Renovated Corner Restaurant
For Sale
$249,900
4628 W Broad St, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size960 SF
Lot Size0.19 Acres
Price / SF$260.31
Days on Market79
Property Features for 4628 W Broad St
General Information
Property type
Commercial Sale
Property subtype
Other
Security features
Security System
Directions
From PCCH: West on Hwy 70, Building on the corner of Hwy 70 and Double Springs Rd Intersection.
Subdivision
Putnam Co SW, TN
Standard status
Active
APN
A 005.00
Size
960 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
938
Utilities
Heating system
Electric (Heating), Natural Gas
Cooling system
Central Air
Water source
Spring, Public
Amenities
Security system with cameras
Building Details
Year built
1920
Floors in Building
1
Building materials
Block, Brick
Roof type
Metal
Listing Agency:
Highlands Elite Real Estate LLC
(931) 400-8820
Listed By:
Brandon Farley
(931) 644-3311
Added: Jun 5
Changed: Aug 20
Last Checked: Aug 22 at 10:06AM
MLS# 242792
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 960-square-foot restaurant property on a 0.19-acre site includes a front patio, bar-top service area, and high-end commercial appliances. Recent improvements include a metal roof, electrical and plumbing updates, new interior and exterior paint, and a concreted parking area. The building dates to 1920 and has block and brick construction, electric and natural gas heating, and central air conditioning.
Located at 4628 W Broad St in Cookeville, the property is positioned along the Cookeville/Baxter corridor and is described as minutes from I-40, with an over 7300+ AADT count. Approximately 20 parking spaces support customer access, and a camera-equipped security system conveys with the property.
Located at 4628 W Broad St in Cookeville, the property is positioned along the Cookeville/Baxter corridor and is described as minutes from I-40, with an over 7300+ AADT count. Approximately 20 parking spaces support customer access, and a camera-equipped security system conveys with the property.
Key Highlights
- 960 square feet on a 0.19‑acre site
- Front patio seating, bar‑top service area, and high‑end commercial appliances
- Recent roof, electrical, plumbing, paint, and parking‑area improvements
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
$15,892
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
6.36%
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%
$317,840
$317.8K
Cap Rate 7%
$227,029
$227.0K
Cap Rate 9%
$176,578
$176.6K
Market Conditions
NOI Build-Up for 960 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
$22.1K $23.04/SF
− Vacancy
−$929 −$0.97/SF
EGI
$21.2K $22.07/SF
− OpEx
−$5.3K −$5.52/SF
NOI
$15.9K $16.55/SF
Area
Putnam County, TN
Vacancy
4.20%
Lease Rate
$23.04 /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%
$317,840
Cap Rate 7%
$227,029
Cap Rate 9%
$176,578
Alternative Uses
Best Use
Specialty Retail
$227.0K
$198.7K – $264.9K
NOI $15,892 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$396.2K
$346.7K – $462.3K
NOI $27,735 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7,300 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Balanced
Demand for This Use
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Updated restaurant space with patio seating, commercial appliances, a service bar, and a newly concreted customer parking area.
Where is this conventional restaurant located?
The property is located at 4628 W Broad St Cookeville, TN.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 960 square feet on a 0.19‑acre site; Front patio seating, bar‑top service area, and high‑end commercial appliances; Recent roof, electrical, plumbing, paint, and parking‑area improvements
