Duplex with Attached
New
For Sale
$239,900
450 E Main St, Cookeville, TN 38506
Two-unit residential property with separate driveways, covered parking, and a fenced backyard serving one unit.
Property Size1,796 SF
Price / SF$133.57
Days on Market7
Property Features for 450 E Main St
General Information
Standard status
Active
Size
1,796 SF
Total Parking Spaces
2
Property subtype
Residential Income
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,722
Amenities
fenced-in backyard
Building Details
Buildings
1
Listing Agency:
Southern Realty Group LLC #2
(931) 559-7355
Listed By:
Daniel Rediker
(931) 261-6199
Source:
Exprealty
Added: Aug 27
Changed: Sep 1
Last Checked: Sep 1 at 9:41PM
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 Southern Realty Group LLC #2
Investment Insights
Based on property information with market context.
This 1,796-square-foot duplex contains two separate residential units with distinct layouts. One unit includes 3 bedrooms and 2 bathrooms, while the second has 1 bedroom and 1 bathroom. Separate driveway areas provide dedicated vehicle access, and the attached two-car carport supports covered parking for the property.
One unit also includes a fenced backyard, adding private outdoor space for occupants. Located at 450 E Main St in Cookeville, Tennessee, the property offers a two-unit configuration with a range of on-site parking and outdoor features.
One unit also includes a fenced backyard, adding private outdoor space for occupants. Located at 450 E Main St in Cookeville, Tennessee, the property offers a two-unit configuration with a range of on-site parking and outdoor features.
Key Highlights
- Two‑unit duplex totaling 1,796 SF
- Unit mix includes 3 bedrooms/2 bathrooms and 1 bedroom/1 bathroom
- Separate driveway areas serve the two units
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
$18,839
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
7.85%
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%
$376,780
$376.8K
Cap Rate 7%
$269,129
$269.1K
Cap Rate 9%
$209,322
$209.3K
Market Conditions
NOI Build-Up for 1,796 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
$29.1K $16.20/SF
− Vacancy
−$2.2K −$1.22/SF
EGI
$26.9K $14.99/SF
− OpEx
−$8.1K −$4.50/SF
NOI
$18.8K $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%
$376,780
Cap Rate 7%
$269,129
Cap Rate 9%
$209,322
Alternative Uses
Best Use
Multifamily LT 5
$269.1K
$235.5K – $314.0K
NOI $18,839 @ 7.0% cap · market cap 7.85%
Second Best
Apartment 5plus
$252.5K
$221.0K – $294.6K
NOI $17,676 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$741.2K
$648.6K – $864.8K
NOI $51,887 @ 7.0% cap · market cap 21.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 38506, TN
29,976
Population
13,018
Households
2.3
Avg Household Size
42
Median Age
31%
College-Educated
90%
High-School Grad
164.3 sq mi
ZIP Area
182
Density / Sq Mi
$63,051
Median Household Income
$37,589
Median Earnings
$1,032
Median Rent
$256,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit residential property with separate driveways, covered parking, and a fenced backyard serving one unit.
Where is this duplex located?
The property is located at 450 E Main St Cookeville, TN.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,796 SF; Unit mix includes 3 bedrooms/2 bathrooms and 1 bedroom/1 bathroom; Separate driveway areas serve the two units
