Multi-Tenant Office
For Sale
$1,300,000
355 1st St Nw, Cleveland, TN 37311
Approximate 8,000 SF office property with numerous individual suites and flexible floor plans for multiple tenants.
Property Size8,000 SF
Price / SF$162.50
Days on Market80
Property Features for 355 1st St Nw
General Information
Standard status
Active
Size
8,000 SF
Building Details
Tenancy
Multi
Listing Agency:
Bridge Real Estate Group
Listed By:
Laura Coleman · License #358137
(423) 479-8721
Source:
Exprealty
Added: Jun 17
Changed: Sep 4
Last Checked: Aug 25 at 8:25AM
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 Bridge Real Estate Group
Investment Insights
Based on property information with market context.
This approximately 8,000 SF multi-tenant office property offers numerous individual office suites and flexible floor plans suitable for professional office uses. The building is positioned to support a range of tenant configurations within the existing suite layout.
The property is located just steps from Downtown Cleveland and is adjacent to a neighborhood park. It is surrounded by established businesses, providing a walkable setting with access to downtown amenities.
For investors or owner-users, the current rent roll is approximately $4,250 per month, with additional leasing opportunities noted in the marketing materials.
The property is located just steps from Downtown Cleveland and is adjacent to a neighborhood park. It is surrounded by established businesses, providing a walkable setting with access to downtown amenities.
For investors or owner-users, the current rent roll is approximately $4,250 per month, with additional leasing opportunities noted in the marketing materials.
Key Highlights
- Approx. 8,000 SF multi‑tenant office building in downtown Cleveland, TN
- Numerous individual office suites with flexible floor plans for multiple tenants
- Current rent roll is approx. $4,250/month
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
$88,560
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%
$1,771,200
$1.8M
Cap Rate 7%
$1,265,143
$1.3M
Cap Rate 9%
$984,000
$984.0K
Market Conditions
NOI Build-Up for 8,000 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
$144.0K $18.00/SF
− Vacancy
−$25.9K −$3.24/SF
EGI
$118.1K $14.76/SF
− OpEx
−$29.5K −$3.69/SF
NOI
$88.6K $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%
$1,771,200
Cap Rate 7%
$1,265,143
Cap Rate 9%
$984,000
Alternative Uses
Best Use
Office B
$1.27M
$1.11M – $1.48M
NOI $88,560 @ 7.0% cap · market cap 6.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,504 @ 7.0% cap · market cap 9.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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?
Office building - Approximate 8,000 SF office property with numerous individual suites and flexible floor plans for multiple tenants.
Where is this office building located?
The property is located at 355 1st St Nw Cleveland, TN.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Approx. 8,000 SF multi‑tenant office building in downtown Cleveland, TN; Numerous individual office suites with flexible floor plans for multiple tenants; Current rent roll is approx. $4,250/month
