Multi-Tenant Retail Storefront
For Sale
$3,950,000
240 E Cedar St, Goodlettsville, TN 37072
For-sale storefront retail building hosting Boot Barn, Roman's Pharmacy, and Splish Splash Laundromat.
Property Size19,960 SF
Days on Market120
Property Features for 240 E Cedar St
General Information
Standard status
Active
Size
19,960 SF
Property subtype
Commercial
Zoning
Commercial
Building Details
Building Size
19,960 SF
Year Built
1984
Listing Agency:
Parks Compass
(615) 370-8669
Listed By:
Hannah Dills
(615) 519-6045
Source:
Reason4homes
Added: May 10
Changed: Sep 4
Last Checked: Sep 5 at 8:26AM
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 Parks Compass
Investment Insights
Based on property information with market context.
This for-sale retail storefront building is occupied by multiple tenants, including Boot Barn, Roman's Pharmacy, and Splish Splash Laundromat. The property is configured as a multi-tenant commercial building, supporting distinct retail and service uses within the same structure.
The property is located in Davidson County. Access is provided via I-65 to the Long Hollow Pike area, followed by local road directions to E Cedar Street for building access.
As presented, the building’s commercial mix centers on branded retail and pharmacy service, along with a laundromat use, reflecting a diversified storefront arrangement under one ownership.
The property is located in Davidson County. Access is provided via I-65 to the Long Hollow Pike area, followed by local road directions to E Cedar Street for building access.
As presented, the building’s commercial mix centers on branded retail and pharmacy service, along with a laundromat use, reflecting a diversified storefront arrangement under one ownership.
Key Highlights
- For‑sale storefront retail building hosting Boot Barn, Roman's Pharmacy, and Splish Splash Laundromat
- Building year built: 1984
- No heating or cooling listed
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
$238,921
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
6.05%
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%
$4,778,420
$4.8M
Cap Rate 7%
$3,413,157
$3.4M
Cap Rate 9%
$2,654,678
$2.7M
Market Conditions
NOI Build-Up for 19,960 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
$359.3K $18.00/SF
− Vacancy
−$18.0K −$0.90/SF
EGI
$341.3K $17.10/SF
− OpEx
−$102.4K −$5.13/SF
NOI
$238.9K $11.97/SF
Area
Davidson County, TN
Vacancy
5.00%
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%
$4,778,420
Cap Rate 7%
$3,413,157
Cap Rate 9%
$2,654,678
Alternative Uses
Best Use
Specialty Retail
$6.11M
$5.35M – $7.13M
NOI $427,737 @ 7.0% cap · market cap 10.83%
Second Best
Retail
$3.41M
$2.99M – $3.98M
NOI $238,921 @ 7.0% cap · market cap 6.05%
Theoretical Best
Warehouse
$24.16M
$21.14M – $28.19M
NOI $1,691,532 @ 7.0% cap · market cap 42.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,014
Businesses Nearby
348k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Groceries 23%
Shops & Services 22%
Hotels & Casinos 6%
Kroger
Groceries
53,217 visits/mo
0.3 miles
Publix
Groceries
25,786 visits/mo
0.5 miles
Cracker Barrel Old Country Store
Dining
25,346 visits/mo
0.1 miles
Starbucks
Dining
21,472 visits/mo
0.3 miles
Wendy's
Dining
20,217 visits/mo
0.1 miles
Demographics for 37072, TN
33,065
Population
14,377
Households
2.3
Avg Household Size
40
Median Age
28%
College-Educated
89%
High-School Grad
77.5 sq mi
ZIP Area
427
Density / Sq Mi
$75,514
Median Household Income
$44,313
Median Earnings
$1,359
Median Rent
$340,900
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?
Retail space - For-sale storefront retail building hosting Boot Barn, Roman's Pharmacy, and Splish Splash Laundromat.
Where is this retail space located?
The property is located at 240 E Cedar St Goodlettsville, TN.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: For‑sale storefront retail building hosting Boot Barn, Roman's Pharmacy, and Splish Splash Laundromat; Building year built: 1984; No heating or cooling listed
