Light Industrial Building with
For Sale
$510,000
1478 Morrison Lane NE, Cleveland, TN 37312
Steel-frame light industrial building includes office space, T-bar acoustical ceilings, and a roll-up overhead door.
Property Size4,800 SF
Price / SF$106.25
Days on Market54
Property Features for 1478 Morrison Lane NE
General Information
Standard status
Active
Size
4,800 SF
Zoning
Industrial
Additional Details
Highway Access
Yes
Clear Height
15 ft
Amenities
eat-in kitchen
Building Details
Building Size
4,800 SF
Year Built
1998
Construction
steel frame
Listing Agency:
Coldwell Banker Kinard Realty
(423) 463-0024
Listed By:
Terry Barnette · License #291120
(423) 463-0024
Source:
Evrealestate
Added: Jul 1
Changed: Aug 23
Last Checked: Aug 6 at 9:11AM
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 Coldwell Banker Kinard Realty
Investment Insights
Based on property information with market context.
This well-maintained light industrial building offers a mix of office and warehouse space, totaling approximately 4,800± square feet. The office portion includes an eat-in kitchen, with the remaining area configured for warehouse use. Construction is steel frame on a concrete slab foundation, with exterior materials combining brick and metal siding for long-term durability. Interior finishes include exposed structural ceilings in parts of the space and T-bar acoustical ceilings within the office areas. The warehouse provides approximately 15-foot ceiling height and an open layout for operational flexibility, along with a roll-up overhead door. The property does not include a loading dock.
Located at 1478 Morrison Ln NE in Cleveland, TN, the site is positioned within a growing industrial area and surrounded by other industrial and commercial businesses. The property is approximately 6 miles from I-75 Exit 27 (Paul Huff Parkway), with an estimated drive time of 12 to 15 minutes, supporting access to Cleveland, Chattanooga, and surrounding markets.
The space is suited for users seeking functional office-and-warehouse configuration without dock requirements, with buyer to verify exact office and warehouse square footage and any dimensions during due diligence.
Located at 1478 Morrison Ln NE in Cleveland, TN, the site is positioned within a growing industrial area and surrounded by other industrial and commercial businesses. The property is approximately 6 miles from I-75 Exit 27 (Paul Huff Parkway), with an estimated drive time of 12 to 15 minutes, supporting access to Cleveland, Chattanooga, and surrounding markets.
The space is suited for users seeking functional office-and-warehouse configuration without dock requirements, with buyer to verify exact office and warehouse square footage and any dimensions during due diligence.
Key Highlights
- 4,800± SF steel‑frame light industrial building built in 1998 on a concrete slab foundation
- About 1,660± SF office space with an eat‑in kitchen; remaining area used as warehouse/operational space
- Warehouse features include approx. 15‑foot ceiling height and a roll‑up overhead door (no loading dock)
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
$30,806
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
6.04%
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%
$616,120
$616.1K
Cap Rate 7%
$440,086
$440.1K
Cap Rate 9%
$342,289
$342.3K
Market Conditions
NOI Build-Up for 4,800 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
$37.2K $7.76/SF
− Vacancy
−$1.0K −$0.21/SF
EGI
$36.2K $7.55/SF
− OpEx
−$5.4K −$1.13/SF
NOI
$30.8K $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 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%
$616,120
Cap Rate 7%
$440,086
Cap Rate 9%
$342,289
Alternative Uses
Best Use
Office B
$759.1K
$664.2K – $885.6K
NOI $53,136 @ 7.0% cap · market cap 10.42%
Second Best
Warehouse
$440.1K
$385.1K – $513.4K
NOI $30,806 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$1.01M
$881.3K – $1.18M
NOI $70,502 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15 ft
Clear height
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37312, TN
36,291
Population
15,023
Households
2.4
Avg Household Size
42
Median Age
36%
College-Educated
93%
High-School Grad
64.4 sq mi
ZIP Area
564
Density / Sq Mi
$75,369
Median Household Income
$41,148
Median Earnings
$1,080
Median Rent
$270,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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- The Crepe Outdoors — 850 Stuart Rd NE, Cleveland, TN 37312
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Frequently Asked Questions
What type of property is this?
Flex space - Steel-frame light industrial building includes office space, T-bar acoustical ceilings, and a roll-up overhead door.
Where is this flex space located?
The property is located at 1478 Morrison Lane NE Cleveland, TN.
What is the asking price?
The asking price for this property is $510,000.
What are key features of this property?
This property features: 4,800± SF steel‑frame light industrial building built in 1998 on a concrete slab foundation; About 1,660± SF office space with an eat‑in kitchen; remaining area used as warehouse/operational space; Warehouse features include approx. 15‑foot ceiling height and a roll‑up overhead door (no loading dock)
