Live-Work Mixed-Use
For Sale
$890,000
33 Courthouse Sq, Jasper, TN 37347
Upper-level living quarters sit above flexible ground-floor retail or office space on Courthouse Square.
Property Size4,400 SF
Price / SF$202.27
Days on Market10
Property Features for 33 Courthouse Sq
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Mixed Use
Building Details
Year Built
1924
Buildings
1
Stories
2
Listing Agency:
RE/MAX Realty South
Listed By:
Gina Pannell · License #TN345101
(423) 208-7196
Source:
Searchchattanoogahomesnow
Added: Sep 22
Changed: Oct 1
Last Checked: Oct 1 at 12:12PM
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 RE/MAX Realty South
Investment Insights
Based on property information with market context.
Built in 1924, this mixed-use building pairs approximately 2,000 square feet of upper-level living space with 2,240 square feet of primarily open retail or office area below. The residence includes a kitchen, two full bathrooms, and large open rooms that could be configured as three or four bedrooms. Original hardwood floors remain upstairs.
The ground floor has two half bathrooms, a storage room, a side entrance, and additional flex space. Improvements include a new roof, new windows, and fire-sealed ceilings between floors. The property is offered as-is at 33 Courthouse Sq in Jasper.
The ground floor has two half bathrooms, a storage room, a side entrance, and additional flex space. Improvements include a new roof, new windows, and fire-sealed ceilings between floors. The property is offered as-is at 33 Courthouse Sq in Jasper.
Key Highlights
- 2,240 square feet of mostly open ground‑floor retail or office space
- Approximately 2,000 square feet of upstairs living quarters
- Residence includes a kitchen and 2 full bathrooms
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
$50,490
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
5.67%
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%
$1,009,800
$1.0M
Cap Rate 7%
$721,286
$721.3K
Cap Rate 9%
$561,000
$561.0K
Market Conditions
NOI Build-Up for 4,400 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
$79.2K $18.00/SF
− Vacancy
−$11.9K −$2.70/SF
EGI
$67.3K $15.30/SF
− OpEx
−$16.8K −$3.82/SF
NOI
$50.5K $11.48/SF
Area
Marion County, TN
Vacancy
15.00%
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%
$1,009,800
Cap Rate 7%
$721,286
Cap Rate 9%
$561,000
Alternative Uses
Best Use
Office B
$721.3K
$631.1K – $841.5K
NOI $50,490 @ 7.0% cap · market cap 5.67%
Second Best
Mixed Use
$693.9K
$607.2K – $809.6K
NOI $48,576 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$971.8K
$850.3K – $1.13M
NOI $68,023 @ 7.0% cap · market cap 7.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 37347, TN
8,280
Population
3,996
Households
2.1
Avg Household Size
44
Median Age
19%
College-Educated
87%
High-School Grad
48.9 sq mi
ZIP Area
169
Density / Sq Mi
$57,854
Median Household Income
$36,734
Median Earnings
$798
Median Rent
$141,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Upper-level living quarters sit above flexible ground-floor retail or office space on Courthouse Square.
Where is this mixed-use property located?
The property is located at 33 Courthouse Sq Jasper, TN.
What is the asking price?
The asking price for this property is $890,000.
What are key features of this property?
This property features: 2,240 square feet of mostly open ground‑floor retail or office space; Approximately 2,000 square feet of upstairs living quarters; Residence includes a kitchen and 2 full bathrooms
