Three-Level Medical Office and
404 N Willow Avenue Cookeville, TN 38501
404 N Willow Avenue, Cookeville, TN, 38501
$1,750,000
For Sale
$1,750,000
SINGLE_FAMILY - Cookeville, TN
Property Size7,740 SF
Lot Size0.21 Acres
Price / SF$226.10
Days on Market18
Property Features for 404 N Willow Avenue
General Information
- Property type
- Residential
- Property subtype
- Office
- Zoning
- CL
- Security features
- Security System
- Window features
- Window Coverings
- Fireplace
- 1
- Accessibility
- Accessible Approach with Ramp
- Standard status
- Active
- APN
- 001.00
- Size
- 7,740 SF
- Lot size
- 0.21 Acres
Taxes and HOA fees
- Tax Annual Amount
- 15006
Utilities
- Utilities
- Electricity Available
- Heating system
- Central, Natural Gas, Fireplace(s)
- Cooling system
- Central Air
- Water source
- Public
Building Details
- Year built
- 2017
- Floors in Building
- 3
- Number of units
- 3
- Building materials
- Frame, Brick
- Roof type
- Rubber, Flat
Listing Agency
Highlands Elite Real Estate LLC
(931) 400-8820
1519 E Spring Street A, Cookeville, TN
Listed by
Wayne Russell
(931) 260-3743
Added: Jun 29 Checked: Jul 16 at 11:06 pm
MLS# 244755
Copyright © 2026 Upper Cumberland Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Constructed in 2017 and extensively updated and reconfigured in 2023, this three-level complex is designed for flexible use. The primary and second levels are primarily retail and office space, while the third floor features a well-laid-out, tastefully decorated, fully furnished apartment. Security-coded elevator access is available for each level, supporting separate operations or tenant privacy within the same building.
The property is located at the intersection of North Willow Avenue and West 4th Street in Cookeville, Putnam County, Tennessee. It sits along a heavily used retail and medical corridor on one of Cookeville’s major arterials, with AADT at the corner exceeding 21,000 vehicles per day. The site is listed as less than 500 feet from the Cookeville Regional Medical Center (CRMC) campus and approximately 1,500 feet from Tennessee Technological University (TTU).
For buyers and operators, the building’s configuration supports an owner-occupy model, with the ability to lease part of the property while using the remainder. The combination of retail/office space and a furnished apartment can also appeal to tenants seeking proximity to regional medical and university demand, while maintaining convenient internal access between levels.
The property is located at the intersection of North Willow Avenue and West 4th Street in Cookeville, Putnam County, Tennessee. It sits along a heavily used retail and medical corridor on one of Cookeville’s major arterials, with AADT at the corner exceeding 21,000 vehicles per day. The site is listed as less than 500 feet from the Cookeville Regional Medical Center (CRMC) campus and approximately 1,500 feet from Tennessee Technological University (TTU).
For buyers and operators, the building’s configuration supports an owner-occupy model, with the ability to lease part of the property while using the remainder. The combination of retail/office space and a furnished apartment can also appeal to tenants seeking proximity to regional medical and university demand, while maintaining convenient internal access between levels.
Key Highlights
- Three‑level medical/retail/office/apartment complex built in 2017 and updated/reconfigured in 2023
- Owner‑occupy or lease layout: flexible configuration to occupy all or part and lease remaining space
- Security‑coded elevator access on each level; primary and second levels are retail/office and third floor is a furnished apartment
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $178.3k | $23.04 |
| − Vacancy | −$5.3k | −$0.69 |
| EGI | $173.0k | $22.35 |
| − OpEx | −$51.9k | −$6.70 |
| NOI | $121.1k | $15.64 |
7,740 SF · lease $23.04/SF/yr · vacancy 3.00% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.73M
$1.51M – $2.02M
NOI $121,086 @ 7.0% cap · market cap 6.92%
Second Best
Office B
$1.53M
$1.34M – $1.78M
NOI $106,998 @ 7.0% cap · market cap 6.11%
Theoretical Best
Office A
$3.19M
$2.80M – $3.73M
NOI $223,610 @ 7.0% cap · market cap 12.78%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Dr. Thomas Gannon, ...
Physician
Thomas Milton Gannon
Physician
Birth Tissue Donor ...
Corporate Office
Seeds Maternity by ...
Clothing & Fashion Store
MotusX Physical Therapy ...
Medical Clinic
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FAQs
What type of property is this?
Office building - Three-level medical and retail/office building with security-coded elevator access and a furnished apartment for flexible occupancy.
Where is this office building located?
The property is located at 404 N Willow Avenue Cookeville, TN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Three‑level medical/retail/office/apartment complex built in 2017 and updated/reconfigured in 2023; Owner‑occupy or lease layout: flexible configuration to occupy all or part and lease remaining space; Security‑coded elevator access on each level; primary and second levels are retail/office and third floor is a furnished apartment
