Fully Renovated Executive Office
For Sale
$499,000
2500 Executive Park Drive NW, Cleveland, TN 37312
COMMERCIAL - Cleveland, TN
Property Size4,342 SF
Lot Size0.30 Acres
Price / SF$114.92
Days on Market182
Property Features for 2500 Executive Park Drive NW
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
Parking Lot
Interior features
Walk-In Shower, Storage, High Ceilings, Crown Molding, Bookcases, Built-in Features, Cathedral Ceiling(s)
Exterior features
Rain Gutters
Appliances
Dishwasher, Electric Range, Microwave, Refrigerator
Subdivision
Executive Business Park
Lot features
Sloped, Sloped
Elementary school
Stuart
Middle school
Cleveland
High school
Cleveland
Directions
I-75 to Exit 25. Head West immediate turn onto Executive Park Dr. NW, property on the right.
Standard status
Active
APN
041c E 001.09
Size
4,342 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Annual Amount
4339
Utilities
Sewer type
Public Sewer
Heating system
Central, Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Flooring type
Vinyl, Tile, Hardwood
Building materials
Brick
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Bridge Real Estate Group
(423) 479-8721
Listed By:
Cristy Schuch · License #351771
(423) 650-6856
Added: Mar 3
Changed: Aug 16
Last Checked: Sep 1 at 12:06AM
MLS# 20261076
Copyright © 2026 River Counties 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 property offers executive office suites along with a fully renovated penthouse apartment positioned on top of the building. The office portion is configured for professional use, and the penthouse residence provides elevated living separate from the commercial spaces below. Interior features referenced for the apartment include a walk-in shower, storage, high ceilings, crown molding, bookcases, and built-in features, with cathedral ceilings noted.
The renovated penthouse apartment is approximately 1,585 SF and is described as suitable for a high-end short-term rental, executive housing, or an owner-occupant residence due to its exclusive, separate setting. The building is constructed with brick and includes a parking lot. Plumbing and utilities are described as public water and public sewer, with a shingle roof and central heating and central air conditioning.
The property sits on an approximately 0.3-acre lot with a total building size of 4,342 SF. Built in 1986, the building has been described as fully renovated, and public remarks state that all suites are currently leased.
The renovated penthouse apartment is approximately 1,585 SF and is described as suitable for a high-end short-term rental, executive housing, or an owner-occupant residence due to its exclusive, separate setting. The building is constructed with brick and includes a parking lot. Plumbing and utilities are described as public water and public sewer, with a shingle roof and central heating and central air conditioning.
The property sits on an approximately 0.3-acre lot with a total building size of 4,342 SF. Built in 1986, the building has been described as fully renovated, and public remarks state that all suites are currently leased.
Key Highlights
- Total building size 4,342 SF
- Renovated penthouse apartment totals 1,585 SF
- 0.3‑acre lot
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
$32,291
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
6.47%
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%
$645,820
$645.8K
Cap Rate 7%
$461,300
$461.3K
Cap Rate 9%
$358,789
$358.8K
Market Conditions
NOI Build-Up for 4,342 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
$62.5K $14.40/SF
− Vacancy
−$3.8K −$0.88/SF
EGI
$58.7K $13.52/SF
− OpEx
−$26.4K −$6.08/SF
NOI
$32.3K $7.44/SF
Area
Bradley County, TN
Vacancy
6.10%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$645,820
Cap Rate 7%
$461,300
Cap Rate 9%
$358,789
Alternative Uses
Best Use
Office B
$686.7K
$600.8K – $801.1K
NOI $48,066 @ 7.0% cap · market cap 9.63%
Second Best
Apartment 5plus
$461.3K
$403.6K – $538.2K
NOI $32,291 @ 7.0% cap · market cap 6.47%
Theoretical Best
Office A
$911.1K
$797.2K – $1.06M
NOI $63,775 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
443
Businesses Nearby
Explore this area
Business Placement
Demographics for 37312, TN
36,291
Population
15,023
Households
2.4
Avg Household Size
42
Median Age
36%
College-Educated
93%
High-School Grad
64.4 sq mi
ZIP Area
564
Density / Sq Mi
$75,369
Median Household Income
$41,148
Median Earnings
$1,080
Median Rent
$270,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Executive office suites plus a fully renovated penthouse apartment with all suites currently leased.
Where is this office units located?
The property is located at 2500 Executive Park Drive NW Cleveland, TN.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Total building size 4,342 SF; Renovated penthouse apartment totals 1,585 SF; 0.3‑acre lot
