Mixed-Use Building with Separate
For Sale
$350,000
270 Central Avenue NW, Cleveland, TN 37311
Commercial space is paired with a lower-level apartment and independent access for flexible live-work use.
Property Size2,714 SF
Price / SF$128.96
Days on Market10
Property Features for 270 Central Avenue NW
General Information
Standard status
Active
Size
2,714 SF
Building Details
Year Built
1938
Listing Agency:
Crye-Leike - Cleveland
(423) 595-1308
Listed By:
Cindy Chase · License #282144
Source:
Fykesrealtygroup
Added: Aug 22
Changed: Aug 30
Last Checked: Aug 30 at 8:36PM
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 Crye-Leike - Cleveland
Investment Insights
Based on property information with market context.
This 2714-square-foot mixed-use property combines a commercial main level with a separate lower-level apartment. The upper space offers a flexible layout suitable for retail, office, studio, or service-oriented operations, with large windows that bring in natural light. A distinct entrance serves the lower unit and supports separation between the two areas.
Constructed in 1938, the property is located at 270 Central Avenue Northwest in Cleveland, Tennessee. The lower unit has previously been used for both commercial and residential leasing, while the overall configuration supports a combination of business and living space. Exterior features include shingle construction and no dock.
Constructed in 1938, the property is located at 270 Central Avenue Northwest in Cleveland, Tennessee. The lower unit has previously been used for both commercial and residential leasing, while the overall configuration supports a combination of business and living space. Exterior features include shingle construction and no dock.
Key Highlights
- 2714 square feet of mixed‑use space
- Main level configured for retail, office, studio, or service‑oriented use
- Lower‑level apartment with separate entrance
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
$30,044
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
8.58%
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%
$600,880
$600.9K
Cap Rate 7%
$429,200
$429.2K
Cap Rate 9%
$333,822
$333.8K
Market Conditions
NOI Build-Up for 2,714 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
$48.9K $18.00/SF
− Vacancy
−$8.8K −$3.24/SF
EGI
$40.1K $14.76/SF
− OpEx
−$10.0K −$3.69/SF
NOI
$30.0K $11.07/SF
Area
Bradley County, TN
Vacancy
18.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$600,880
Cap Rate 7%
$429,200
Cap Rate 9%
$333,822
Alternative Uses
Best Use
Office B
$429.2K
$375.6K – $500.7K
NOI $30,044 @ 7.0% cap · market cap 8.58%
Second Best
Mixed Use
$392.6K
$343.5K – $458.0K
NOI $27,479 @ 7.0% cap · market cap 7.85%
Theoretical Best
Office A
$569.5K
$498.3K – $664.4K
NOI $39,863 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,230
Businesses Nearby
Explore this area
Business Placement
Demographics for 37311, TN
29,687
Population
12,942
Households
2.3
Avg Household Size
34
Median Age
18%
College-Educated
83%
High-School Grad
50.1 sq mi
ZIP Area
593
Density / Sq Mi
$46,827
Median Household Income
$28,839
Median Earnings
$890
Median Rent
$205,800
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?
Mixed-use property - Commercial space is paired with a lower-level apartment and independent access for flexible live-work use.
Where is this mixed-use property located?
The property is located at 270 Central Avenue NW Cleveland, TN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2714 square feet of mixed‑use space; Main level configured for retail, office, studio, or service‑oriented use; Lower‑level apartment with separate entrance
