Office Building with Three
501 Park Ave, Lebanon, TN 37087
For Sale
$1,399,000
The three suites include owner-occupied, leased, and currently vacant space.
Property Size6,310 SF
Lot Size1.13 Acres
Price / SF$221.71
Days on Market59
Property Features for 501 Park Ave
General Information
Standard status
Size
Lot size
Property subtype
Additional Details
Office Units
Tenant in Place
Property Use
Building Details
Building Size
Year Built
Buildings
Owner Occupied
Listing Agency:
Agee & Johnson Realty & Auction, Inc
Listed By:
Jim Agee · License #12554
(615) 504-0963
Source:
Thevillerealestate
Added: Sep 11
Changed: Nov 7
Last Checked: Nov 7 at 12:14PM
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 Agee & Johnson Realty & Auction, Inc
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This professional office property contains approximately 6,310 square feet across three suites. Suite A, measuring 2,066 square feet, is occupied by the owner; Suite B has 2,565 square feet and is leased; Suite C offers 1,671 square feet and is vacant. The building dates to 1987.
The 1.13-acre parcel has paved parking areas at both the front and rear of the building.
The 1.13-acre parcel has paved parking areas at both the front and rear of the building.
Key Highlights
- Approximately 6,310 sq ft of office space
- Three suites: 2,066 sq. ft, 2,565 sq ft, and 1,671 sq ft
- Suite A is owner occupied; Suite B is leased; Suite C is vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$105,573
Cap Rate
7.55%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,111,460
$2.1M
Cap Rate 7%
$1,508,186
$1.5M
Cap Rate 9%
$1,173,033
$1.2M
Market Conditions
NOI Build-Up for 6,310 SF
Gross rent
$166.6K $26.40/SF
− Vacancy
−$25.8K −$4.09/SF
EGI
$140.8K $22.31/SF
− OpEx
−$35.2K −$5.58/SF
NOI
$105.6K $16.73/SF
Area
Wilson County, TN
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,111,460
Cap Rate 7%
$1,508,186
Cap Rate 9%
$1,173,033
Alternative Uses
Best Use
Office B
$1.51M
$1.32M – $1.76M
NOI $105,573 @ 7.0% cap · market cap 7.55%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$8.27M
$7.24M – $9.65M
NOI $579,210 @ 7.0% cap · market cap 41.40%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
821
Businesses Nearby
Explore this area
Business Placement
Demographics for 37087, TN
51,658
Population
21,800
Households
2.4
Avg Household Size
39
Median Age
29%
College-Educated
92%
High-School Grad
164.9 sq mi
ZIP Area
313
Density / Sq Mi
$80,978
Median Household Income
$43,253
Median Earnings
$1,134
Median Rent
$359,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - The three suites include owner-occupied, leased, and currently vacant space.
Where is this office building located?
The property is located at 501 Park Ave Lebanon, TN.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Approximately 6,310 sq ft of office space; Three suites: 2,066 sq. ft, 2,565 sq ft, and 1,671 sq ft; Suite A is owner occupied; Suite B is leased; Suite C is vacant
