Three-Level Mixed-Use
For Sale
Contact for pricing
404 N WILLOW AVE, Cookeville, TN 38501
Updated commercial complex with retail, office, and furnished apartment space under General Commercial zoning.
Property Size7,740 SF
Price / SF$258.39
Days on Market93
Property Features for 404 N WILLOW AVE
General Information
Standard status
Active
Size
7,740 SF
Class
A
Total Parking Spaces
12
Elevators
Yes
Property subtype
Retail, Office, Mixed Use
Zoning
General Commercial
Investment Type
Owner/User
Site & Location
Corner Location
Yes
Traffic Count
21,000 vehicles/day
Amenities
security-coded elevator access
Building Details
Year Built
2017
Year Renovated
2023
Buildings
1
Stories
1
Units
12
Tenancy
Multi
Listing Agency:
Highlands Elite Real Estate Commercial
(931) 260-3743
Listed By:
Wayne Russell · License #TN 333678
Source:
Crexi
Added: May 31
Changed: Aug 29
Last Checked: Aug 31 at 2:44AM
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 Commercial
Investment Insights
Based on property information with market context.
Built in 2017 and reconfigured in 2023, this 7,740-square-foot mixed-use complex combines retail and office areas on the first two levels with a fully furnished apartment on the third floor. Security-coded elevator access serves each level, and the layout supports occupying selected areas while leasing other portions.
The property is positioned at North Willow Avenue and West 4th Street, less than 500 feet from the Cookeville Regional Medical Center campus and approximately 1,500 feet from Tennessee Technological University. The intersection records an AADT exceeding 21,000 vehicles per day. General Commercial zoning applies to the site.
The property is positioned at North Willow Avenue and West 4th Street, less than 500 feet from the Cookeville Regional Medical Center campus and approximately 1,500 feet from Tennessee Technological University. The intersection records an AADT exceeding 21,000 vehicles per day. General Commercial zoning applies to the site.
Key Highlights
- 7,740‑square‑foot mixed‑use complex with retail, office, and apartment components
- Constructed in 2017; extensively updated and reconfigured in 2023
- Three levels with security‑coded elevator access to each floor
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
$121,086
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
6.05%
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%
$2,421,720
$2.4M
Cap Rate 7%
$1,729,800
$1.7M
Cap Rate 9%
$1,345,400
$1.3M
Market Conditions
NOI Build-Up for 7,740 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
$178.3K $23.04/SF
− Vacancy
−$5.3K −$0.69/SF
EGI
$173.0K $22.35/SF
− OpEx
−$51.9K −$6.70/SF
NOI
$121.1K $15.64/SF
Area
Putnam County, TN
Vacancy
3.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
30.00%
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%
$2,421,720
Cap Rate 7%
$1,729,800
Cap Rate 9%
$1,345,400
Alternative Uses
Best Use
Retail
$1.73M
$1.51M – $2.02M
NOI $121,086 @ 7.0% cap · market cap 6.05%
Second Best
Office B
$1.53M
$1.34M – $1.78M
NOI $106,998 @ 7.0% cap · market cap 5.35%
Theoretical Best
Office A
$3.19M
$2.80M – $3.73M
NOI $223,610 @ 7.0% cap · market cap 11.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
21,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
1,516
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Updated commercial complex with retail, office, and furnished apartment space under General Commercial zoning.
Where is this mixed-use property located?
The property is located at 404 N WILLOW AVE Cookeville, TN.
What is the asking price?
The asking price for this property is $1,999,900.
What are key features of this property?
This property features: 7,740‑square‑foot mixed‑use complex with retail, office, and apartment components; Constructed in 2017; extensively updated and reconfigured in 2023; Three levels with security‑coded elevator access to each floor
