Flex Space with 3-Bay
For Sale
$1,700,000
1470 S Jefferson Ave, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size8,946 SF
Lot Size2.79 Acres
Price / SF$190.03
Days on Market92
Property Features for 1470 S Jefferson Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
From PCCH go South on Jefferson approximately 2 miles, building is located on the left.
Subdivision
Cookeville SW, TN
Standard status
Active
APN
083B A 002.00 083B A 001.00
Size
8,946 SF
Lot size
2.79 Acres
Taxes and HOA fees
Tax Annual Amount
3528
Utilities
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Floors in Building
1
Building materials
Block
Roof type
Rubber
Listing Agency:
The Real Estate Collective
(931) 559-9500
Listed By:
Marlen Weaver · License #356095
(931) 510-5106
Added: Jun 13
Changed: Sep 8
Last Checked: Sep 12 at 10:06AM
MLS# 245098
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 an 8,946-square-foot building on 2.79 acres, with block construction, a rubber roof, three bay doors, central heating, central air, and natural gas service. Public water, electric, gas, and equipment were inspected in October 2024, with necessary repairs completed on identified items. The property is offered in its current condition and location.
The site is approximately 2 miles from Interstate 40 and 1.5 miles from Hwy. 111 along S. Jefferson Ave., a major Cookeville artery. The road is currently being widened to five lanes and has approximately 20,000 cars passing daily. A private drive provides access from the north side of the property and has been used for over 40 years. General Commercial zoning supports a range of business uses identified for the site, including storage units, rental properties, medical or dental operations, restaurants, and boat dealerships.
The site is approximately 2 miles from Interstate 40 and 1.5 miles from Hwy. 111 along S. Jefferson Ave., a major Cookeville artery. The road is currently being widened to five lanes and has approximately 20,000 cars passing daily. A private drive provides access from the north side of the property and has been used for over 40 years. General Commercial zoning supports a range of business uses identified for the site, including storage units, rental properties, medical or dental operations, restaurants, and boat dealerships.
Key Highlights
- 2.79‑acre site with an 8,946‑square‑foot building
- General Commercial zoning supports multiple business uses
- Approximately 2 miles from Interstate 40 and 1.5 miles from Hwy. 111
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
$139,953
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
8.23%
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%
$2,799,060
$2.8M
Cap Rate 7%
$1,999,329
$2.0M
Cap Rate 9%
$1,555,033
$1.6M
Market Conditions
NOI Build-Up for 8,946 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
$206.1K $23.04/SF
− Vacancy
−$6.2K −$0.69/SF
EGI
$199.9K $22.35/SF
− OpEx
−$60.0K −$6.70/SF
NOI
$140.0K $15.64/SF
Area
Putnam County, TN
Vacancy
3.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
30.00%
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%
$2,799,060
Cap Rate 7%
$1,999,329
Cap Rate 9%
$1,555,033
Alternative Uses
Best Use
Retail
$2.00M
$1.75M – $2.33M
NOI $139,953 @ 7.0% cap · market cap 8.23%
Second Best
Industrial
$839.0K
$734.1K – $978.8K
NOI $58,729 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$3.69M
$3.23M – $4.31M
NOI $258,452 @ 7.0% cap · market cap 15.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
20,000 VPD
Traffic count
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
120
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - General Commercial zoning, inspected building systems, and multiple utility services support a range of business uses.
Where is this flex space located?
The property is located at 1470 S Jefferson Ave Cookeville, TN.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 2.79‑acre site with an 8,946‑square‑foot building; General Commercial zoning supports multiple business uses; Approximately 2 miles from Interstate 40 and 1.5 miles from Hwy. 111
