Fully Leased Grocery Retail
For Sale
Contact for pricing
413 Myatt Drive, Madison, TN 37115
A fully leased retail building plus additional land, offering turnkey occupancy within a dedicated 2.34-acre parcel.
Property Size3,605 SF
Lot Size2.34 Acres
Price / SF$552.01
Days on Market99
Property Features for 413 Myatt Drive
General Information
Standard status
Active
Size
3,605 SF
Lot size
2.34 Acres
Property subtype
Retail
Occupancy
100%
Investment Type
Stabilized
Building Details
Tenancy
Single
Listing Agency:
Havens Commercial
Listed By:
Michael Havens · License #TN 327193
Source:
Crexi
Added: Jun 2
Changed: Aug 23
Last Checked: Sep 6 at 11:44PM
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 Havens Commercial
Investment Insights
Based on property information with market context.
This offering consists of a 3,605 SF retail building configured for grocery and convenience store use. The property is fully leased, providing in-place tenant occupancy, and includes additional land beyond the building footprint.
The asset is located at 413 and 417 Myatt Drive in Madison, TN. It sits on 2.34 acres, offering a defined parcel for the existing structure and the included extra land. The property’s address includes two site locations, reflecting the combined footprint associated with the investment.
For buyers seeking a retail investment with immediate occupancy, this property provides a leased, ready-to-operate grocery and convenience-oriented space together with additional land. Because the building is already leased, prospective owners can focus on the operational fit and lease continuity rather than undertaking new tenant improvements. The combined building and land package may also appeal to buyers looking for more flexibility on the property itself while retaining the convenience of a fully leased retail asset.
The asset is located at 413 and 417 Myatt Drive in Madison, TN. It sits on 2.34 acres, offering a defined parcel for the existing structure and the included extra land. The property’s address includes two site locations, reflecting the combined footprint associated with the investment.
For buyers seeking a retail investment with immediate occupancy, this property provides a leased, ready-to-operate grocery and convenience-oriented space together with additional land. Because the building is already leased, prospective owners can focus on the operational fit and lease continuity rather than undertaking new tenant improvements. The combined building and land package may also appeal to buyers looking for more flexibility on the property itself while retaining the convenience of a fully leased retail asset.
Key Highlights
- Fully leased retail investment property at 413 and 417 Myatt Drive, Madison, TN 37115
- 3,605 SF building on a dedicated 2.34‑acre parcel
- Includes additional land along with the fully leased retail building
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
$77,254
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
3.88%
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%
$1,545,080
$1.5M
Cap Rate 7%
$1,103,629
$1.1M
Cap Rate 9%
$858,378
$858.4K
Market Conditions
NOI Build-Up for 3,605 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
$106.9K $29.64/SF
− Vacancy
−$3.8K −$1.07/SF
EGI
$103.0K $28.57/SF
− OpEx
−$25.8K −$7.14/SF
NOI
$77.3K $21.43/SF
Area
Davidson County, TN
Vacancy
3.60%
Lease Rate
$29.64 /SF/Yr
Expense Ratio
25.00%
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%
$1,545,080
Cap Rate 7%
$1,103,629
Cap Rate 9%
$858,378
Alternative Uses
Best Use
Specialty Retail
$1.10M
$965.7K – $1.29M
NOI $77,254 @ 7.0% cap · market cap 3.88%
Second Best
Retail
$616.5K
$539.4K – $719.2K
NOI $43,152 @ 7.0% cap · market cap 2.17%
Theoretical Best
Warehouse
$4.36M
$3.82M – $5.09M
NOI $305,510 @ 7.0% cap · market cap 15.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
182
Businesses Nearby
33k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 98%
Electronics 2%
Thorntons
Shops & Services
17,998 visits/mo
0.1 miles
Dollar General
Shops & Services
7,818 visits/mo
0.3 miles
MAPCO Mart
Shops & Services
5,113 visits/mo
0.1 miles
Advance Auto Parts
Shops & Services
1,141 visits/mo
0.4 miles
Cricket Wireless Authorized Retailer
Electronics
766 visits/mo
0.1 miles
Demographics for 37115, TN
39,821
Population
19,845
Households
2
Avg Household Size
37
Median Age
23%
College-Educated
82%
High-School Grad
21.5 sq mi
ZIP Area
1,852
Density / Sq Mi
$53,034
Median Household Income
$37,215
Median Earnings
$1,263
Median Rent
$271,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- United Super Market — 413 Myatt Dr, Madison, TN 37115
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - A fully leased retail building plus additional land, offering turnkey occupancy within a dedicated 2.34-acre parcel.
Where is this grocery and convenience store located?
The property is located at 413 Myatt Drive Madison, TN.
What is the asking price?
The asking price for this property is $1,990,000.
What are key features of this property?
This property features: Fully leased retail investment property at 413 and 417 Myatt Drive, Madison, TN 37115; 3,605 SF building on a dedicated 2.34‑acre parcel; Includes additional land along with the fully leased retail building
