Commercial Redevelopment Opportunity in
For Sale
Contact for pricing
Pending
385 North Pkwy, Jackson, TN 38305
Strategic commercial redevelopment opportunity on a dynamic traffic corridor.
Property Size1,092 SF
Days on Market155
Property Features for 385 North Pkwy
General Information
Standard status
Pending
Size
1,092 SF
Property subtype
Retail, Office, Land, Special Purpose
Zoning
OC
Investment Type
Redevelopment
Building Details
Year Built
1992
Buildings
1
Stories
1
Units
1
Listing Agency:
Greysteel
Listed By:
Jason Lee · License #02068011
Source:
Crexi
Added: Mar 10
Changed: Aug 8
Last Checked: Aug 10 at 11:20AM
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 Greysteel
Investment Insights
Based on property information with market context.
This property at 385 North Parkway presents a commercial redevelopment opportunity situated on a dynamic traffic corridor in Jackson. The location benefits from exceptional vehicular exposure and flexible OC zoning, making it suitable for various commercial applications, including medical offices, professional services, retail, and mixed-use redevelopment. The site is equipped with cross-access easements. It features a standalone, single-tenant pad with a three-lane drive-thru. The property is located at a prominent intersection with a high traffic volume of over 62,000 vehicles per day and offers quick access to I-40. The property size is 1092 square feet. This opportunity is suited for restaurant reuse and long-term redevelopment.
Key Highlights
- Strategic location on a dynamic traffic corridor with exceptional vehicular exposure (over 62,000 vehicles per day).
- Flexible OC zoning suitable for various commercial uses.
- Redevelopment opportunity ideal for institutional investors and developers.
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
$14,344
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
4.55%
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%
$286,880
$286.9K
Cap Rate 7%
$204,914
$204.9K
Cap Rate 9%
$159,378
$159.4K
Market Conditions
NOI Build-Up for 1,092 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
$19.7K $18.00/SF
− Vacancy
−$531 −$0.49/SF
EGI
$19.1K $17.51/SF
− OpEx
−$4.8K −$4.38/SF
NOI
$14.3K $13.14/SF
Area
Madison County, TN
Vacancy
2.70%
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%
$286,880
Cap Rate 7%
$204,914
Cap Rate 9%
$159,378
Alternative Uses
Best Use
Specialty Retail
$204.9K
$179.3K – $239.1K
NOI $14,344 @ 7.0% cap · market cap 4.55%
Second Best
Office B
$166.5K
$145.7K – $194.2K
NOI $11,653 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$224.9K
$196.8K – $262.4K
NOI $15,741 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
590
Businesses Nearby
Explore this area
Business Placement
Demographics for 38305, TN
52,686
Population
22,950
Households
2.3
Avg Household Size
40
Median Age
32%
College-Educated
94%
High-School Grad
128.0 sq mi
ZIP Area
412
Density / Sq Mi
$66,292
Median Household Income
$37,416
Median Earnings
$1,201
Median Rent
$221,200
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?
Commercial land - Strategic commercial redevelopment opportunity on a dynamic traffic corridor.
Where is this commercial land located?
The property is located at 385 North Pkwy Jackson, TN.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Strategic location on a dynamic traffic corridor with exceptional vehicular exposure (over 62,000 vehicles per day).; Flexible OC zoning suitable for various commercial uses.; Redevelopment opportunity ideal for institutional investors and developers.
