6-Unit Apartment
New
For Sale
$950,000
149 Proffitt St., Cookeville, TN 38501
Updated building systems and in-unit appliance packages support straightforward apartment operations.
Property Size5,974 SF
Days on Market3
Property Features for 149 Proffitt St.
General Information
Standard status
Active
Size
5,974 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 4BR/2BA, 5 x 2BR/1.5BA
Multifamily Units
6
Additional Details
Gross Income
$82,800
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,048
Amenities
refrigerator
electric range
dishwasher
washer/dryer hook-ups
Building Details
Building Size
5,974 SF
Year Built
1988
Units
6
Listing Agency:
The Realty Firm
(931) 261-2008
Listed By:
Jeff Monday · License #364782
(931) 261-2008
Source:
Letsgoreco
Added: Aug 12
Changed: Aug 13
Last Checked: Aug 13 at 7:00AM
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 The Realty Firm
Investment Insights
Based on property information with market context.
This 6-unit apartment property, built in 1988, includes a mix of two- and four-bedroom residences with one-and-a-half- and two-bath layouts. Each unit is equipped with a refrigerator, electric range, and dishwasher, while washer/dryer hookups are available throughout. The property also features PEX plumbing in every unit, double-pane windows installed 2 years ago, and HVAC units that are 7 years old or newer.
The front four units face Proffitt Street, with Units E and F positioned behind them. The property is a few blocks from Cookeville city square and is served by Capshaw School and Avery Trace School District. Unit configurations include five two-bedroom apartments and one four-bedroom apartment.
The front four units face Proffitt Street, with Units E and F positioned behind them. The property is a few blocks from Cookeville city square and is served by Capshaw School and Avery Trace School District. Unit configurations include five two-bedroom apartments and one four-bedroom apartment.
Key Highlights
- 6‑unit apartment property built in 1988
- Five 2‑bedroom units and one 4‑bedroom unit
- HVAC units are 7 years old or newer
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
$58,796
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
6.19%
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%
$1,175,920
$1.2M
Cap Rate 7%
$839,943
$839.9K
Cap Rate 9%
$653,289
$653.3K
Market Conditions
NOI Build-Up for 5,974 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
$114.7K $19.20/SF
− Vacancy
−$7.8K −$1.31/SF
EGI
$106.9K $17.89/SF
− OpEx
−$48.1K −$8.05/SF
NOI
$58.8K $9.84/SF
Area
Putnam County, TN
Vacancy
6.80%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,175,920
Cap Rate 7%
$839,943
Cap Rate 9%
$653,289
Alternative Uses
Best Use
Apartment 5plus
$839.9K
$735.0K – $979.9K
NOI $58,796 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $172,590 @ 7.0% cap · market cap 18.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,519
Businesses Nearby
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Updated building systems and in-unit appliance packages support straightforward apartment operations.
Where is this apartment building located?
The property is located at 149 Proffitt St. Cookeville, TN.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 6‑unit apartment property built in 1988; Five 2‑bedroom units and one 4‑bedroom unit; HVAC units are 7 years old or newer
