Two-Story Brick Mixed-Use
For Sale
$518,000
18 N Cedar Ave, Cookeville, TN 38501
Main-level retail space is paired with an upstairs residential apartment.
Property Size1,806 SF
Price / SF$286.82
Days on Market24
Property Features for 18 N Cedar Ave
General Information
Standard status
Active
Size
1,806 SF
Additional Details
Asking Price
$518,000
Taxes and HOA fees
Annual Taxes
$2,398
Building Details
Buildings
1
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
Elevate Real Estate
(931) 261-1500
Listed By:
Donnita Hill · License #018217
(931) 261-1500
Source:
Exprealty
Added: Jul 29
Changed: Aug 21
Last Checked: Aug 21 at 11:36AM
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 Elevate Real Estate
Investment Insights
Based on property information with market context.
This two-story brick mixed-use building contains approximately 1,806 finished square feet arranged across two distinct components. The ground floor provides a retail storefront, while the upper level is configured as a residential apartment. The property is located at 18 N Cedar Ave in downtown Cookeville, with the upstairs address identified as 16 N Cedar Ave. Public remarks identify a 7% ROI for the property.
Key Highlights
- Approximately 1,806 finished square feet
- Two‑story brick construction
- Main‑level retail storefront
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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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 finished square feet; Two‑story brick construction; Main‑level retail storefront
