Refrigerated Food Manufacturing
For Sale
Contact for pricing
2300 Industrial Drive, Monterey, TN 38574
Manufacturing property with refrigerated processing, cooking, freezing, warehouse, maintenance, and utility areas.
Property Size328,801 SF
Price / SF$91.24
Days on Market140
Property Features for 2300 Industrial Drive
General Information
Standard status
Active
Size
328,801 SF
Property subtype
Industrial
Warehouse & Industrial
Warehouse Space
38,838 SF
Cold Storage
Yes
Freezer
31,698 SF
Cooler
14,185 SF
Listing Agency:
FW Logistics
Listed By:
Frank Van Bree · License #123456
Source:
Crexi
Added: Apr 14
Changed: Aug 30
Last Checked: Aug 30 at 6:43AM
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 FW Logistics
Investment Insights
Based on property information with market context.
This manufacturing property is configured for refrigerated food production and related cold-storage functions. Its layout includes 174,623 SF of refrigerated processing space, along with dedicated areas for preparation and cooking, freezing, cooling, dry warehousing, maintenance, and utilities. The property supports fully cooked-to-frozen protein meal production, partial frying and freezing, and adaptation for fresh or frozen pet products.
The 328,801 SF property is located at 2300 Industrial Drive in Monterey, Tennessee. Functional areas include 25,839 SF for prep and cooking, 31,698 SF of freezer space, 14,185 SF of cooler space, 38,838 SF of dry warehouse space, and 37,059 SF dedicated to maintenance and utilities. The combination of processing, temperature-controlled storage, and support areas creates an integrated manufacturing configuration.
The 328,801 SF property is located at 2300 Industrial Drive in Monterey, Tennessee. Functional areas include 25,839 SF for prep and cooking, 31,698 SF of freezer space, 14,185 SF of cooler space, 38,838 SF of dry warehouse space, and 37,059 SF dedicated to maintenance and utilities. The combination of processing, temperature-controlled storage, and support areas creates an integrated manufacturing configuration.
Key Highlights
- 174,623 SF of refrigerated processing space
- 25,839 SF prep and cook area
- 31,698 SF freezer and 14,185 SF cooler space
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
$2,621,072
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
8.74%
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%
$52,421,440
$52.4M
Cap Rate 7%
$37,443,886
$37.4M
Cap Rate 9%
$29,123,022
$29.1M
Market Conditions
NOI Build-Up for 328,801 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
$3.23M $9.81/SF
− Vacancy
−$141.9K −$0.43/SF
EGI
$3.08M $9.38/SF
− OpEx
−$462.5K −$1.41/SF
NOI
$2.62M $7.97/SF
Area
Putnam County, TN
Vacancy
4.40%
Lease Rate
$9.81 /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%
$52,421,440
Cap Rate 7%
$37,443,886
Cap Rate 9%
$29,123,022
Alternative Uses
Best Use
Warehouse
$37.44M
$32.76M – $43.68M
NOI $2,621,072 @ 7.0% cap · market cap 8.74%
Second Best
Industrial
$30.84M
$26.98M – $35.98M
NOI $2,158,530 @ 7.0% cap · market cap 7.20%
Theoretical Best
Office A
$135.70M
$118.74M – $158.32M
NOI $9,499,140 @ 7.0% cap · market cap 31.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
17
Businesses Nearby
Explore this area
Business Placement
Demographics for 38574, TN
8,816
Population
3,827
Households
2.3
Avg Household Size
45
Median Age
12%
College-Educated
78%
High-School Grad
169.3 sq mi
ZIP Area
52
Density / Sq Mi
$52,043
Median Household Income
$34,167
Median Earnings
$800
Median Rent
$175,900
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?
Manufacturing property - Manufacturing property with refrigerated processing, cooking, freezing, warehouse, maintenance, and utility areas.
Where is this manufacturing property located?
The property is located at 2300 Industrial Drive Monterey, TN.
What is the asking price?
The asking price for this property is $30,000,000.
What are key features of this property?
This property features: 174,623 SF of refrigerated processing space; 25,839 SF prep and cook area; 31,698 SF freezer and 14,185 SF cooler space
