Two-Unit Duplex with
New
For Sale
$450,000
20 W Borden St, Cookeville, TN 38501
Residential Income, Cookeville, TN
Property Size2,200 SF
Lot Size0.29 Acres
Price / SF$204.55
Days on Market7
Property Features for 20 W Borden St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 4, Bedroom 5, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3, Bathroom 3, Bedroom 2
Patio and Porch features
Deck
Appliances
Electric Water Heater, Dishwasher, Refrigerator, Electric Range, Microwave
Directions
From PCCH: W on E. Spring, L on S. Walnut, R on W. Borden, property on L.
Subdivision
Cookeville SE, TN
Standard status
Active
APN
053J K 021.00
Size
2,200 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
2805
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
washer/dryer hookups
yard
Building Details
Year built
1996
Number of units
2
Flooring type
Vinyl
Building materials
Frame, Brick
Roof type
Metal
Listing Agency:
NextHome Investment
(931) 345-3954
Listed By:
Odnie Chua · License #365077,PersonLicenseNumber
(931) 267-7275
Added: Sep 21
Last Checked: Sep 27 at 12:06PM
MLS# 246488
Copyright © 2026 Upper Cumberland Association of Realtors. 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 duplex in Cookeville includes two fully leased residences, each measuring 1,110 square feet with three bedrooms and two full bathrooms. Both units feature vinyl flooring throughout, washer and dryer connections, central air, electric heat, and separately metered electric and water service. The property has a frame-and-brick exterior, metal roofing, public water, and public sewer.
Unit A received a full renovation in July 2026, including kitchen cabinetry and countertops, flooring updates, a guest-bath vanity, and a large rear deck. Its third bedroom is configured as a suite with two closets and a private full bathroom. Unit B received new paint and flooring in 2023 and shares access to the yard. The property is located at 20 W Borden St in Cookeville, near downtown and within ZIP Code 38501.
Unit A received a full renovation in July 2026, including kitchen cabinetry and countertops, flooring updates, a guest-bath vanity, and a large rear deck. Its third bedroom is configured as a suite with two closets and a private full bathroom. Unit B received new paint and flooring in 2023 and shares access to the yard. The property is located at 20 W Borden St in Cookeville, near downtown and within ZIP Code 38501.
Key Highlights
- Two fully leased units, each with 3 bedrooms and 2 full bathrooms
- Each side contains 1,110 square feet of living area
- Unit A renovation completed in July 2026 with kitchen and bath updates
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
5.13%
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 5.13%
Second Best
Apartment 5plus
$309.3K
$270.7K – $360.9K
NOI $21,652 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$908.0K
$794.5K – $1.06M
NOI $63,559 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Both three-bedroom units are fully leased and include two full bathrooms.
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 units, each with 3 bedrooms and 2 full bathrooms; Each side contains 1,110 square feet of living area; Unit A renovation completed in July 2026 with kitchen and bath updates
