Mobile Home and RV
For Sale
$795,500
401 412 Pippin Rd, Cookeville, TN 38501
Package includes mobile homes, an RV space, rental lots, and a tiny home across two Pippin Road properties.
Property Size7,000 SF
Lot Size4.10 Acres
Price / SF$113.64
Days on Market10
Property Features for 401 412 Pippin Rd
General Information
Standard status
Active
Size
7,000 SF
Lot size
4.10 Acres
Property subtype
Residential Income
Units
Unit Mix
6 x mobile home, 1 x tiny home, 1 x site-built home, 1 x single-wide mobile home
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$562
Listing Agency:
Highlands Elite Real Estate LLC
(931) 400-8820
Listed By:
Julio Unzueta · License #323462
(931) 979-0141
Source:
Exprealty
Added: Sep 10
Changed: Sep 16
Last Checked: Sep 18 at 8:23AM
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 Highlands Elite Real Estate LLC
Investment Insights
Based on property information with market context.
The offering consists of two residential income properties at 401 and 412 Pippin Rd in Cookeville, Tennessee, with a combined 4.1 acres. The 401 Pippin Rd parcel contains 6 mobile homes, 1 RV space, 1 tiny home, 2 rented lots, and 1 vacant site. The 412 Pippin Rd parcel includes a site-built home and a single-wide mobile home.
The site-built residence was constructed in 1950 and measures approximately 910 square feet. Property improvements include an updated HVAC system, replacement windows, and a newer roof. The single-wide mobile home was built in 1970, measures 12' x 60', and has renovated interior and exterior finishes. The properties may be acquired together as a package or purchased separately.
The site-built residence was constructed in 1950 and measures approximately 910 square feet. Property improvements include an updated HVAC system, replacement windows, and a newer roof. The single-wide mobile home was built in 1970, measures 12' x 60', and has renovated interior and exterior finishes. The properties may be acquired together as a package or purchased separately.
Key Highlights
- 401 Pippin Rd includes 2.2 acres with 6 mobile homes, 1 RV space, 1 tiny home, 2 rented lots, and 1 vacant site
- 412 Pippin Rd contains 1.9 acres with a site‑built home and 1 single‑wide mobile home
- Site‑built home was constructed in 1950 and measures approximately 910 square feet
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
$68,893
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
8.66%
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%
$1,377,860
$1.4M
Cap Rate 7%
$984,186
$984.2K
Cap Rate 9%
$765,478
$765.5K
Market Conditions
NOI Build-Up for 7,000 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
$134.4K $19.20/SF
− Vacancy
−$9.1K −$1.31/SF
EGI
$125.3K $17.89/SF
− OpEx
−$56.4K −$8.05/SF
NOI
$68.9K $9.84/SF
Area
Putnam County, TN
Vacancy
6.80%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
45.00%
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%
$1,377,860
Cap Rate 7%
$984,186
Cap Rate 9%
$765,478
Alternative Uses
Best Use
Apartment 5plus
$984.2K
$861.2K – $1.15M
NOI $68,893 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.89M
$2.53M – $3.37M
NOI $202,232 @ 7.0% cap · market cap 25.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
59
Businesses Nearby
Explore this area
Business Placement
Demographics for 38501, TN
41,141
Population
19,158
Households
2.1
Avg Household Size
33
Median Age
31%
College-Educated
88%
High-School Grad
87.1 sq mi
ZIP Area
472
Density / Sq Mi
$50,923
Median Household Income
$30,191
Median Earnings
$856
Median Rent
$245,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mobile home & RV park - Package includes mobile homes, an RV space, rental lots, and a tiny home across two Pippin Road properties.
Where is this mobile home & rv park located?
The property is located at 401 412 Pippin Rd Cookeville, TN.
What is the asking price?
The asking price for this property is $795,500.
What are key features of this property?
This property features: 401 Pippin Rd includes 2.2 acres with 6 mobile homes, 1 RV space, 1 tiny home, 2 rented lots, and 1 vacant site; 412 Pippin Rd contains 1.9 acres with a site‑built home and 1 single‑wide mobile home; Site‑built home was constructed in 1950 and measures approximately 910 square feet
