Remodeled Mixed-Use
For Sale
$850,000
4979 Lebanon Pike, Hermitage, TN 37076
Two commercial units offer flexible space for retail, office, service, or professional business use, subject to permitted-use verification.
Property Size2,725 SF
Price / SF$311.93
Days on Market283
Property Features for 4979 Lebanon Pike
General Information
Standard status
Active
Size
2,725 SF
Property subtype
Commercial Sale / Mixed Use
Amenities
No Dock
Building Details
Year Built
2007
Listing Agency:
Benchmark Realty, LLC
(615) 594-2655
Listed By:
Joe Garrett · License #338185
(615) 594-2655
Source:
Compass
Added: Nov 20, 2025
Changed: Aug 30
Last Checked: Aug 30 at 1:39AM
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 Benchmark Realty, LLC
Investment Insights
Based on property information with market context.
This mixed-use property contains two separate commercial units totaling approximately 2,725 square feet. Unit 1 measures approximately 1,475 square feet, while Unit 2 measures approximately 1,250 square feet. Both units have been remodeled with new carpet, dropped ceilings, and fresh paint. Each includes a bathroom and maintenance closet, and the larger unit also provides dedicated office space. The building was constructed in 2007.
Located at 4979 Lebanon Pike in Hermitage, the property is part of an established mixed-use development along Lebanon Road, surrounded by residential and commercial activity. The two-unit configuration supports separate occupancy, and the seller will consider selling the units individually. Permitted uses should be verified by the buyer or tenant.
Located at 4979 Lebanon Pike in Hermitage, the property is part of an established mixed-use development along Lebanon Road, surrounded by residential and commercial activity. The two-unit configuration supports separate occupancy, and the seller will consider selling the units individually. Permitted uses should be verified by the buyer or tenant.
Key Highlights
- Two separate commercial units totaling approximately 2,725 square feet
- Unit 1: approximately 1,475 sq ft; Unit 2: approximately 1,250 sq ft
- Remodeled with new carpet, dropped ceilings, and new paint
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
$48,028
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
5.65%
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%
$960,560
$960.6K
Cap Rate 7%
$686,114
$686.1K
Cap Rate 9%
$533,644
$533.6K
Market Conditions
NOI Build-Up for 2,725 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
$81.8K $30.00/SF
− Vacancy
−$4.9K −$1.80/SF
EGI
$76.8K $28.20/SF
− OpEx
−$28.8K −$10.58/SF
NOI
$48.0K $17.63/SF
Area
Davidson County, TN
Vacancy
6.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$960,560
Cap Rate 7%
$686,114
Cap Rate 9%
$533,644
Alternative Uses
Best Use
Mixed Use
$686.1K
$600.4K – $800.5K
NOI $48,028 @ 7.0% cap · market cap 5.65%
Second Best
Office B
$651.3K
$569.9K – $759.9K
NOI $45,592 @ 7.0% cap · market cap 5.36%
Theoretical Best
Warehouse
$3.30M
$2.89M – $3.85M
NOI $230,933 @ 7.0% cap · market cap 27.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
521
Businesses Nearby
Explore this area
Business Placement
Demographics for 37076, TN
39,326
Population
19,235
Households
2
Avg Household Size
37
Median Age
40%
College-Educated
95%
High-School Grad
27.8 sq mi
ZIP Area
1,415
Density / Sq Mi
$74,555
Median Household Income
$50,286
Median Earnings
$1,438
Median Rent
$348,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two commercial units offer flexible space for retail, office, service, or professional business use, subject to permitted-use verification.
Where is this mixed-use property located?
The property is located at 4979 Lebanon Pike Hermitage, TN.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two separate commercial units totaling approximately 2,725 square feet; Unit 1: approximately 1,475 sq ft; Unit 2: approximately 1,250 sq ft; Remodeled with new carpet, dropped ceilings, and new paint
