Fenced Flex Industrial
For Sale
$2,500,000
161 Bates Street NE, Cleveland, TN 37311
Versatile industrial property with warehouse, manufacturing, office, loading, and specialized production infrastructure.
Property Size25,000 SF
Price / SF$99.94
Days on Market42
Property Features for 161 Bates Street NE
General Information
Standard status
Active
Size
25,000 SF
Warehouse & Industrial
Voltage
220 V
Three-Phase Power
Yes
Additional Details
Fenced Yard
Yes
Building Details
Year Built
1950
Building Size
25,000 SF
Listing Agency:
Bender Realty LLC
(423) 472-2173
Listed By:
Brian Workman · License #271193
Source:
Grayfoxrealty
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 30 at 7:38PM
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 Bender Realty LLC
Investment Insights
Based on property information with market context.
This flex space comprises 25,014 square feet built in 1950, with warehouse, manufacturing, and office areas arranged for varied industrial operations. The facility includes 220-volt, three-phase electrical service, multiple loading docks, a loading ramp, and a Class Clean Room. Dedicated office areas and adaptable floor plans provide additional functional space within the building.
The property at 161 Bates Street, NE, Cleveland, TN 37311, occupies a fully fenced site with on-site parking, secure perimeter fencing, and truck access. Its combination of shipping infrastructure, electrical capacity, and specialized clean-room space supports manufacturing, assembly, packaging, laboratory, and related production uses.
The property at 161 Bates Street, NE, Cleveland, TN 37311, occupies a fully fenced site with on-site parking, secure perimeter fencing, and truck access. Its combination of shipping infrastructure, electrical capacity, and specialized clean-room space supports manufacturing, assembly, packaging, laboratory, and related production uses.
Key Highlights
- 25,014‑square‑foot flex space facility built in 1950
- 220‑volt, three‑phase electrical service
- Multiple loading docks and a loading ramp
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
$160,538
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
6.42%
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%
$3,210,760
$3.2M
Cap Rate 7%
$2,293,400
$2.3M
Cap Rate 9%
$1,783,756
$1.8M
Market Conditions
NOI Build-Up for 25,014 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
$194.1K $7.76/SF
− Vacancy
−$5.2K −$0.21/SF
EGI
$188.9K $7.55/SF
− OpEx
−$28.3K −$1.13/SF
NOI
$160.5K $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%
$3,210,760
Cap Rate 7%
$2,293,400
Cap Rate 9%
$1,783,756
Alternative Uses
Best Use
Warehouse
$2.29M
$2.01M – $2.68M
NOI $160,538 @ 7.0% cap · market cap 6.42%
Second Best
Industrial
$1.89M
$1.65M – $2.20M
NOI $132,207 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$5.25M
$4.59M – $6.12M
NOI $367,406 @ 7.0% cap · market cap 14.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,079
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37311, TN
29,687
Population
12,942
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
83%
High-School Grad
50.1 sq mi
ZIP Area
593
Density / Sq Mi
$46,827
Median Household Income
$28,839
Median Earnings
$890
Median Rent
$205,800
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
- Firehouse Subs Village Green — 201 Keith St SW Ste 18, Cleveland, TN 37311
- Alshabibi Catering — 260 Broad St NW, Cleveland, TN 37311
Frequently Asked Questions
What type of property is this?
Flex space - Versatile industrial property with warehouse, manufacturing, office, loading, and specialized production infrastructure.
Where is this flex space located?
The property is located at 161 Bates Street NE Cleveland, TN.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 25,014‑square‑foot flex space facility built in 1950; 220‑volt, three‑phase electrical service; Multiple loading docks and a loading ramp
