Multi-Suite Office
For Sale
$1,495,000
341 Hancock St, Gallatin, TN 37066
Professional office property with flexible suite configuration and potential for owner occupancy.
Property Size7,668 SF
Price / SF$194.97
Days on Market11
Property Features for 341 Hancock St
General Information
Standard status
Active
Size
7,668 SF
Building Details
Year Built
1999
Buildings
1
Stories
2
Listing Agency:
HALO Properties
Listed By:
Danny Hale 6155339596
(615) 822-3509
Source:
Smokymountainshomefinder
Added: Sep 13
Changed: Sep 22
Last Checked: Sep 22 at 5:52PM
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 HALO Properties
Investment Insights
Based on property information with market context.
Built in 1999, this 7,668-square-foot office building offers a multi-suite configuration for professional or medical office use. The ground floor includes two 2,550-square-foot offices, while the second floor provides two to three additional offices with separate entrances. The layout can accommodate up to six suites, supporting a range of occupancy arrangements.
The property is located at 341 Hancock St in Gallatin, Tennessee. It is currently leased, with possession subject to negotiation. The existing configuration may suit an owner-occupant seeking office space alongside additional suites within the same building.
The property is located at 341 Hancock St in Gallatin, Tennessee. It is currently leased, with possession subject to negotiation. The existing configuration may suit an owner-occupant seeking office space alongside additional suites within the same building.
Key Highlights
- 7,668‑square‑foot office building constructed in 1999
- Two 2,550‑square‑foot offices on the ground floor
- Second floor includes 2–3 offices with separate entrances
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
$128,293
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%
$2,565,860
$2.6M
Cap Rate 7%
$1,832,757
$1.8M
Cap Rate 9%
$1,425,478
$1.4M
Market Conditions
NOI Build-Up for 7,668 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
$202.4K $26.40/SF
− Vacancy
−$31.4K −$4.09/SF
EGI
$171.1K $22.31/SF
− OpEx
−$42.8K −$5.58/SF
NOI
$128.3K $16.73/SF
Area
Sumner County, TN
Vacancy
15.50%
Lease Rate
$26.40 /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%
$2,565,860
Cap Rate 7%
$1,832,757
Cap Rate 9%
$1,425,478
Alternative Uses
Best Use
Office B
$1.83M
$1.60M – $2.14M
NOI $128,293 @ 7.0% cap · market cap 8.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.68M
$2.35M – $3.13M
NOI $187,882 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
299
Businesses Nearby
Explore this area
Business Placement
Demographics for 37066, TN
59,370
Population
25,939
Households
2.3
Avg Household Size
40
Median Age
34%
College-Educated
91%
High-School Grad
116.3 sq mi
ZIP Area
510
Density / Sq Mi
$78,049
Median Household Income
$43,311
Median Earnings
$1,305
Median Rent
$376,100
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 - Professional office property with flexible suite configuration and potential for owner occupancy.
Where is this office building located?
The property is located at 341 Hancock St Gallatin, TN.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 7,668‑square‑foot office building constructed in 1999; Two 2,550‑square‑foot offices on the ground floor; Second floor includes 2–3 offices with separate entrances
