United Rentals Flex
For Sale
Contact for pricing
1830 Foreman Drive, Cookeville, TN 38501
United Rentals investment property with long-term lease history and flex/warehouse space off Interstate 40.
Property Size6,600 SF
Price / SF$215
Days on Market100
Property Features for 1830 Foreman Drive
General Information
Standard status
Active
Size
6,600 SF
Property subtype
Retail, Industrial
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$78,046
Building Details
Year Built
2001
Buildings
1
Tenancy
Single
Listing Agency:
NX3 Commercial Group
Listed By:
Joshua Symonette · License #FL SL3361739
Source:
Crexi
Added: Jun 12
Changed: Sep 17
Last Checked: Sep 18 at 6:27AM
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 NX3 Commercial Group
Investment Insights
Based on property information with market context.
This flex/warehouse property is offered for sale as a single-tenant investment with an established operating history. The site has supported over 24 years of United Rentals operations, and the lease was recently extended by an additional five years, reflecting tenant longevity at the location. The building provides flex and warehouse space totaling approximately 6,600 square feet.
The property is positioned along Interstate 40 between Nashville and Knoxville, placing it on one of Tennessee’s primary transportation and commercial corridors. The surrounding area includes a recently announced retail development, “The Willows,” totaling approximately 148,000 square feet and anchored by Target and Home Depot.
For prospective investors, the offering combines a corporate equipment rental tenant with demonstrated site continuity through the extended lease term. The property’s mix of flex and warehouse space supports the operational needs of an established industrial services user, while its corridor access can be advantageous for distribution and service-oriented activity tied to the I-40 market.
The property is positioned along Interstate 40 between Nashville and Knoxville, placing it on one of Tennessee’s primary transportation and commercial corridors. The surrounding area includes a recently announced retail development, “The Willows,” totaling approximately 148,000 square feet and anchored by Target and Home Depot.
For prospective investors, the offering combines a corporate equipment rental tenant with demonstrated site continuity through the extended lease term. The property’s mix of flex and warehouse space supports the operational needs of an established industrial services user, while its corridor access can be advantageous for distribution and service-oriented activity tied to the I-40 market.
Key Highlights
- Year built 2001
- United Rentals (NYSE: URI) investment property with recently exercised 5‑year lease extension
- Over 24 years of operating history at the site
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
$43,328
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
3.05%
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%
$866,560
$866.6K
Cap Rate 7%
$618,971
$619.0K
Cap Rate 9%
$481,422
$481.4K
Market Conditions
NOI Build-Up for 6,600 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
$64.7K $9.81/SF
− Vacancy
−$2.8K −$0.43/SF
EGI
$61.9K $9.38/SF
− OpEx
−$18.6K −$2.81/SF
NOI
$43.3K $6.56/SF
Area
Putnam County, TN
Vacancy
4.40%
Lease Rate
$9.81 /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%
$866,560
Cap Rate 7%
$618,971
Cap Rate 9%
$481,422
Alternative Uses
Best Use
Industrial
$619.0K
$541.6K – $722.1K
NOI $43,328 @ 7.0% cap · market cap 3.05%
Second Best
Flex RnD
$569.9K
$498.7K – $664.9K
NOI $39,892 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$2.72M
$2.38M – $3.18M
NOI $190,676 @ 7.0% cap · market cap 13.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Balanced
Demand for This Use
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 Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - United Rentals investment property with long-term lease history and flex/warehouse space off Interstate 40.
Where is this flex space located?
The property is located at 1830 Foreman Drive Cookeville, TN.
What is the asking price?
The asking price for this property is $1,419,015.
What are key features of this property?
This property features: Year built 2001; United Rentals (NYSE: URI) investment property with recently exercised 5‑year lease extension; Over 24 years of operating history at the site
