High-Ceiling Flex
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 Market56
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
Amenities
eat-in kitchen
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: Aug 24 at 12:06AM
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.
Flex space/light industrial building for sale in Northeast Cleveland. The property includes a well-maintained 4,800+/- square foot light industrial structure built in 1998 with a steel frame on a concrete slab foundation. Exterior materials include brick and metal siding, along with a flat roof and rain gutters.
The layout combines approximately 1,660+/- square feet of office space with an eat-in kitchen, with the remaining area utilized as warehouse space. The warehouse portion features approximately 15-foot ceiling height and an open layout designed for efficient operations, plus a roll-up overhead door. Office areas include exposed structural ceilings and T-bar acoustical ceilings. The property includes interior storage and central heating and central air conditioning, with public water and public sewer. The building does not include a loading dock.
Conveniently located among other industrial and commercial businesses, the site is approximately 6 miles from I-75 Exit 27 (Paul Huff Parkway), with an estimated drive time of 12 to 15 minutes to Cleveland, Chattanooga, and surrounding markets. An appraisal was completed in February 2026; exact office/warehouse square footage is approximate and should be verified by buyer.
The layout combines approximately 1,660+/- square feet of office space with an eat-in kitchen, with the remaining area utilized as warehouse space. The warehouse portion features approximately 15-foot ceiling height and an open layout designed for efficient operations, plus a roll-up overhead door. Office areas include exposed structural ceilings and T-bar acoustical ceilings. The property includes interior storage and central heating and central air conditioning, with public water and public sewer. The building does not include a loading dock.
Conveniently located among other industrial and commercial businesses, the site is approximately 6 miles from I-75 Exit 27 (Paul Huff Parkway), with an estimated drive time of 12 to 15 minutes to Cleveland, Chattanooga, and surrounding markets. An appraisal was completed in February 2026; exact office/warehouse square footage is approximate and should be verified by buyer.
Key Highlights
- 0.48‑acre light industrial flex property
- 4,800+/- square feet total building size
- Approximately 1,660+/- square feet office with eat‑in kitchen
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
Warehouse
$440.1K
$385.1K – $513.4K
NOI $30,806 @ 7.0% cap · market cap 6.04%
Second Best
Industrial
$362.4K
$317.1K – $422.8K
NOI $25,370 @ 7.0% cap · market cap 4.97%
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
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Crepe Outdoors — 850 Stuart Rd NE, Cleveland, TN 37312
- Impressions Catering — 810 Stuart Rd NE, Cleveland, TN 37312
Frequently Asked Questions
What type of property is this?
Flex space - Light industrial flex building with office space, steel-frame construction, central HVAC, 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: 0.48‑acre light industrial flex property; 4,800+/- square feet total building size; Approximately 1,660+/- square feet office with eat‑in kitchen
