Flex Building with Warehouse
For Sale
$510,000
Pending
1478 Morrison Lane NE, Cleveland, TN 37312
Commercial Sale, Cleveland, TN
Property Size4,800 SF
Lot Size0.48 Acres
Days on Market65
Property Features for 1478 Morrison Lane NE
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Industrial
Interior features
Storage, High Speed Internet, High Ceilings, Eat-in Kitchen
Exterior features
Rain Gutters
Lot features
Level, Cleared, Level, Cleared
Elementary school
Mayfield
Middle school
Cleveland
High school
Cleveland
Directions
North on Keith St, to right on Stuart Rd. to right onto Old Tasso to right on Morrison, property on left.
Standard status
Pending
APN
042 02212 000
Size
4,800 SF
Lot size
0.48 Acres
Taxes and HOA fees
Tax Annual Amount
1334
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1998
Flooring type
Tile, Concrete, Carpet
Building materials
Aluminum Siding, Brick, Concrete
Roof type
Flat
Additional Structures
Storage
Listing Agency:
Coldwell Banker Kinard Realty · Coldwell Banker Real Estate
(423) 476-5532
Listed By:
Terry Barnette · License #291120
(423) 463-0024
Added: Jun 30
Changed: Aug 19
Last Checked: Sep 2 at 8:06AM
MLS# 20263435
Copyright © 2026 River Counties 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 4,800-square-foot flex building combines approximately 1,660 square feet of office area with warehouse space on a concrete slab foundation. The office portion includes an eat-in kitchen, while the warehouse provides an open work area, a roll-up overhead door, and approximately 15-foot ceilings. Interior finishes include carpet, tile, concrete flooring, T-bar acoustical ceilings, and exposed structural ceilings. The steel-frame structure has brick and metal siding, a flat roof, central heating and cooling, public water, and public sewer. There is no loading dock.
The property occupies 0.48 acres at 1478 Morrison Lane NE in Cleveland, Tennessee, within an industrial-zoned setting surrounded by other industrial and commercial businesses. I-75 Exit 27, identified as Paul Huff Parkway, is approximately 6 miles away, with an estimated drive time of 12 to 15 minutes. The building was constructed in 1998 and includes storage, high-speed internet, rain gutters, and a public utility connection.
The property occupies 0.48 acres at 1478 Morrison Lane NE in Cleveland, Tennessee, within an industrial-zoned setting surrounded by other industrial and commercial businesses. I-75 Exit 27, identified as Paul Huff Parkway, is approximately 6 miles away, with an estimated drive time of 12 to 15 minutes. The building was constructed in 1998 and includes storage, high-speed internet, rain gutters, and a public utility connection.
Key Highlights
- 4,800+/- square foot flex building on 0.48 acres
- Approximately 1,660+/- square feet of office space
- Approximately 15‑foot warehouse ceiling height
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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Frequently Asked Questions
What type of property is this?
Flex space - Combined office and warehouse layout with an eat-in kitchen and 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+/- square foot flex building on 0.48 acres; Approximately 1,660+/- square feet of office space; Approximately 15‑foot warehouse ceiling height
