Restaurant Business and
For Sale
$1,138,000
232 N Peachtree Ave, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size2,000 SF
Lot Size0.28 Acres
Price / SF$569
Days on Market72
Property Features for 232 N Peachtree Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
On Street
Security features
Security System
Window features
Window Coverings
Fireplace
1
Basement
Crawl Space
Accessibility
Accessible Approach with Ramp
Lot features
Landscaped
Directions
PCCH: N on Washington, L on East Broad, R on N Cedar , R on W 2nd, L on Peachtree, restaurant on left.
Subdivision
Cookeville NW, TN
Standard status
Active
APN
005.00
Size
2,000 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Annual Amount
3169
Utilities
Heating system
Fireplace(s), Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1910
Floors in Building
1
Building materials
Frame, Vinyl Siding
Roof type
Metal
Listing Agency:
True Blue Realty, LLC
(931) 559-8783
Listed By:
Virginia Kail · License #308445
(931) 260-4729
Added: Jun 12
Changed: Aug 20
Last Checked: Aug 22 at 12:06AM
MLS# 241669
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 offering combines an operating restaurant business with its associated real estate. The property includes approximately 2,000 square feet in a frame building with vinyl siding, a metal roof, central air, natural gas heat, and a fireplace. Public water serves the site, while on-street parking supports customer access. An accessible approach with a ramp is also in place.
The restaurant is located at 232 N Peachtree Ave in Cookeville, near Tennessee Technological University and Cookeville Regional Medical Center. Built in 1910, the building provides an established setting for the restaurant operation and is being conveyed with the business.
The restaurant is located at 232 N Peachtree Ave in Cookeville, near Tennessee Technological University and Cookeville Regional Medical Center. Built in 1910, the building provides an established setting for the restaurant operation and is being conveyed with the business.
Key Highlights
- Business and real estate offered together
- 2,000 square feet on a 0.2825‑acre site
- Located near TTU and CRMC
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
$33,108
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
2.91%
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%
$662,160
$662.2K
Cap Rate 7%
$472,971
$473.0K
Cap Rate 9%
$367,867
$367.9K
Market Conditions
NOI Build-Up for 2,000 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
$46.1K $23.04/SF
− Vacancy
−$1.9K −$0.97/SF
EGI
$44.1K $22.07/SF
− OpEx
−$11.0K −$5.52/SF
NOI
$33.1K $16.55/SF
Area
Putnam County, TN
Vacancy
4.20%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
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%
$662,160
Cap Rate 7%
$472,971
Cap Rate 9%
$367,867
Alternative Uses
Best Use
Specialty Retail
$473.0K
$413.9K – $551.8K
NOI $33,108 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$825.4K
$722.3K – $963.0K
NOI $57,780 @ 7.0% cap · market cap 5.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,296
Businesses Nearby
Under-served
Demand for This Use
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established restaurant operation and real estate are offered together near TTU and CRMC.
Where is this conventional restaurant located?
The property is located at 232 N Peachtree Ave Cookeville, TN.
What is the asking price?
The asking price for this property is $1,138,000.
What are key features of this property?
This property features: Business and real estate offered together; 2,000 square feet on a 0.2825‑acre site; Located near TTU and CRMC
