Renovated Duplex With Leased
New
For Sale
$409,900
20 W Borden St, Cookeville, TN 38501
Cookeville, TN
Property Size2,200 SF
Price / SF$186.32
Days on Market7
Property Features for 20 W Borden St
General Information
Property type
Residential
Property subtype
Duplex
Standard status
Active
Size
2,200 SF
Amenities
washer/dryer hookups
shared yard
Building Details
Year built
1996
Listing Agency:
NextHome Investment
(931) 345-3954
Listed By:
Odnie Chua · License #365077,PersonLicenseNumber
(931) 267-7275
Added: Aug 26
Changed: Aug 30
Last Checked: Sep 1 at 4:06AM
MLS# 3513479
Copyright © 2026 NextHome, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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.
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 = 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
Property Profile
Current Use
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
Questions? Ask Rey
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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 $409,900.
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
