Cold Storage Distribution
For Sale
$1,700,000
2154 Old Charleston Road NE, Cleveland, TN 37312
Commercial distribution facility with temperature-controlled storage, offices, paved loading areas, and a separate detached flex building.
Property Size19,090 SF
Lot Size2.31 Acres
Price / SF$89.05
Days on Market110
Property Features for 2154 Old Charleston Road NE
General Information
Standard status
Active
Size
19,090 SF
Lot size
2.31 Acres
Property subtype
Commercial
Zoning
Commercial
Additional Details
Cold Storage
Yes
Building Details
Building Size
19,090 SF
Year Built
1966
Buildings
2
Listing Agency:
Bender Realty LLC
(423) 331-7604
Listed By:
Elijah Haynie · License #372180
(423) 331-7604
Source:
Reason4homes
Added: Apr 29
Changed: Aug 14
Last Checked: Aug 15 at 1:35PM
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 Bender Realty LLC
Investment Insights
Based on property information with market context.
Built in 1966, this commercial distribution facility includes 19,090 square feet of warehouse space on a 2.31-acre site. The main building contains three office spaces, three commercial-grade freezers, and two coolers, supporting temperature-controlled storage and distribution operations. Paved loading and parking areas provide space for deliveries, truck activity, and daily logistics.
A separate 1,680-square-foot detached garage or building adds additional functional space for equipment storage, maintenance, warehousing, or other operational needs. The property is zoned Commercial and includes a layout organized around storage, processing, and shipping functions. Its combination of warehouse capacity, cold storage equipment, office areas, and detached support space serves distribution-oriented operations requiring specialized infrastructure.
A separate 1,680-square-foot detached garage or building adds additional functional space for equipment storage, maintenance, warehousing, or other operational needs. The property is zoned Commercial and includes a layout organized around storage, processing, and shipping functions. Its combination of warehouse capacity, cold storage equipment, office areas, and detached support space serves distribution-oriented operations requiring specialized infrastructure.
Key Highlights
- 19,090‑square‑foot warehouse on 2.31 acres
- Three commercial‑grade freezers and two coolers
- Three dedicated office spaces within the main building
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
$122,518
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
7.21%
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%
$2,450,360
$2.5M
Cap Rate 7%
$1,750,257
$1.8M
Cap Rate 9%
$1,361,311
$1.4M
Market Conditions
NOI Build-Up for 19,090 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
$148.1K $7.76/SF
− Vacancy
−$4.0K −$0.21/SF
EGI
$144.1K $7.55/SF
− OpEx
−$21.6K −$1.13/SF
NOI
$122.5K $6.42/SF
Area
Bradley County, TN
Vacancy
2.70%
Lease Rate
$7.76 /SF/Yr
Expense Ratio
15.00%
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%
$2,450,360
Cap Rate 7%
$1,750,257
Cap Rate 9%
$1,361,311
Alternative Uses
Best Use
Warehouse
$1.75M
$1.53M – $2.04M
NOI $122,518 @ 7.0% cap · market cap 7.21%
Second Best
Industrial
$1.44M
$1.26M – $1.68M
NOI $100,897 @ 7.0% cap · market cap 5.94%
Theoretical Best
Office A
$4.01M
$3.50M – $4.67M
NOI $280,394 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
9
Businesses Nearby
Explore this area
Business Placement
Demographics for 37312, TN
36,291
Population
15,023
Households
2.4
Avg Household Size
42
Median Age
36%
College-Educated
93%
High-School Grad
64.4 sq mi
ZIP Area
564
Density / Sq Mi
$75,369
Median Household Income
$41,148
Median Earnings
$1,080
Median Rent
$270,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - Commercial distribution facility with temperature-controlled storage, offices, paved loading areas, and a separate detached flex building.
Where is this refrigerated & cold storage located?
The property is located at 2154 Old Charleston Road NE Cleveland, TN.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 19,090‑square‑foot warehouse on 2.31 acres; Three commercial‑grade freezers and two coolers; Three dedicated office spaces within the main building
