Fully Leased Retail/Office Investment
For Sale
$5,950,000
2354 Highway 41, Greenbrier, TN 37073
Fully leased retail/office property with diverse tenant mix in Greenbrier.
Property Size36,850 SF
Price / SF$161.47
Days on Market468
Property Features for 2354 Highway 41
General Information
Standard status
Active
Size
36,850 SF
Building Details
Year Built
2000
Listing Agency:
BROKER HEADQUARTERS GROUP
Listed By:
JOY LAMBERSON MCNAUGHTEN · License #215392
(615) 859-6978
Source:
Corcoran
Added: May 23, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 BROKER HEADQUARTERS GROUP
Investment Insights
Based on property information with market context.
This fully leased retail/office property is located on the main road in Greenbrier, Tennessee. The property is situated within the same block as the new Greenbrier City Hall, Greenbrier Middle School, Greenbrier High School, and the Police and Fire Department. The property, with a size of 36850 square feet, hosts a diverse mix of tenants, including an ATM, an investment advisor, four restaurants, two clothing stores, a dry cleaner/alterations shop, a barber shop, a nail salon, a gym, an appliance repair service, and a church. The property also features two billboards. Upcoming projects in the area include a Waffle House, Twice Daly with Nashville Hot Chicken, and a grant to build a park.
Key Highlights
- Fully leased retail/office property offering immediate income.
- High‑traffic location on main road near City Hall, Middle School, High School, Police, and Fire Department ensures consistent visibility.
- Diverse tenant mix including restaurants, clothing stores, services, gym, and church.
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
$424,844
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
7.14%
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%
$8,496,880
$8.5M
Cap Rate 7%
$6,069,200
$6.1M
Cap Rate 9%
$4,720,489
$4.7M
Market Conditions
NOI Build-Up for 36,850 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
$663.3K $18.00/SF
− Vacancy
−$56.4K −$1.53/SF
EGI
$606.9K $16.47/SF
− OpEx
−$182.1K −$4.94/SF
NOI
$424.8K $11.53/SF
Area
Robertson County, TN
Vacancy
8.50%
Lease Rate
$18.00 /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%
$8,496,880
Cap Rate 7%
$6,069,200
Cap Rate 9%
$4,720,489
Alternative Uses
Best Use
Retail
$6.07M
$5.31M – $7.08M
NOI $424,844 @ 7.0% cap · market cap 7.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.80M
$9.45M – $12.60M
NOI $756,162 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
201
Businesses Nearby
20k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 76%
Dining 18%
Apparel 6%
Dollar General
Shops & Services
12,240 visits/mo
0.4 miles
O'Reilly Auto Parts
Shops & Services
2,825 visits/mo
0.3 miles
SUBWAY
Dining
2,285 visits/mo
0.4 miles
Domino's Pizza
Dining
1,286 visits/mo
0.4 miles
Factory Connection
Apparel
1,142 visits/mo
0.1 miles
Demographics for 37073, TN
14,506
Population
5,460
Households
2.7
Avg Household Size
41
Median Age
22%
College-Educated
92%
High-School Grad
51.2 sq mi
ZIP Area
283
Density / Sq Mi
$82,716
Median Household Income
$43,617
Median Earnings
$1,157
Median Rent
$339,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Greenbrier Plaza — 2239 US-41, Greenbrier, TN 37073
Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased retail/office property with diverse tenant mix in Greenbrier.
Where is this shopping center located?
The property is located at 2354 Highway 41 Greenbrier, TN.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: Fully leased retail/office property offering immediate income.; High‑traffic location on main road near City Hall, Middle School, High School, Police, and Fire Department ensures consistent visibility.; Diverse tenant mix including restaurants, clothing stores, services, gym, and church.
