Two-Unit Mixed-Use
For Sale
$790,000
4979 Lebanon Pike, Old Hickory, TN 37138
Remodeled commercial property offers flexible space for retail, office, service, or professional business uses.
Property Size2,725 SF
Price / SF$289.91
Days on Market259
Property Features for 4979 Lebanon Pike
General Information
Standard status
Active
Size
2,725 SF
Property subtype
Commercial Sale / Mixed Use
Additional Details
Road Access
Yes
Amenities
No Dock
Building Details
Year Built
2007
Tenancy
Multi
Listing Agency:
Benchmark Realty, LLC
(615) 594-2655
Listed By:
Joe Garrett · License #338185
(615) 594-2655
Source:
Compass
Added: Dec 14, 2025
Changed: Aug 30
Last Checked: Aug 30 at 12:51AM
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 commercial property contains two separate units totaling 2,725 sq ft, with approximately 1,475 sq ft in the larger unit and approximately 1,250 sq ft in the second. Both spaces have been remodeled with new carpet, dropped ceilings, and fresh paint. Each unit includes a bathroom and maintenance closet, while the larger unit also provides dedicated office space.
The property is part of an established mixed-use development surrounded by residential and commercial activity. Its configuration supports separate occupancy or use by a single owner, and the seller will consider selling the units individually. Buyer or tenant verification is required for permitted uses.
The property is part of an established mixed-use development surrounded by residential and commercial activity. Its configuration supports separate occupancy or use by a single owner, and the seller will consider selling the units individually. Buyer or tenant verification is required for permitted uses.
Key Highlights
- Two separate commercial units totaling 2,725 sq ft
- Approximately 1,475 sq ft larger unit with dedicated office space
- Approximately 1,250 sq ft second 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
$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
6.08%
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 6.08%
Second Best
Office B
$651.3K
$569.9K – $759.9K
NOI $45,592 @ 7.0% cap · market cap 5.77%
Theoretical Best
Warehouse
$3.30M
$2.89M – $3.85M
NOI $230,933 @ 7.0% cap · market cap 29.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
408
Businesses Nearby
Explore this area
Business Placement
Demographics for 37138, TN
23,631
Population
9,905
Households
2.4
Avg Household Size
43
Median Age
40%
College-Educated
94%
High-School Grad
17.9 sq mi
ZIP Area
1,320
Density / Sq Mi
$87,450
Median Household Income
$54,738
Median Earnings
$1,427
Median Rent
$347,500
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 - Remodeled commercial property offers flexible space for retail, office, service, or professional business uses.
Where is this mixed-use property located?
The property is located at 4979 Lebanon Pike Old Hickory, TN.
What is the asking price?
The asking price for this property is $790,000.
What are key features of this property?
This property features: Two separate commercial units totaling 2,725 sq ft; Approximately 1,475 sq ft larger unit with dedicated office space; Approximately 1,250 sq ft second unit
