Brick
New
For Sale
$425,000
644 E 4th Street, Cookeville, TN 38501
Residential Income, Cookeville, TN
Property Size3,717 SF
Lot Size0.25 Acres
Price / SF$114.34
Days on Market1
Property Features for 644 E 4th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Patio and Porch features
Patio
Appliances
Electric Water Heater, Dishwasher, Refrigerator, Electric Range, Microwave
Elementary school
Capshaw Elementary School
Middle school
Avery Trace Middle School
High school
Cookeville High School
Directions
FROM PCCH: North on Washington; left on Maple; right on 4th; home on right.
Subdivision
Cookeville NE, TN
Standard status
Active
APN
053C G 015.00
Size
3,717 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Annual Amount
1725
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1963
Number of units
2
Flooring type
Carpet, Tile, Vinyl
Building materials
Frame, Brick
Roof type
Composition
Listing Agency:
American Way Real Estate
(931) 526-9581
Listed By:
Gina Key
(931) 267-3271
Added: Oct 1
Last Checked: Oct 1 at 7:06PM
MLS# 247538
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 3,717-square-foot brick duplex was built in 1963 on a 0.2546-acre parcel. Recent interior work includes updated flooring and fresh paint. The property has a basement, patio, central air, electric heat, and a kitchen equipped with a range, microwave, dishwasher, and refrigerator. Public water and sewer serve the site.
Located in Cookeville, the property is within minutes of the Cookeville square, Historic Westside, Tennessee Tech University, and CRMC. Its multifamily use is grandfathered within Cookeville City.
Located in Cookeville, the property is within minutes of the Cookeville square, Historic Westside, Tennessee Tech University, and CRMC. Its multifamily use is grandfathered within Cookeville City.
Key Highlights
- 3,717‑square‑foot brick duplex on a 0.2546‑acre lot
- Multifamily use grandfathered within Cookeville City
- Built in 1963; interior flooring and paint have been updated
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
$38,989
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
9.17%
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%
$779,780
$779.8K
Cap Rate 7%
$556,986
$557.0K
Cap Rate 9%
$433,211
$433.2K
Market Conditions
NOI Build-Up for 3,717 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
$60.2K $16.20/SF
− Vacancy
−$4.5K −$1.22/SF
EGI
$55.7K $14.99/SF
− OpEx
−$16.7K −$4.50/SF
NOI
$39.0K $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%
$779,780
Cap Rate 7%
$556,986
Cap Rate 9%
$433,211
Alternative Uses
Best Use
Multifamily LT 5
$557.0K
$487.4K – $649.8K
NOI $38,989 @ 7.0% cap · market cap 9.17%
Second Best
Apartment 5plus
$522.6K
$457.3K – $609.7K
NOI $36,582 @ 7.0% cap · market cap 8.61%
Theoretical Best
Office A
$1.53M
$1.34M – $1.79M
NOI $107,385 @ 7.0% cap · market cap 25.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
897
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Cookeville City recognizes the property’s existing multifamily use, with refreshed flooring and paint for occupancy.
Where is this duplex located?
The property is located at 644 E 4th Street Cookeville, TN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 3,717‑square‑foot brick duplex on a 0.2546‑acre lot; Multifamily use grandfathered within Cookeville City; Built in 1963; interior flooring and paint have been updated
