Five-Unit Flex
For Sale
$1,800,000
246 Rockland Rd, Hendersonville, TN 37075
The property combines front offices, rear warehouse areas, roll-up doors, and restrooms across five units.
Property Size10,000 SF
Price / SF$180
Days on Market56
Property Features for 246 Rockland Rd
General Information
Standard status
Active
Size
10,000 SF
Additional Details
Highway Access
Yes
Conditioned Warehouse
No
Amenities
His and Hers bathrooms
Building Details
Year Built
2008
Building Size
10,000 SF
Listing Agency:
Clausen Group REALTORS
Listed By:
Matt Clausen
(615) 452-8700
Source:
Fiddletreerealty
Added: Aug 1
Changed: Sep 10
Last Checked: Sep 24 at 2:00PM
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 Clausen Group REALTORS
Investment Insights
Based on property information with market context.
This 10,000-square-foot flex property is configured as five 2,000-square-foot units. Each unit includes approximately 500 square feet of front office area and 1,500 square feet of rear warehouse space, along with a 10-foot roll-up door and separate men’s and women’s restrooms. The warehouse areas are not conditioned.
Located at 246 Rockland Rd in Hendersonville, the property is near Hwy 386 and Hwy 65, with Nashville approximately 20 minutes away. A new metal roof was installed following a tornado event on Rockland Rd. Four tenants want to remain, while one tenant is expected to vacate within the next few months.
Located at 246 Rockland Rd in Hendersonville, the property is near Hwy 386 and Hwy 65, with Nashville approximately 20 minutes away. A new metal roof was installed following a tornado event on Rockland Rd. Four tenants want to remain, while one tenant is expected to vacate within the next few months.
Key Highlights
- 10,000‑square‑foot flex property divided into five 2,000‑square‑foot units
- Each unit offers 500 square feet of office space and 1,500 square feet of warehouse area
- Every unit includes a 10‑foot roll‑up door
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
$80,306
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
4.46%
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%
$1,606,120
$1.6M
Cap Rate 7%
$1,147,229
$1.1M
Cap Rate 9%
$892,289
$892.3K
Market Conditions
NOI Build-Up for 10,000 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
$97.5K $9.75/SF
− Vacancy
−$3.0K −$0.30/SF
EGI
$94.5K $9.45/SF
− OpEx
−$14.2K −$1.42/SF
NOI
$80.3K $8.03/SF
Area
Sumner County, TN
Vacancy
3.10%
Lease Rate
$9.75 /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%
$1,606,120
Cap Rate 7%
$1,147,229
Cap Rate 9%
$892,289
Alternative Uses
Best Use
Office B
$2.39M
$2.09M – $2.79M
NOI $167,310 @ 7.0% cap · market cap 9.30%
Second Best
Warehouse
$1.15M
$1.00M – $1.34M
NOI $80,306 @ 7.0% cap · market cap 4.46%
Theoretical Best
Specialty Retail
$3.50M
$3.06M – $4.08M
NOI $245,021 @ 7.0% cap · market cap 13.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
721
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37075, TN
71,023
Population
29,600
Households
2.4
Avg Household Size
39
Median Age
42%
College-Educated
95%
High-School Grad
59.0 sq mi
ZIP Area
1,204
Density / Sq Mi
$97,597
Median Household Income
$50,323
Median Earnings
$1,552
Median Rent
$403,400
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - The property combines front offices, rear warehouse areas, roll-up doors, and restrooms across five units.
Where is this flex space located?
The property is located at 246 Rockland Rd Hendersonville, TN.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 10,000‑square‑foot flex property divided into five 2,000‑square‑foot units; Each unit offers 500 square feet of office space and 1,500 square feet of warehouse area; Every unit includes a 10‑foot roll‑up door
