Flex space - A partially leased property pairs an income-producing suite with a separate office and warehouse area.
Where is this flex space located?
The property is located at 1401 Spring Place Road Southeast Cleveland, TN.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 5,000‑square‑foot flex building with office and warehouse areas; 2,000 square feet leased on a five‑year NNN term; 3,000‑square‑foot owner‑user area includes six offices and two conference or classroom spaces
