Two-Unit Duplex with Covered
New
For Sale
$239,900
450 E Main St, Cookeville, TN 38506
Residential Income, Cookeville, TN
Property Size1,796 SF
Lot Size0.57 Acres
Price / SF$133.57
Days on Market4
Property Features for 450 E Main St
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Patio and Porch features
Deck
Interior features
Ceiling Fan(s)
Fencing
Fenced
Basement
Crawl Space
Appliances
Electric Water Heater, Dishwasher, Electric Oven, Refrigerator, Electric Range, Washer, Dryer
Elementary school
Algood
Middle school
Algood
High school
Cookeville
Directions
From PCCH: Take E Spring St; L to turn into Hwy 111N towards Algood; R onto E Main St; Property on R with sign.
Subdivision
Algood City Limits
Standard status
Active
APN
026E A 034.00
Size
1,796 SF
Lot size
0.57 Acres
Taxes and HOA fees
Tax Annual Amount
1723
Utilities
Sewer type
Septic Tank
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2000
Number of units
2
Flooring type
Vinyl, Carpet
Building materials
Frame, Vinyl Siding
Roof type
Composition
Additional Structures
Outbuilding
Listing Agency:
Southern Realty Group LLC #2
(931) 559-7355
Listed By:
Daniel Rediker
(931) 261-6199
Added: Aug 27
Last Checked: Aug 30 at 11:06AM
MLS# 246763
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 1,796-square-foot duplex sits on 0.57 acres and contains two separate residences. One unit includes 3 bedrooms and 2 bathrooms, while the other has 1 bedroom and 1 bathroom. Each side has its own driveway area, and the attached two-car carport provides covered parking. One residence also includes a fenced backyard and deck.
Built in 2000, the property has frame construction with vinyl siding, composition roofing, central air, and electric heat. Interior finishes include vinyl and carpet flooring, with ceiling fans also provided. The kitchens include electric ranges, ovens, refrigerators, dishwashers, and electric water heaters; a washer and dryer are included as well. Public water and septic service support the property at 450 E Main St in Cookeville, Tennessee.
Built in 2000, the property has frame construction with vinyl siding, composition roofing, central air, and electric heat. Interior finishes include vinyl and carpet flooring, with ceiling fans also provided. The kitchens include electric ranges, ovens, refrigerators, dishwashers, and electric water heaters; a washer and dryer are included as well. Public water and septic service support the property at 450 E Main St in Cookeville, Tennessee.
Key Highlights
- Two separate units: one with 3 bedrooms and 2 bathrooms, plus one with 1 bedroom and 1 bathroom
- 1,796 square feet on 0.57 acres
- Attached two‑car carport with separate driveway areas for each unit
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 - Separate driveways, attached covered parking, and a fenced backyard provide practical features for occupants.
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 separate units: one with 3 bedrooms and 2 bathrooms, plus one with 1 bedroom and 1 bathroom; 1,796 square feet on 0.57 acres; Attached two‑car carport with separate driveway areas for each unit
