Office Building with Penthouse
For Sale
$499,000
2500 Executive Park Nw, Cleveland, TN 37312
Renovated executive office suites with a fully renovated penthouse apartment above, with all suites currently leased.
Property Size4,342 SF
Price / SF$114.92
Days on Market160
Property Features for 2500 Executive Park Nw
General Information
Standard status
Active
Size
4,342 SF
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,339
Listing Agency:
Bridge Real Estate Group
(423) 650-6856
Listed By:
Cristy Schuch · License #351771
(423) 650-6856
Source:
Exprealty
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 10 at 9:38AM
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 Bridge Real Estate Group
Investment Insights
Based on property information with market context.
This unique building combines executive office accommodations with a renovated penthouse apartment on the top level. The office portion is described as offering elegantly designed, fully renovated executive suites with refined finishes and flexible layouts intended for professional use. A renovated penthouse residence is also included, totaling 1,585 SF and positioned above the commercial spaces to create separation and privacy. The property is presented as a turnkey option for operators seeking both workplace space and an additional, separately situated residence.
All suites are currently leased out, according to the seller’s remarks. The building is offered for sale as a single asset at 2500 Executive Park Nw, Cleveland, TN, and the penthouse is described as suitable for high-end short-term rental use, executive housing, or an owner-occupant residence. The executive suites are positioned below, while the penthouse sits perched atop the structure.
For prospective tenants, buyers, and investors, the configuration supports multiple operating models by pairing professional office suites with an independently positioned living space. The building’s stated renovations and professional ambiance align well with corporate offices, consulting firms, legal practices, boutique agencies, and medical offices, while the penthouse can serve as supplemental housing or a furnished rental option, depending on how the end user intends to operate.
All suites are currently leased out, according to the seller’s remarks. The building is offered for sale as a single asset at 2500 Executive Park Nw, Cleveland, TN, and the penthouse is described as suitable for high-end short-term rental use, executive housing, or an owner-occupant residence. The executive suites are positioned below, while the penthouse sits perched atop the structure.
For prospective tenants, buyers, and investors, the configuration supports multiple operating models by pairing professional office suites with an independently positioned living space. The building’s stated renovations and professional ambiance align well with corporate offices, consulting firms, legal practices, boutique agencies, and medical offices, while the penthouse can serve as supplemental housing or a furnished rental option, depending on how the end user intends to operate.
Key Highlights
- Fully renovated executive office suites building with all suites currently leased
- Renovated penthouse apartment above the commercial spaces offers 1,585 SF
- Penthouse features a separate upper setting for added privacy from commercial areas
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
1
Residential units
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 building - Renovated executive office suites with a fully renovated penthouse apartment above, with all suites currently leased.
Where is this office building located?
The property is located at 2500 Executive Park 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: Fully renovated executive office suites building with all suites currently leased; Renovated penthouse apartment above the commercial spaces offers 1,585 SF; Penthouse features a separate upper setting for added privacy from commercial areas
