Building Details

Year built 1996

Listing Agency: NextHome Investment Show Phone

Listed By: Odnie Chua · License #365077,PersonLicenseNumber Show Phone

Added: Aug 26 Changed: Sep 21 Last Checked: Oct 16 at 11:06AM

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MLS# 3513479

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Investment Insights

Based on property information with market context.

This 1996-built duplex contains two fully leased residences, each arranged with three bedrooms and two full bathrooms. Both units have hard-surface LVP/LVT flooring throughout, washer and dryer hookups, and separate electric and water meters. One residence received a comprehensive renovation in July 2026, including new kitchen cabinetry and countertops, a refreshed guest-bath vanity, and a new oversized rear deck. Its third bedroom includes two closets and an en suite full bathroom. The second residence has fresh paint and updated flooring completed in 2023, with shared yard access.

The property is located at 20 W Borden St in Cookeville, with downtown Cookeville described as only minutes away. The duplex format, matching floor plans, and current leasing provide a straightforward residential income property configuration.

Key Highlights

• Two fully leased 3BR/2BA units
• Each residence includes washer/dryer hookups and separately metered electric and water
• Unit A renovated in July 2026 with new cabinets, countertops, flooring, vanity, and large back deck

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$23,077

Cap Rate

5.13%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$461,540 $461.5K

Cap Rate 7%

$329,671 $329.7K

Cap Rate 9%

$256,411 $256.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,200 SF

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 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 (±1% cap)

NOI $23,077 @ 7.0% cap · market cap 5.13%

Second Best

Apartment 5plus

$309.3K

$270.7K – $360.9K (±1% cap)

NOI $21,652 @ 7.0% cap · market cap 4.81%

Theoretical Best

Office A

$908.0K

$794.5K – $1.06M (±1% cap)

NOI $63,559 @ 7.0% cap · market cap 14.12%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Parking Lot & Garage Butcher Locksmith (Bike/Boat/Book/etc) Store Catering Service Fish Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Utilities to site

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two separately metered residences offer matching three-bedroom layouts, updated finishes, and private laundry hookups.

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 $450,000.

What are key features of this property?

This property features: Two fully leased 3BR/2BA units; Each residence includes washer/dryer hookups and separately metered electric and water; Unit A renovated in July 2026 with new cabinets, countertops, flooring, vanity, and large back deck