Medical Office Building For
For Sale
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1420 Fritz St SE, Cleveland, TN 37323
Medical office building featuring multiple exam rooms and provider space.
Property Size4,785 SF
Price / SF$270.64
Days on Market701
Property Features for 1420 Fritz St SE
General Information
Standard status
Active
Size
4,785 SF
Class
B
Property subtype
Office
Zoning
Highway Commercial
Lease Type
Modified Gross
Building Details
Year Built
2004
Buildings
1
Stories
2
Units
1
Listing Agency:
Bender Realty
Listed By:
Brian Workman · License #TN 271193
(423) 472-2173
Source:
Crexi
Added: Oct 2, 2024
Changed: Aug 24
Last Checked: Sep 2 at 12:12AM
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 Bender Realty
Investment Insights
Based on property information with market context.
This commercial property in Cleveland, TN, presents a medical opportunity. The building features up to 12 exam rooms, a lab, a break room, an X-ray room, a large nurses station, and a records area. It also includes a large waiting area and five bathrooms. Additional provider office space is located upstairs. The property has a total size of 4785 square feet. An additional lot could be available.
Key Highlights
- Up to 12 exam rooms, plus lab, break room, X‑ray room, large nurses station, and records area.
- Ideal for medical practice: Designed specifically for medical use.
- Additional provider office space upstairs.
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
$55,812
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
4.31%
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%
$1,116,240
$1.1M
Cap Rate 7%
$797,314
$797.3K
Cap Rate 9%
$620,133
$620.1K
Market Conditions
NOI Build-Up for 4,785 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
$103.4K $21.60/SF
− Vacancy
−$10.3K −$2.16/SF
EGI
$93.0K $19.44/SF
− OpEx
−$37.2K −$7.78/SF
NOI
$55.8K $11.66/SF
Area
Bradley County, TN
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
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%
$1,116,240
Cap Rate 7%
$797,314
Cap Rate 9%
$620,133
Alternative Uses
Best Use
Healthcare Medical
$797.3K
$697.7K – $930.2K
NOI $55,812 @ 7.0% cap · market cap 4.31%
Second Best
Office B
$756.7K
$662.1K – $882.8K
NOI $52,970 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$1.00M
$878.5K – $1.17M
NOI $70,282 @ 7.0% cap · market cap 5.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
Under-served
Demand for This Use
Explore this area
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Medical office building featuring multiple exam rooms and provider space.
Where is this medical office space located?
The property is located at 1420 Fritz St SE Cleveland, TN.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Up to 12 exam rooms, plus lab, break room, X‑ray room, large nurses station, and records area.; Ideal for medical practice: Designed specifically for medical use.; Additional provider office space upstairs.
