Multi-Studio Office
For Sale
$725,000
204 5th Ave E, Springfield, TN 37172
Renovated space combines smaller studios with private upstairs suites and shared amenities.
Property Size3,276 SF
Price / SF$221.31
Days on Market13
Property Features for 204 5th Ave E
General Information
Standard status
Active
Size
3,276 SF
Total Parking Spaces
14
Property subtype
Commercial
Additional Details
Road Access
Yes
Office Units
9
Building Details
Year Built
1971
Year Renovated
2021
Buildings
1
Stories
2
Building Size
3,276 SF
Construction
brick and concrete block
Tenancy
Multi
Listing Agency:
ASPIRE REALTY LLC
(615) 212-5076
Listed By:
RENEE HARRINGTON · License #289422
(615) 943-7384
Source:
Corcoran
Added: Sep 25
Changed: Oct 6
Last Checked: Oct 7 at 12:13PM
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 ASPIRE REALTY LLC
Investment Insights
Based on property information with market context.
This 3,276-square-foot office building was comprehensively renovated in 2021, including its windows, wiring, HVAC, and plumbing. The first floor is arranged as seven studio spaces served by two shared bathrooms. Upstairs, two larger private studios sit on opposite sides of a vestibule, and each has its own bathroom. One suite is finished with a private office area, conference and lounge space, brick-look accent walls, and a kitchenette.
Brick and concrete block construction rests on a concrete foundation, with concrete floors, girders, and ceiling panels. The property has 14 off-street parking spaces, with additional public parking directly across the street. More than 9,300 vehicles pass daily, and downtown Springfield is within walking distance. Shopping, dining, and everyday services are nearby.
Brick and concrete block construction rests on a concrete foundation, with concrete floors, girders, and ceiling panels. The property has 14 off-street parking spaces, with additional public parking directly across the street. More than 9,300 vehicles pass daily, and downtown Springfield is within walking distance. Shopping, dining, and everyday services are nearby.
Key Highlights
- 3,276‑square‑foot office building renovated in 2021
- Seven first‑floor studios and two shared bathrooms
- Two upstairs private studios, each with its own bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$54,811
Cap Rate
7.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,096,220
$1.1M
Cap Rate 7%
$783,014
$783.0K
Cap Rate 9%
$609,011
$609.0K
Market Conditions
NOI Build-Up for 3,276 SF
Gross rent
$86.5K $26.40/SF
− Vacancy
−$13.4K −$4.09/SF
EGI
$73.1K $22.31/SF
− OpEx
−$18.3K −$5.58/SF
NOI
$54.8K $16.73/SF
Area
Robertson County, TN
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,096,220
Cap Rate 7%
$783,014
Cap Rate 9%
$609,011
Alternative Uses
Best Use
Office B
$783.0K
$685.1K – $913.5K
NOI $54,811 @ 7.0% cap · market cap 7.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$960.3K
$840.3K – $1.12M
NOI $67,224 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Office units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
790
Businesses Nearby
Explore this area
Business Placement
Demographics for 37172, TN
31,851
Population
12,253
Households
2.6
Avg Household Size
39
Median Age
19%
College-Educated
86%
High-School Grad
179.8 sq mi
ZIP Area
177
Density / Sq Mi
$71,103
Median Household Income
$40,879
Median Earnings
$1,132
Median Rent
$282,000
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Renovated space combines smaller studios with private upstairs suites and shared amenities.
Where is this office building located?
The property is located at 204 5th Ave E Springfield, TN.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: 3,276‑square‑foot office building renovated in 2021; Seven first‑floor studios and two shared bathrooms; Two upstairs private studios, each with its own bathroom
