Land with 40x60 Metal
5002 Homer Worsham Road, Springfield, TN 37172
For Sale
$335,000
Includes a 40x60 metal building with water and electric, plus RV hookups for flexible on-site living or work.
Property Size2,400 SF
Price / SF$139.58
Days on Market207
Property Features for 5002 Homer Worsham Road
General Information
Standard status
Size
Property subtype
Additional Details
Utilities to Site
Listing Agency:
Benchmark Realty, LLC
Listed By:
Gayle Halvorson · License #280294
(615) 456-4769
Source:
Benchmarkrealtytn
Added: Apr 15
Changed: Nov 6
Last Checked: Nov 6 at 10:07AM
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
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Investment Insights
Based on property information with market context.
This property is vacant land with a 40x60 metal building already in place. Water and electric are supplied to the site, providing a foundation for immediate use while you plan the rest of the property. The remarks also indicate RV hookups, and an RV is currently on site and available for purchase.
Located at 5002 Homer Worsham Rd, Springfield, TN 37172, the property is being offered for sale. The existing building and utilities can support a range of practical needs while you move forward with development.
For buyers looking for a start-to-finish setup, the combination of land, an existing metal structure, and available water and electric can reduce initial build-out steps. The RV hookups add an option for interim use as plans take shape, and the on-site RV may be purchased for continued occupancy while the site is developed.
Located at 5002 Homer Worsham Rd, Springfield, TN 37172, the property is being offered for sale. The existing building and utilities can support a range of practical needs while you move forward with development.
For buyers looking for a start-to-finish setup, the combination of land, an existing metal structure, and available water and electric can reduce initial build-out steps. The RV hookups add an option for interim use as plans take shape, and the on-site RV may be purchased for continued occupancy while the site is developed.
Key Highlights
- 40x60 metal building included
- Water and electric already supplied to the property
- RV hookups available
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,064
Cap Rate
6.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$461,280
$461.3K
Cap Rate 7%
$329,486
$329.5K
Cap Rate 9%
$256,267
$256.3K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$28.2K $11.76/SF
− Vacancy
−$1.1K −$0.45/SF
EGI
$27.1K $11.31/SF
− OpEx
−$4.1K −$1.70/SF
NOI
$23.1K $9.61/SF
Area
Robertson County, TN
Vacancy
3.86%
Lease Rate
$11.76 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$461,280
Cap Rate 7%
$329,486
Cap Rate 9%
$256,267
Alternative Uses
Best Use
Warehouse
$329.5K
$288.3K – $384.4K
NOI $23,064 @ 7.0% cap · market cap 6.88%
Second Best
Industrial
$243.7K
$213.2K – $284.3K
NOI $17,056 @ 7.0% cap · market cap 5.09%
Theoretical Best
Office A
$703.5K
$615.6K – $820.8K
NOI $49,248 @ 7.0% cap · market cap 14.70%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
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Business Placement
Demographics for 37172, TN
31,851
Population
12,253
Households
2.6
Avg Household Size
39
Median Age
19%
College-Educated
86%
High-School Grad
179.8 sq mi
ZIP Area
177
Density / Sq Mi
$71,103
Median Household Income
$40,879
Median Earnings
$1,132
Median Rent
$282,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
Frequently Asked Questions
What type of property is this?
Residential land & home lot - Includes a 40x60 metal building with water and electric, plus RV hookups for flexible on-site living or work.
Where is this residential land & home lot located?
The property is located at 5002 Homer Worsham Road Springfield, TN.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 40x60 metal building included; Water and electric already supplied to the property; RV hookups available
