Cookeville Office Building For
1843 Foreman Dr Cookeville, TN 38501
For Sale
Contact for pricing
Two-story office building with government tenants and long-term lease.
Property Size27,442 SF
Lot Size2.50 Acres
Price / SF$337.07
Days on Market645
Property Features for 1843 Foreman Dr
General Information
- Standard status
- Active
- Size
- 27,442 SF
- Lot size
- 2.50 Acres
- Property subtype
- Office
Building Details
- Year Built
- 2008
Listing Agency:
JTU Net Lease Group
Listed By:
Jordan Uttal · License #CA 01512755
Source:
Crexi
Added: Oct 17, 2024
Changed: Jul 6
Last Checked: Jul 22 at 12:53PM
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 JTU Net Lease Group
Investment Insights
Based on property information with market context.
Freedom Plaza, an office building located at 1843 Foreman Dr in Cookeville, Tennessee, is available for sale. Constructed in 2008, this two-story building contains 25,737 square feet and is situated on a 2.5-acre lot with over 135 surface parking spaces. The anchor tenant, the State of Tennessee, occupies 73% of the building and will commence a new 10-year lease on January 1, 2025. Government tenants account for 90% of the rental income. The property is located within 3 miles of major national retailers, including Walmart, Sam’s Club, Lowe’s, Chick-fil-A, Publix, AMC, Cracker Barrel, Arby’s, and Hardee’s. It is also within walking distance of the Holiday Inn Cookeville and near Interstate 40 and Willow Ave, Cookeville’s main thoroughfare.
Key Highlights
- Anchor tenant is the State of Tennessee (73% occupancy) with a AAA credit rating and a new 10‑year lease starting January 1, 2025.
- 90% of rental income is from government tenants.
- Located near Interstate 40 and Cookeville's main thoroughfare (Willow Ave).
Financial Insights For Office B
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 | $632.3k | $23.04 |
| − Vacancy | −$126.5k | −$4.61 |
| EGI | $505.8k | $18.43 |
| − OpEx | −$126.5k | −$4.61 |
| NOI | $379.4k | $13.82 |
27,442 SF · lease $23.04/SF/yr · vacancy 20.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$5.42M
$4.74M – $6.32M
NOI $379,358 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.33M
$9.91M – $13.21M
NOI $792,806 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
DaVita Interstate Drive ...
Medical Clinic
XI Properties
Property Management Company
Action Marketing Events
Advertising Agency
Evergreen Homebuilder
General Contractor
Jackson Real Estate
Real Estate Agency
FAQs
What type of property is this?
Office building - Two-story office building with government tenants and long-term lease.
Where is this office building located?
The property is located at 1843 Foreman Dr Cookeville, TN.
What is the asking price?
The asking price for this property is $9,250,000.
What are key features of this property?
This property features: Anchor tenant is the State of Tennessee (73% occupancy) with a AAA credit rating and a new 10‑year lease starting January 1, 2025.; 90% of rental income is from government tenants.; Located near Interstate 40 and Cookeville's main thoroughfare (Willow Ave).
