Historic Restaurant
For Sale
$340,000
1704 Tennessee 138, Mercer, TN 38392
COMMERCIAL - Mercer, TN
Property Size4,000 SF
Price / SF$85
Days on Market53
Property Features for 1704 Tennessee 138
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Retail
Parking
25
Elementary school district
Jackson Madison Consolidated District
Standard status
Active
APN
138O B 028.00
Size
4,000 SF
Taxes and HOA fees
Tax Annual Amount
471
Utilities
Sewer type
Septic Tank
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Floors in Building
2
Flooring type
Vinyl
Building materials
Brick
Roof type
Rubber
Listing Agency:
RE/MAX Realty Source · RE/MAX International
(731) 668-7500
Listed By:
Jodie Parrish · License #262502
(731) 343-2121
Added: Jun 9
Changed: Jul 17
Last Checked: Jul 31 at 12:06AM
MLS# 2602686
Copyright © 2026 Central West Tennessee 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.
A historic commercial building offered for sale featuring approximately 4,000 square feet and described as being in excellent condition. The property comes fully furnished for restaurant startup, providing an immediately usable setup for a foodservice concept.
The building is located at 1704 Tennessee 138 in Mercer, TN (Madison County). The upstairs area is described as having flexibility, with the potential to be used as apartments or for short-term lodging such as an Air BnB-style setup.
The building is located at 1704 Tennessee 138 in Mercer, TN (Madison County). The upstairs area is described as having flexibility, with the potential to be used as apartments or for short-term lodging such as an Air BnB-style setup.
Key Highlights
- Historic 4,000 SF building (brick construction) built in 1920
- Fully furnished and set up for restaurant startup
- Central heating and central air
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.3k | $10.08 |
| − Vacancy | −$2.7k | −$0.69 |
| EGI | $37.6k | $9.39 |
| − OpEx | −$16.9k | −$4.23 |
| NOI | $20.7k | $5.17 |
4,000 SF · lease $10.08/SF/yr · vacancy 6.80% · expense 45.00%
Alternative Uses
Best Use
Specialty Retail
$750.6K
$656.8K – $875.7K
NOI $52,542 @ 7.0% cap · market cap 15.45%
Second Best
Apartment 5plus
$295.3K
$258.4K – $344.5K
NOI $20,668 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$823.7K
$720.7K – $961.0K
NOI $57,658 @ 7.0% cap · market cap 16.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 38392, TN
739
Population
286
Households
2.6
Avg Household Size
46
Median Age
13%
College-Educated
86%
High-School Grad
36.0 sq mi
ZIP Area
21
Density / Sq Mi
$52,188
Median Household Income
$26,908
Median Earnings
$43,400
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?
Conventional restaurant - Historic building in excellent condition, fully furnished for restaurant startup, with upstairs space that could support additional lodging.
Where is this conventional restaurant located?
The property is located at 1704 Tennessee 138 Mercer, TN.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: Historic 4,000 SF building (brick construction) built in 1920; Fully furnished and set up for restaurant startup; Central heating and central air
