Land with 40x60 Metal
For Sale
$350,000
5002 Homer Worsham Rd, Springfield, TN 37172
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$145.83
Days on Market66
Property Features for 5002 Homer Worsham Rd
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Land or Vacant Lot
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$750
Listing Agency:
BENCHMARK REALTY, LLC
(615) 991-4949
Listed By:
GAYLE M. HALVORSON · License #280294
Source:
Corcoran
Added: Jun 4
Changed: Aug 8
Last Checked: Jul 15 at 10:00PM
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 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 = 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
$23,064
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
6.59%
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%
$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
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
$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 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%
$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 6.59%
Second Best
Industrial
$243.7K
$213.2K – $284.3K
NOI $17,056 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$703.5K
$615.6K – $820.8K
NOI $49,248 @ 7.0% cap · market cap 14.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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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 Rd Springfield, TN.
What is the asking price?
The asking price for this property is $350,000.
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
