Two-Story Mixed-Use
For Sale
$518,000
Pending
18 N Cedar Ave, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size1,806 SF
Lot Size0.02 Acres
Days on Market47
Property Features for 18 N Cedar Ave
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking features
On Street
Directions
From PCCH: Take a Right on S Lowe Ave; Travel S Washington Ave; Left on E Brad St; Right on N Cedar; Property is on your Right with sign in window.
Subdivision
Cookeville NE, TN
Standard status
Pending
APN
053G A 007.00
Size
1,806 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
2399
Utilities
Heating system
Natural Gas, Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1930
Floors in Building
2
Building materials
Frame, Brick
Roof type
Rolled Hot Mop, Composition
Listing Agency:
Elevate Real Estate
(931) 520-6450
Listed By:
Donnita Hill · License #018217
(931) 261-1500
Added: Jul 29
Changed: Sep 13
Last Checked: Sep 13 at 12:06PM
MLS# 246179
Copyright © 2026 Upper Cumberland 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 two-story mixed-use property combines a street-level retail storefront with a residential apartment above. The building contains approximately 1,806 square feet on a 0.0236-acre lot and was constructed in 1930. Frame and brick construction, a composition and rolled hot mop roof, central air, and natural gas heating define the existing improvements.
Located in downtown Cookeville, the property offers public water service and on-street parking. The configuration places commercial and residential components within one compact building, with the retail space positioned on the main level and the apartment upstairs.
Located in downtown Cookeville, the property offers public water service and on-street parking. The configuration places commercial and residential components within one compact building, with the retail space positioned on the main level and the apartment upstairs.
Key Highlights
- Approximately 1,806 square feet in a two‑story mixed‑use building
- Main‑level retail storefront with an upstairs residential apartment
- 0.0236‑acre lot in downtown Cookeville
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
$28,253
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
5.45%
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%
$565,060
$565.1K
Cap Rate 7%
$403,614
$403.6K
Cap Rate 9%
$313,922
$313.9K
Market Conditions
NOI Build-Up for 1,806 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
$41.6K $23.04/SF
− Vacancy
−$1.2K −$0.69/SF
EGI
$40.4K $22.35/SF
− OpEx
−$12.1K −$6.70/SF
NOI
$28.3K $15.64/SF
Area
Putnam County, TN
Vacancy
3.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
30.00%
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%
$565,060
Cap Rate 7%
$403,614
Cap Rate 9%
$313,922
Alternative Uses
Best Use
Retail
$403.6K
$353.2K – $470.9K
NOI $28,253 @ 7.0% cap · market cap 5.45%
Second Best
Mixed Use
$261.2K
$228.6K – $304.8K
NOI $18,286 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$745.4K
$652.2K – $869.6K
NOI $52,176 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,336
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Main-level retail space is paired with an upstairs residential apartment.
Where is this mixed-use property located?
The property is located at 18 N Cedar Ave Cookeville, TN.
What is the asking price?
The asking price for this property is $518,000.
What are key features of this property?
This property features: Approximately 1,806 square feet in a two‑story mixed‑use building; Main‑level retail storefront with an upstairs residential apartment; 0.0236‑acre lot in downtown Cookeville
