C1-Zoned Flex and Industrial
For Sale
$295,000
315 Spring St, Carthage, TN 37030
Flex-style commercial building with water and sewer, positioned for a range of C1 uses.
Property Size2,794 SF
Price / SF$105.58
Days on Market138
Property Features for 315 Spring St
General Information
Standard status
Active
Size
2,794 SF
Zoning
C1
Additional Details
Utilities to Site
Yes
Listing Agency:
Mid Ten Realty
(615) 489-2134
Listed By:
Michael (Woody) Woodard · License #343160
(615) 489-2134
Source:
Exprealty
Added: Apr 8
Changed: Aug 20
Last Checked: Aug 23 at 6:47AM
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 Mid Ten Realty
Investment Insights
Based on property information with market context.
This C1-zoned commercial building offers a practical, flexible footprint for businesses seeking room to tailor their space. The property is equipped with water and sewer services and is presented as ready to support a variety of operating needs. The structure provides a solid base that can be adapted for different concepts, depending on how you plan to use the space.
Located at 315 Spring St in Carthage, the property is described as being in the heart of town with convenient access and high visibility. Its central setting is intended to support everyday customer or tenant access, with frontage along Spring St.
For tenants or owners looking for an adaptable site, the combination of C1 zoning and existing water and sewer can help reduce early hurdles when planning a new retail storefront, office use, or small-scale manufacturing operation. The seller also notes the property is being considered for potential conversion to multi-family living, in addition to its commercial options, subject to any applicable approvals and requirements tied to the intended end use.
Located at 315 Spring St in Carthage, the property is described as being in the heart of town with convenient access and high visibility. Its central setting is intended to support everyday customer or tenant access, with frontage along Spring St.
For tenants or owners looking for an adaptable site, the combination of C1 zoning and existing water and sewer can help reduce early hurdles when planning a new retail storefront, office use, or small-scale manufacturing operation. The seller also notes the property is being considered for potential conversion to multi-family living, in addition to its commercial options, subject to any applicable approvals and requirements tied to the intended end use.
Key Highlights
- 2,794 SF C1‑zoned commercial building in the heart of Carthage
- Equipped with water and sewer for a variety of C1 uses
- Versatile building layout with space to customize or expand for business needs
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
$20,082
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
6.81%
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%
$401,640
$401.6K
Cap Rate 7%
$286,886
$286.9K
Cap Rate 9%
$223,133
$223.1K
Market Conditions
NOI Build-Up for 2,794 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
$29.8K $10.68/SF
− Vacancy
−$1.2K −$0.41/SF
EGI
$28.7K $10.27/SF
− OpEx
−$8.6K −$3.08/SF
NOI
$20.1K $7.19/SF
Area
Smith County, TN
Vacancy
3.86%
Lease Rate
$10.68 /SF/Yr
Expense Ratio
30.00%
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%
$401,640
Cap Rate 7%
$286,886
Cap Rate 9%
$223,133
Alternative Uses
Best Use
Retail
$460.2K
$402.7K – $536.9K
NOI $32,212 @ 7.0% cap · market cap 10.92%
Second Best
Flex RnD
$443.6K
$388.2K – $517.6K
NOI $31,055 @ 7.0% cap · market cap 10.53%
Theoretical Best
Office A
$819.0K
$716.7K – $955.6K
NOI $57,333 @ 7.0% cap · market cap 19.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
355
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37030, TN
7,258
Population
3,364
Households
2.2
Avg Household Size
41
Median Age
20%
College-Educated
85%
High-School Grad
65.0 sq mi
ZIP Area
112
Density / Sq Mi
$57,510
Median Household Income
$39,926
Median Earnings
$918
Median Rent
$226,000
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Flex-style commercial building with water and sewer, positioned for a range of C1 uses.
Where is this flex space located?
The property is located at 315 Spring St Carthage, TN.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 2,794 SF C1‑zoned commercial building in the heart of Carthage; Equipped with water and sewer for a variety of C1 uses; Versatile building layout with space to customize or expand for business needs
