Two-Building Flex Industrial
For Sale
$1,390,000
193 Industrial Way SW, Cleveland, TN 37311
Separate buildings provide office amenities, drive-in access, and a rear lot for trucks or equipment.
Property Size7,800 SF
Price / SF$178.21
Days on Market42
Property Features for 193 Industrial Way SW
General Information
Standard status
Active
Size
7,800 SF
Site & Location
Outdoor Storage
Yes
Utilities to Site
Yes
Warehouse & Industrial
Drive-In Doors
4
Three-Phase Power
Yes
Building Details
Year Built
2019
Buildings
2
Building Size
7,800 SF
Listing Agency:
Bender Realty LLC
(423) 472-2173
Listed By:
James Metzger · License #277658
Source:
Fykesrealtygroup
Added: Jul 20
Changed: Aug 29
Last Checked: Aug 25 at 4:41AM
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 flex industrial property includes two buildings totaling 7,800 square feet, with 3,000 square feet in the first building and 4,800 square feet in the second. Each building offers several offices, a reception area, full bathrooms with showers serving the office areas, and a half bath within the warehouse space. Both structures feature two 12-foot drive-in doors and 14-foot eave heights. The property was built in 2019.
Concrete paving surrounds the front and sides of both buildings, with completion of the paving at the 4,800-square-foot building expected around the end of June. Three-phase power is available on site. A large gravel rear lot provides space for trucks or equipment. The property is located at 193 Industrial Way in Cleveland, Tennessee.
Concrete paving surrounds the front and sides of both buildings, with completion of the paving at the 4,800-square-foot building expected around the end of June. Three-phase power is available on site. A large gravel rear lot provides space for trucks or equipment. The property is located at 193 Industrial Way in Cleveland, Tennessee.
Key Highlights
- 7,800 total square feet across two buildings: 3,000 square feet and 4,800 square feet
- Each building includes two 12' drive‑in doors and 14 ft eave heights
- Office areas feature reception spaces, several offices, and full bathrooms with showers
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
$50,060
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
3.60%
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%
$1,001,200
$1.0M
Cap Rate 7%
$715,143
$715.1K
Cap Rate 9%
$556,222
$556.2K
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
$60.5K $7.76/SF
− Vacancy
−$1.6K −$0.21/SF
EGI
$58.9K $7.55/SF
− OpEx
−$8.8K −$1.13/SF
NOI
$50.1K $6.42/SF
Area
Bradley County, TN
Vacancy
2.70%
Lease Rate
$7.76 /SF/Yr
Expense Ratio
15.00%
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%
$1,001,200
Cap Rate 7%
$715,143
Cap Rate 9%
$556,222
Alternative Uses
Best Use
Warehouse
$715.1K
$625.8K – $834.3K
NOI $50,060 @ 7.0% cap · market cap 3.60%
Second Best
Industrial
$588.9K
$515.3K – $687.1K
NOI $41,226 @ 7.0% cap · market cap 2.97%
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
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
81
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Separate buildings provide office amenities, drive-in access, and a rear lot for trucks or equipment.
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 total square feet across two buildings: 3,000 square feet and 4,800 square feet; Each building includes two 12' drive‑in doors and 14 ft eave heights; Office areas feature reception spaces, several offices, and full bathrooms with showers
