Renovated Commercial Office/Warehouse
For Sale
$2,950,000
533 Myatt Dr, Madison, TN 37115
Commercial office and warehouse space with recent renovations and upgrades.
Property Size9,700 SF
Lot Size1.04 Acres
Price / SF$304.12
Days on Market194
Property Features for 533 Myatt Dr
General Information
Standard status
Active
Size
9,700 SF
Lot size
1.04 Acres
Listing Agency:
Benchmark Realty, LLC
(615) 485-9520
Listed By:
Lisa Paulson · License #327716
(615) 485-9520
Source:
Exprealty
Added: Jan 26
Changed: Aug 8
Last Checked: Jul 16 at 10:06AM
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.
Located in a high-traffic area, this corner lot offers 232 feet of road frontage and features 9,700+/- square feet of commercial office and warehouse space. The property is zoned IWD (Industrial Warehouse Distribution) and provides easy access to I-65, placing it 20 minutes from downtown Nashville and 25 minutes from the airport. The surrounding area includes retail outlets, restaurants, and a police precinct. The recently renovated space includes exterior paint, new metal canopies, and landscaped grounds. Parking is available for employees and customers, with 26+ spaces and 2 handicap spaces. The interior features 4,500+/- square feet of office space and a training area, along with 10 private offices, some equipped with individual supply/return systems. Security is enhanced by existing cameras and a new fire and security system, with ethernet and wireless throughout the facility. The breakroom is plumbed for a sink, refrigerator, dishwasher, and range. The property includes approximately 5,200 square feet of heated warehouse/storage space, equipped with 13 new LED lights, one loading dock with a manual door, and one drive-in door with a heavy-duty garage door opener. An extension in the warehouse has a climate-controlled addition with zoom-capable cameras. High ceilings allow for expansion. Madison is experiencing rapid growth and high traffic counts.
Key Highlights
- Prime location on a high‑traffic corner lot with 232 feet of road frontage offers exceptional accessibility.
- Zoned IWD (Industrial Warehouse Distribution) with 9,700+\/- sf of recently renovated commercial office/warehouse space.
- Easy access to I‑65, located just 20 minutes to downtown Nashville, and 25 minutes to the airport.
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
$162,291
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
5.50%
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%
$3,245,820
$3.2M
Cap Rate 7%
$2,318,443
$2.3M
Cap Rate 9%
$1,803,233
$1.8M
Market Conditions
NOI Build-Up for 9,700 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
$256.1K $26.40/SF
− Vacancy
−$39.7K −$4.09/SF
EGI
$216.4K $22.31/SF
− OpEx
−$54.1K −$5.58/SF
NOI
$162.3K $16.73/SF
Area
Davidson 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 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%
$3,245,820
Cap Rate 7%
$2,318,443
Cap Rate 9%
$1,803,233
Alternative Uses
Best Use
Warehouse
$11.74M
$10.28M – $13.70M
NOI $822,037 @ 7.0% cap · market cap 27.87%
Second Best
Industrial
$9.93M
$8.69M – $11.58M
NOI $694,971 @ 7.0% cap · market cap 23.56%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
226
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 37115, TN
39,821
Population
19,845
Households
2
Avg Household Size
37
Median Age
23%
College-Educated
82%
High-School Grad
21.5 sq mi
ZIP Area
1,852
Density / Sq Mi
$53,034
Median Household Income
$37,215
Median Earnings
$1,263
Median Rent
$271,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial office and warehouse space with recent renovations and upgrades.
Where is this flex space located?
The property is located at 533 Myatt Dr Madison, TN.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Prime location on a high‑traffic corner lot with 232 feet of road frontage offers exceptional accessibility.; Zoned IWD (Industrial Warehouse Distribution) with 9,700+\/- sf of recently renovated commercial office/warehouse space.; Easy access to I‑65, located just 20 minutes to downtown Nashville, and 25 minutes to the airport.
