Renovated Duplex with
For Sale
$409,900
20 W Borden St, Cookeville, TN 38501
Two leased residences offer updated finishes, private outdoor space, and separately metered utilities near downtown Cookeville.
Property Size2,200 SF
Price / SF$186.32
Days on Market15
Property Features for 20 W Borden St
General Information
Standard status
Active
Size
2,200 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Amenities
washer/dryer hookups
large back deck
yard
Building Details
Year Built
1996
Year Renovated
2026
Buildings
1
Tenancy
Multi
Listing Agency:
NextHome investment
(931) 267-7275
Listed By:
Odnie Chua · License #365077,PersonLicenseNumber
Source:
Shearonsellsteam
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 30 at 8:53PM
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 NextHome investment
Investment Insights
Based on property information with market context.
This 2,200-square-foot duplex, built in 1996, contains two fully leased residences. Each unit measures 1,110 square feet and includes three bedrooms, two full bathrooms, LVP/LVT flooring throughout, and washer/dryer hookups. Electric and water are separately metered for each side. Unit A received a full renovation in July 2026, including new kitchen cabinetry and countertops, refreshed flooring, a guest-bath vanity upgrade, and a new large rear deck. Its third bedroom has suite-style privacy with two closets and a dedicated full bathroom.
Unit B has fresh paint and updated flooring completed in 2023, along with the same three-bedroom, two-bath configuration. The property also includes shared yard space and is located minutes from downtown Cookeville at 20 W Borden St.
Unit B has fresh paint and updated flooring completed in 2023, along with the same three-bedroom, two-bath configuration. The property also includes shared yard space and is located minutes from downtown Cookeville at 20 W Borden St.
Key Highlights
- Two fully leased 3BR/2BA units in a 2,200‑square‑foot duplex
- Each residence provides 1,110 square feet of living area
- Unit A renovation completed in July 2026 with new cabinets, countertops, flooring, vanity, and large rear deck
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
$23,077
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
5.63%
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%
$461,540
$461.5K
Cap Rate 7%
$329,671
$329.7K
Cap Rate 9%
$256,411
$256.4K
Market Conditions
NOI Build-Up for 2,200 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
$35.6K $16.20/SF
− Vacancy
−$2.7K −$1.22/SF
EGI
$33.0K $14.99/SF
− OpEx
−$9.9K −$4.50/SF
NOI
$23.1K $10.49/SF
Area
Putnam County, TN
Vacancy
7.50%
Lease Rate
$16.20 /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%
$461,540
Cap Rate 7%
$329,671
Cap Rate 9%
$256,411
Alternative Uses
Best Use
Multifamily LT 5
$329.7K
$288.5K – $384.6K
NOI $23,077 @ 7.0% cap · market cap 5.63%
Second Best
Apartment 5plus
$309.3K
$270.7K – $360.9K
NOI $21,652 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$908.0K
$794.5K – $1.06M
NOI $63,559 @ 7.0% cap · market cap 15.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,613
Businesses Nearby
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased residences offer updated finishes, private outdoor space, and separately metered utilities near downtown Cookeville.
Where is this duplex located?
The property is located at 20 W Borden St Cookeville, TN.
What is the asking price?
The asking price for this property is $409,900.
What are key features of this property?
This property features: Two fully leased 3BR/2BA units in a 2,200‑square‑foot duplex; Each residence provides 1,110 square feet of living area; Unit A renovation completed in July 2026 with new cabinets, countertops, flooring, vanity, and large rear deck
