Building Details

Year Built 1930

Listing Agency: Mid Ten Realty

Listed By: Michael (Woody) Woodard · License #343160 Show Phone

Source: Compass

Added: Apr 8 Changed: Oct 6 Last Checked: Oct 7 at 2:50PM

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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.

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 / Yr

$19,435

Cap Rate

7.48%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$388,700 $388.7K

Cap Rate 7%

$277,643 $277.6K

Cap Rate 9%

$215,944 $215.9K

Market Conditions

NOI Build-Up for 2,704 SF

Gross rent

$28.9K $10.68/SF

− Vacancy

−$1.1K −$0.41/SF

EGI

$27.8K $10.27/SF

− OpEx

−$8.3K −$3.08/SF

NOI

$19.4K $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 Rate 5%

$388,700

Cap Rate 7%

$277,643

Cap Rate 9%

$215,944

Alternative Uses

Best Use

Retail

$445.3K

$389.7K – $519.6K (±1% cap)

NOI $31,174 @ 7.0% cap · market cap 11.99%

Second Best

Flex RnD

$429.4K

$375.7K – $500.9K (±1% cap)

NOI $30,055 @ 7.0% cap · market cap 11.56%

Theoretical Best

Office A

$792.7K

$693.6K – $924.8K (±1% cap)

NOI $55,486 @ 7.0% cap · market cap 21.34%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Big Box & Wholesale Store Building Supply Locksmith Bakery (Bike/Boat/Book/etc) Store Carpet & Flooring Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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 Street Carthage, TN.

What is the asking price?

The asking price for this property is $260,000.

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