Two-Building Flex
For Sale
$1,390,000
193 Industrial Way SW, Cleveland, TN 37311
Industrial property with offices, reception areas, bathrooms, drive-in access, and outdoor truck or equipment storage.
Property Size7,800 SF
Price / SF$178.21
Days on Market67
Property Features for 193 Industrial Way SW
General Information
Standard status
Active
Size
7,800 SF
Property subtype
Commercial
Zoning
Industrial
Warehouse & Industrial
Drive-In Doors
4
Three-Phase Power
Yes
Additional Details
Outdoor Storage
Yes
Amenities
drive-in doors
offices
reception areas
full bathrooms with showers
half bath
three phase power
concrete apron
large back lot
Building Details
Building Size
7,800 SF
Year Built
2019
Buildings
2
Listing Agency:
Bender Realty LLC
(423) 385-0585
Listed By:
James Metzger · License #277658
(423) 385-0585
Source:
Spotlightproperties
Added: Jun 5
Changed: Aug 10
Last Checked: Aug 10 at 3:17AM
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 Bender Realty LLC
Investment Insights
Based on property information with market context.
This 7,800-square-foot flex property includes two commercial buildings completed in 2019. Building one contains 3,000 square feet, while building two offers 4,800 square feet. Each structure includes multiple offices, a reception area, full bathrooms with showers in the office sections, and a half bath serving the warehouse areas. Both buildings also provide two 12-foot drive-in doors and 14-foot eave heights.
The property has three-phase power available on site, concrete paving along the front and sides, and a substantial rear gravel area for trucks or equipment. Concrete work at the second building is expected to be completed by approximately the end of June. The address is 193 Industrial Way SW in Cleveland, Tennessee, and the property is zoned Industrial.
The property has three-phase power available on site, concrete paving along the front and sides, and a substantial rear gravel area for trucks or equipment. Concrete work at the second building is expected to be completed by approximately the end of June. The address is 193 Industrial Way SW in Cleveland, Tennessee, and the property is zoned Industrial.
Key Highlights
- 7,800 square feet across two commercial buildings
- Building one measures 3,000 square feet; building two measures 4,800 square feet
- Each building has two 12‑foot drive‑in doors and 14‑foot eave heights
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
$86,346
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
6.21%
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%
$1,726,920
$1.7M
Cap Rate 7%
$1,233,514
$1.2M
Cap Rate 9%
$959,400
$959.4K
Market Conditions
NOI Build-Up for 7,800 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
$140.4K $18.00/SF
− Vacancy
−$25.3K −$3.24/SF
EGI
$115.1K $14.76/SF
− OpEx
−$28.8K −$3.69/SF
NOI
$86.3K $11.07/SF
Area
Bradley County, TN
Vacancy
18.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,726,920
Cap Rate 7%
$1,233,514
Cap Rate 9%
$959,400
Alternative Uses
Best Use
Office B
$1.23M
$1.08M – $1.44M
NOI $86,346 @ 7.0% cap · market cap 6.21%
Second Best
Warehouse
$715.1K
$625.8K – $834.3K
NOI $50,060 @ 7.0% cap · market cap 3.60%
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,566 @ 7.0% cap · market cap 8.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37311, TN
29,687
Population
12,942
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
83%
High-School Grad
50.1 sq mi
ZIP Area
593
Density / Sq Mi
$46,827
Median Household Income
$28,839
Median Earnings
$890
Median Rent
$205,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial property with offices, reception areas, bathrooms, drive-in access, and outdoor truck or equipment storage.
Where is this flex space located?
The property is located at 193 Industrial Way SW Cleveland, TN.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: 7,800 square feet across two commercial buildings; Building one measures 3,000 square feet; building two measures 4,800 square feet; Each building has two 12‑foot drive‑in doors and 14‑foot eave heights
