Historic Estate with Two
For Sale
Contact for pricing
248 North Cumberland Street, Jackson, TN 38301
Two historic homes from the 1870s with maintained gardens and a pavilion across six parcels in an Opportunity Zone.
Property Size7,945 SF
Lot Size3.00 Acres
Price / SF$157.33
Days on Market132
Property Features for 248 North Cumberland Street
General Information
Standard status
Active
Size
7,945 SF
Class
B
Lot size
3.00 Acres
Property subtype
Hospitality, Mixed Use, Special Purpose
Zoning
RG-3 & RG-3H
Investment Type
Owner/User
Additional Details
Opportunity Zone
Yes
Building Details
Year Built
1870
Year Renovated
2007
Buildings
6
Stories
2
Listing Agency:
HCB Corporation DBA
Listed By:
Chris Alexander · License #TN 326115
(731) 267-5067
Source:
Crexi
Added: Apr 27
Changed: Sep 2
Last Checked: Sep 1 at 8:04PM
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 HCB Corporation DBA
Investment Insights
Based on property information with market context.
This for-sale historic estate features two historic homes dating to the 1870s, along with maintained gardens and a pavilion. The property is set across six parcels totaling 3+/- acres, offering multiple structures and outdoor amenities within the existing site configuration.
The offering is located in Downtown Jackson at 248 North Cumberland Street. It is within an Opportunity Zone and zoned RG-3.
As presented, the Leatherwood Estate provides an assemblage well-suited for owner-use or adaptive reuse given its historic buildings, garden setting, pavilion, and multi-parcel footprint.
The offering is located in Downtown Jackson at 248 North Cumberland Street. It is within an Opportunity Zone and zoned RG-3.
As presented, the Leatherwood Estate provides an assemblage well-suited for owner-use or adaptive reuse given its historic buildings, garden setting, pavilion, and multi-parcel footprint.
Key Highlights
- Two historic homes built in 1870 in the heart of Downtown Jackson
- Includes maintained gardens and a pavilion
- 3+/- acres across six parcels
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
$48,570
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
3.89%
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%
$971,400
$971.4K
Cap Rate 7%
$693,857
$693.9K
Cap Rate 9%
$539,667
$539.7K
Market Conditions
NOI Build-Up for 7,945 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
$119.2K $15.00/SF
− Vacancy
−$16.9K −$2.13/SF
EGI
$102.3K $12.87/SF
− OpEx
−$53.7K −$6.76/SF
NOI
$48.6K $6.11/SF
Area
Madison County, TN
Vacancy
14.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$971,400
Cap Rate 7%
$693,857
Cap Rate 9%
$539,667
Alternative Uses
Best Use
Hotel Hospitality
$693.9K
$607.1K – $809.5K
NOI $48,570 @ 7.0% cap · market cap 3.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.64M
$1.43M – $1.91M
NOI $114,522 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,120
Businesses Nearby
Explore this area
Business Placement
Demographics for 38301, TN
34,170
Population
15,769
Households
2.2
Avg Household Size
37
Median Age
16%
College-Educated
85%
High-School Grad
150.9 sq mi
ZIP Area
226
Density / Sq Mi
$40,062
Median Household Income
$28,542
Median Earnings
$958
Median Rent
$119,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Two historic homes from the 1870s with maintained gardens and a pavilion across six parcels in an Opportunity Zone.
Where is this hotel located?
The property is located at 248 North Cumberland Street Jackson, TN.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two historic homes built in 1870 in the heart of Downtown Jackson; Includes maintained gardens and a pavilion; 3+/- acres across six parcels
