Renovated Duplex on
For Sale
$275,500
412 Pippin Rd, Cookeville, TN 38501
The property combines a renovated site-built home with a separately renovated single-wide residence.
Property Size1,630 SF
Lot Size1.90 Acres
Price / SF$169.02
Days on Market16
Property Features for 412 Pippin Rd
General Information
Standard status
Active
Size
1,630 SF
Lot size
1.90 Acres
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$697
Building Details
Buildings
2
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 21
Last Checked: Sep 24 at 10:21AM
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.
Located at 412 Pippin Rd in Cookeville, TN, this duplex property includes two residential units on 1.9 acres. The site-built home was constructed in 1950 and provides approximately 910 square feet of living space. Recent improvements include an updated HVAC system, updated windows, and a newer roof.
The second residence is a 12' x 60' single-wide mobile home built in 1970. It has been renovated inside and out, providing a separate residential unit within the overall property. Together, the two dwellings create a two-unit configuration with distinct improvements and substantial land area.
The second residence is a 12' x 60' single-wide mobile home built in 1970. It has been renovated inside and out, providing a separate residential unit within the overall property. Together, the two dwellings create a two-unit configuration with distinct improvements and substantial land area.
Key Highlights
- Two residential units situated on 1.9 acres
- Approximately 910 square feet in the 1950 site‑built home
- Site‑built home includes updated HVAC, updated windows, and a newer roof
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
$17,098
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
6.21%
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%
$341,960
$342.0K
Cap Rate 7%
$244,257
$244.3K
Cap Rate 9%
$189,978
$190.0K
Market Conditions
NOI Build-Up for 1,630 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
$26.4K $16.20/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$24.4K $14.99/SF
− OpEx
−$7.3K −$4.50/SF
NOI
$17.1K $10.49/SF
Area
Putnam County, TN
Vacancy
7.50%
Lease Rate
$16.20 /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%
$341,960
Cap Rate 7%
$244,257
Cap Rate 9%
$189,978
Alternative Uses
Best Use
Multifamily LT 5
$244.3K
$213.7K – $285.0K
NOI $17,098 @ 7.0% cap · market cap 6.21%
Second Best
Apartment 5plus
$229.2K
$200.5K – $267.4K
NOI $16,042 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$672.7K
$588.6K – $784.9K
NOI $47,091 @ 7.0% cap · market cap 17.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - The property combines a renovated site-built home with a separately renovated single-wide residence.
Where is this duplex located?
The property is located at 412 Pippin Rd Cookeville, TN.
What is the asking price?
The asking price for this property is $275,500.
What are key features of this property?
This property features: Two residential units situated on 1.9 acres; Approximately 910 square feet in the 1950 site‑built home; Site‑built home includes updated HVAC, updated windows, and a newer roof
