Renovated
For Sale
$369,929
Pending
507 E Stevens Street, Cookeville, TN 38501
Residential Income, Cookeville, TN
Property Size2,728 SF
Lot Size0.43 Acres
Days on Market71
Property Features for 507 E Stevens Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 1, Bedroom 6, Bathroom 2, Bedroom 5, Bedroom 3, Bedroom 4, Bathroom 3, Bathroom 1
Window features
Double Pane Windows
Patio and Porch features
Deck, Porch
Interior features
Ceiling Fan(s)
Basement
Crawl Space
Appliances
Electric Water Heater, Electric Oven, Refrigerator
Directions
From PCCH, S on S. Lowe St, L on Stevens St, property on R.
Subdivision
Cookeville NE, TN
Standard status
Pending
APN
053N B 014.01
Size
2,728 SF
Lot size
0.43 Acres
Taxes and HOA fees
Tax Annual Amount
1730
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1940
Number of units
3
Flooring type
Vinyl, Tile
Building materials
Frame, Block, Vinyl Siding
Roof type
Metal
Listing Agency:
Skender-Newton Realty
(931) 261-9001
Listed By:
Heather Skender-Newton · License #272220
(931) 261-9001
Added: Jun 16
Changed: Aug 21
Last Checked: Aug 25 at 2:06PM
MLS# 242369
Copyright © 2026 Upper Cumberland Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex property includes a 3-bedroom, 1-bath single-family residence measuring 1,192 SF, along with a separate building divided into two units. The additional residences include one 1-bedroom, 1-bath unit and one 2-bedroom, 1-bath unit, each measuring 768 SF, for a combined property size of 2,728 SF. All three units were renovated in 2022 with updated HVAC systems, plumbing and sewer work, water heaters, electrical components, windows, doors, flooring, bathrooms, cabinetry, countertops, appliances, trim, and paint.
The property occupies 0.43 acres at 507 E Stevens Street in Cookeville, TN, within the Capshaw school zone. It is grandfathered as a multi-unit property under RS-15 zoning and is served by public water and public sewer. Exterior features include a metal roof, vinyl siding, a deck, and a porch. A 13 month home warranty is included.
The property occupies 0.43 acres at 507 E Stevens Street in Cookeville, TN, within the Capshaw school zone. It is grandfathered as a multi-unit property under RS-15 zoning and is served by public water and public sewer. Exterior features include a metal roof, vinyl siding, a deck, and a porch. A 13 month home warranty is included.
Key Highlights
- Three‑unit layout with a 3‑bedroom home plus separate 1‑bedroom and 2‑bedroom residences
- 2,728 SF property on 0.43 acres at 507 E Stevens Street
- All units renovated in 2022
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
$28,615
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
7.74%
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%
$572,300
$572.3K
Cap Rate 7%
$408,786
$408.8K
Cap Rate 9%
$317,944
$317.9K
Market Conditions
NOI Build-Up for 2,728 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
$44.2K $16.20/SF
− Vacancy
−$3.3K −$1.22/SF
EGI
$40.9K $14.99/SF
− OpEx
−$12.3K −$4.50/SF
NOI
$28.6K $10.49/SF
Area
Putnam County, TN
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$572,300
Cap Rate 7%
$408,786
Cap Rate 9%
$317,944
Alternative Uses
Best Use
Multifamily LT 5
$408.8K
$357.7K – $476.9K
NOI $28,615 @ 7.0% cap · market cap 7.74%
Second Best
Apartment 5plus
$383.6K
$335.6K – $447.5K
NOI $26,849 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$1.13M
$985.2K – $1.31M
NOI $78,813 @ 7.0% cap · market cap 21.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
858
Businesses Nearby
Explore this area
Business Placement
Demographics for 38501, TN
41,141
Population
19,158
Households
2.1
Avg Household Size
33
Median Age
31%
College-Educated
88%
High-School Grad
87.1 sq mi
ZIP Area
472
Density / Sq Mi
$50,923
Median Household Income
$30,191
Median Earnings
$856
Median Rent
$245,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - The layout includes one standalone home and a separate structure containing two additional residential units.
Where is this triplex located?
The property is located at 507 E Stevens Street Cookeville, TN.
What is the asking price?
The asking price for this property is $369,929.
What are key features of this property?
This property features: Three‑unit layout with a 3‑bedroom home plus separate 1‑bedroom and 2‑bedroom residences; 2,728 SF property on 0.43 acres at 507 E Stevens Street; All units renovated in 2022
