Commercial Land with Existing
New
For Sale
$3,600,000
669 W Broad St, Cookeville, TN 38501
COMMERCIAL - Cookeville, TN
Property Size14,312 SF
Lot Size11.89 Acres
Price / SF$251.54
Days on Market2
Property Features for 669 W Broad St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CL
Directions
From PCCH: W Broad to 669 W Broad St
Subdivision
Putnam Co SW, TN
Standard status
Active
APN
24.00
Size
14,312 SF
Lot size
11.89 Acres
Taxes and HOA fees
Tax Annual Amount
3636
Utilities
Utilities
Natural Gas Available
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1958
Floors in Building
1
Building materials
Block, Metal Siding
Roof type
Metal
Listing Agency:
American Way Real Estate
(931) 526-9581
Listed By:
Patricia Huddleston · License #290697
(931) 261-7853
Added: Aug 10
Last Checked: Aug 11 at 9:06AM
MLS# 238525
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 11.89-acre commercial land tract includes a 14,312-square-foot building constructed in 1958. The existing structure features block and metal siding, a metal roof, electric heating, and central air conditioning. Natural gas is available, and the property has public water service.
The property is located at 669 W Broad St in Cookeville, within the city limits and Putnam County. The site previously housed Bob’s Body Shop, which operated there for decades. Its CL zoning and existing building provide a defined commercial property framework for evaluating future use or redevelopment.
The property is located at 669 W Broad St in Cookeville, within the city limits and Putnam County. The site previously housed Bob’s Body Shop, which operated there for decades. Its CL zoning and existing building provide a defined commercial property framework for evaluating future use or redevelopment.
Key Highlights
- 11.89 acres of commercial land
- CL zoning
- 14,312‑square‑foot existing building constructed in 1958
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
$223,899
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
6.22%
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%
$4,477,980
$4.5M
Cap Rate 7%
$3,198,557
$3.2M
Cap Rate 9%
$2,487,767
$2.5M
Market Conditions
NOI Build-Up for 14,312 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
$329.7K $23.04/SF
− Vacancy
−$9.9K −$0.69/SF
EGI
$319.9K $22.35/SF
− OpEx
−$96.0K −$6.70/SF
NOI
$223.9K $15.64/SF
Area
Putnam County, TN
Vacancy
3.00%
Lease Rate
$23.04 /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%
$4,477,980
Cap Rate 7%
$3,198,557
Cap Rate 9%
$2,487,767
Alternative Uses
Best Use
Retail
$3.20M
$2.80M – $3.73M
NOI $223,899 @ 7.0% cap · market cap 6.22%
Second Best
Industrial
$1.34M
$1.17M – $1.57M
NOI $93,956 @ 7.0% cap · market cap 2.61%
Theoretical Best
Office A
$5.91M
$5.17M – $6.89M
NOI $413,477 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,701
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - CL-zoned commercial land with an existing building and public water service.
Where is this commercial land located?
The property is located at 669 W Broad St Cookeville, TN.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: 11.89 acres of commercial land; CL zoning; 14,312‑square‑foot existing building constructed in 1958
