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    Cookeville Fourplex Near Tennessee Tech Title is generated by Realmo AI

    191 E 15th Street, Cookeville, TN 38501

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    Claim this Listing
    For Sale
    Under Contract
    $628,904

    MULTI_FAMILY - Cookeville, TN

    Property size:
    4,020 SF
    Lot size:
    0.28 Acres
    Price / SF:
    $156/SF
    Added:
    Mar 18, 2026
    Days on Market:
    67
    Last Refresh:
    May 23 at 5:06 am

    Property Features for 191 E 15th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    RM 8
    Bedrooms
    8
    Bathrooms
    8
    Rooms
    Bathroom 6, Bedroom 5, Bathroom 1, Bedroom 4, Bathroom 5, Bedroom 2, Bathroom 2, Bedroom 8, Bedroom 6, Bedroom 7, Bedroom 1, Bathroom 3, Bathroom 4, Basement, Bathroom 7, Bathroom 8, Bedroom 3
    Patio and Porch features
    Deck
    Interior features
    Ceiling Fan(s)
    Exterior features
    Lawn
    Basement
    Unfinished
    Appliances
    Electric Water Heater, Dishwasher, Electric Oven, Electric Range
    Standard status
    Active Under Contract
    APN
    023.01
    Size
    4,020 SF
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3215

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Electric (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1985
    Number of units
    4
    Flooring type
    Carpet, Vinyl
    Building materials
    Frame, Brick
    Roof type
    Composition

    We can help!

    Listing Contact
    Wayne Russell

    Listing agent Wayne Russell License #333678

    Listing office Highlands Elite Real Estate LLC 1519 E Spring Street A, Cookeville, TN

    Listing date Mar 18, 2026

    MLS# 240970 Listing URL

    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.

    HighLights

    • Completely renovated interior in 2020 including new plumbing, water heaters, doors, windows, and granite countertops.
    • Newer roof (3 years +/-) and HVAC (4‑5 years old or newer).
    • Basement garages.
    • Close proximity to Tennessee Tech (within 750 +/- feet).
    • Located just over one mile from Cookeville Regional Medical Center.
    • Contiguous property at 1348 Woodland Ave also available for sale.

    Overview

    This townhome fourplex features basement garages and a newer roof that is approximately three years old. The HVAC systems are four to five years old or newer. The interior was completely renovated in 2020, including new plumbing, water heaters, doors, windows, and granite countertops. The property is located within approximately 750 feet of Tennessee Tech and just over one mile from Cookeville Regional Medical Center. The lot size is 0.28 acres, and the property size is 4,020 square feet. The zoning is RM 8. The contiguous property located at 1348 Woodland Ave is also available for sale. The property is located in Cookeville, Putnam County, Tennessee.

    Financial Insights

    Value Estimation Calculated for Multifamily LT 5

    Conservative
    $468.5K
    NOI $42,168 @ 9.00% cap · cautious / downside scenario
    Moderate
    $602.4K
    NOI $42,168 @ 7.00% cap · market / base-case scenario
    Aggressive
    $843.4K
    NOI $42,168 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Multifamily LT 5

    Component $ $/SF
    Gross rent $65.1k $16.20
    − Vacancy −$4.9k −$1.22
    EGI $60.2k $14.99
    − OpEx −$18.1k −$4.50
    NOI $42.2k $10.49
    4,020 SF · lease $16.20/SF/yr · vacancy 7.50% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Multifamily LT 5
    $602.4K
    $527.1K – $702.8K (±1% cap)
    NOI $42,168 @ 7.0% cap · market cap 6.70%
    Second Best
    Apartment 5plus
    $565.2K
    $494.6K – $659.4K (±1% cap)
    NOI $39,565 @ 7.0% cap · market cap 6.29%
    Theoretical Best
    Office A
    $1.66M
    $1.45M – $1.94M (±1% cap)
    NOI $116,139 @ 7.0% cap · market cap 18.47%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cookeville
    County
    Putnam
    State
    Tennessee
    Longitude
    -85.5035312
    Latitude
    36.1814518

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    FAQs

    What type of property is this?
    Quadplex - Townhome fourplex near Tennessee Tech and Cookeville Regional Medical Center.
    Where is this quadplex located?
    The property is located at 191 E 15th Street Cookeville, TN.
    What is the asking price?
    The asking price for this property is $628,904.
    What are key features of this property?
    This property features: Completely renovated interior in 2020 including **new plumbing, water heaters, doors, windows, and granite countertops.**; Newer roof (3 years +/-) and HVAC (4‑5 years old or newer).; **Basement garages.**
    (931) 260-3743
    We can help!
    Listing Contact
    Wayne Russell
    Real Estate License ID: 333678
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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