Two-Unit Multifamily
New
For Sale
$275,500
412 Pippin Rd, Cookeville, TN 38501
Residential Income, Cookeville, TN
Property Size1,630 SF
Lot Size1.90 Acres
Price / SF$169.02
Days on Market3
Property Features for 412 Pippin Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Paved or Surfaced
Window features
Double Pane Windows, Single Pane Window(s)
Basement
Crawl Space
Appliances
Electric Water Heater
Directions
From PCCH: West on Spring / Hwy 70 W, right on Pippin Rd, property will be on the left at 412.
Subdivision
Cookeville NW, TN
Standard status
Active
APN
039 136.00
Size
1,630 SF
Lot size
1.90 Acres
Taxes and HOA fees
Tax Annual Amount
697
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating)
Water source
Spring
Building Details
Year built
1950
Number of units
13
Building materials
Frame, Vinyl Siding
Roof type
Metal, Shingle
Listing Agency:
Highlands Elite Real Estate LLC
(931) 400-8820
Listed By:
Julio Unzueta · License #323462
(931) 979-0141
Added: Sep 10
Changed: Sep 11
Last Checked: Sep 12 at 9:06AM
MLS# 247046
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.
This multifamily property contains two residential units totaling 1,630 square feet on 1.9 acres. The primary residence is a site-built frame home completed in 1950, with approximately 910 square feet of living space. Improvements include updated HVAC, updated windows, and a newer roof. The second unit is a 12' x 60' single-wide mobile home built in 1970 and renovated inside and out.
The property is located at 412 Pippin Rd in Cookeville, Putnam County, Tennessee. Site features include paved or surfaced parking, electric heating, an electric water heater, spring water, septic service, and shingle and metal roofing. Construction materials include frame and vinyl siding.
The property is located at 412 Pippin Rd in Cookeville, Putnam County, Tennessee. Site features include paved or surfaced parking, electric heating, an electric water heater, spring water, septic service, and shingle and metal roofing. Construction materials include frame and vinyl siding.
Key Highlights
- Two residential units on 1.9 acres
- 1,630 square feet of total property size
- Site‑built home offers 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
$16,042
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
5.82%
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%
$320,840
$320.8K
Cap Rate 7%
$229,171
$229.2K
Cap Rate 9%
$178,244
$178.2K
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
$31.3K $19.20/SF
− Vacancy
−$2.1K −$1.31/SF
EGI
$29.2K $17.89/SF
− OpEx
−$13.1K −$8.05/SF
NOI
$16.0K $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%
$320,840
Cap Rate 7%
$229,171
Cap Rate 9%
$178,244
Alternative Uses
Best Use
Apartment 5plus
$229.2K
$200.5K – $267.4K
NOI $16,042 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
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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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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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Two renovated residential units include a site-built home and a single-wide mobile home on a spacious parcel.
Where is this multifamily property 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 on 1.9 acres; 1,630 square feet of total property size; Site‑built home offers approximately 910 square feet
