Two-Bedroom Duplex
For Sale
$224,929
227 Boatman Street, Cookeville, TN 38501
Residential, Cookeville, TN
Property Size988 SF
Price / SF$227.66
Days on Market96
Property Features for 227 Boatman Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Dining Room, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2
Parking
2
Window features
Double Pane Windows
Patio and Porch features
Deck, Porch
Interior features
New Paint, Ceiling Fan(s), Walk-In Closet(s)
Appliances
Electric Water Heater, Dishwasher, Electric Oven, Refrigerator, Electric Range
Lot features
Trees
Directions
From PCCH: go W on E Spring St toward Jefferson Ave, go L on S Jefferson Ave, go R on Foutch Dr, go L on S Walnut Ave, go R on Boatman Sr, see signs.
Subdivision
Cookeville SW, TN
Standard status
Active
APN
053O A 001.00
Size
988 SF
Taxes and HOA fees
Tax Annual Amount
0
HOA Fee
$140 Monthly
Utilities
Utilities
Natural Gas Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Central Air
Amenities
covered patio
laundry area
back deck
grounds maintenance
dog park
sidewalks
Building Details
Year built
1960
Floors in Building
1
Flooring type
Vinyl, New floor covering, Tile
Building materials
Frame, Brick
Roof type
Composition
Listing Agency:
Skender-Newton Realty
(931) 261-9001
Listed By:
Heather Skender-Newton · License #272220
(931) 261-9001
Added: May 29
Changed: Aug 21
Last Checked: Sep 1 at 10:06AM
MLS# 244716
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 988-square-foot duplex unit offers two bedrooms, two bathrooms, and an open-concept living and kitchen area. The kitchen includes quartz countertops, a tiled backsplash, soft-close cabinetry, an island, and electric appliances. A covered patio leads into the home, while the living area connects to a back deck and laundry space. Walk-in or oversized closets, new paint, vinyl flooring, tile, ceiling fans, and central heating and cooling complete the interior features.
Exterior improvements include a composition roof, HVAC, plumbing, electrical, sewer, and underground gutters. The property also includes access to grounds maintenance, sidewalks, and a dog park. Public sewer is available, with natural gas available as a utility. A 13-month home warranty is included.
Exterior improvements include a composition roof, HVAC, plumbing, electrical, sewer, and underground gutters. The property also includes access to grounds maintenance, sidewalks, and a dog park. Public sewer is available, with natural gas available as a utility. A 13-month home warranty is included.
Key Highlights
- 988‑square‑foot duplex unit with 2 bedrooms and 2 bathrooms
- Quartz countertops, tiled backsplash, soft‑close cabinets, and kitchen island
- Covered patio, back deck, and dedicated laundry access
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
$10,364
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
4.61%
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%
$207,280
$207.3K
Cap Rate 7%
$148,057
$148.1K
Cap Rate 9%
$115,156
$115.2K
Market Conditions
NOI Build-Up for 988 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
$16.0K $16.20/SF
− Vacancy
−$1.2K −$1.22/SF
EGI
$14.8K $14.99/SF
− OpEx
−$4.4K −$4.50/SF
NOI
$10.4K $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%
$207,280
Cap Rate 7%
$148,057
Cap Rate 9%
$115,156
Alternative Uses
Best Use
Multifamily LT 5
$148.1K
$129.6K – $172.7K
NOI $10,364 @ 7.0% cap · market cap 4.61%
Second Best
Apartment 5plus
$138.9K
$121.6K – $162.1K
NOI $9,724 @ 7.0% cap · market cap 4.32%
Theoretical Best
Office A
$407.8K
$356.8K – $475.7K
NOI $28,544 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
922
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 - Open-concept residence with updated finishes, covered patio, back deck, and community grounds maintenance.
Where is this duplex located?
The property is located at 227 Boatman Street Cookeville, TN.
What is the asking price?
The asking price for this property is $224,929.
What are key features of this property?
This property features: 988‑square‑foot duplex unit with 2 bedrooms and 2 bathrooms; Quartz countertops, tiled backsplash, soft‑close cabinets, and kitchen island; Covered patio, back deck, and dedicated laundry access
