Two-Story Religious
For Sale
$1,050,000
701 Red River St, Clarksville, TN 37040
Updated flooring, a commercial kitchen, office suites, sanctuary, and elevator support varied organizational and event uses.
Property Size9,500 SF
Price / SF$110.53
Days on Market100
Property Features for 701 Red River St
General Information
Standard status
Active
Size
9,500 SF
Elevators
Yes
Additional Details
Opportunity Zone
Yes
Amenities
commercial kitchen
dedicated office suites
spacious sanctuary
Building Details
Buildings
1
Stories
2
Building Size
9,500 SF
Listing Agency:
Keller Williams Realty Clarksville
(912) 856-3548
Listed By:
Chad Friedman · License #369585
(912) 856-3548
Source:
Exprealty
Added: May 15
Changed: Aug 21
Last Checked: Aug 21 at 11:56AM
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 Keller Williams Realty Clarksville
Investment Insights
Based on property information with market context.
This two-story religious facility contains 9,500 SF with updated flooring, a commercial kitchen, dedicated office suites, and a spacious sanctuary. An on-site elevator connects both levels, supporting access throughout the building. The combination of assembly, administrative, and food-service areas provides a defined physical layout for continued religious, nonprofit, or event-related operations.
The property is located at 701 Red River St in Clarksville's Red River District. Nearby redevelopment and infrastructure projects include the Frosty Morn revitalization, the proposed Vulcan Mixed-Use Entertainment District, Red River East Greenway and marina improvements, and expansion of the Downtown Design District. The property is also identified as being within a federally designated Opportunity Zone.
The property is located at 701 Red River St in Clarksville's Red River District. Nearby redevelopment and infrastructure projects include the Frosty Morn revitalization, the proposed Vulcan Mixed-Use Entertainment District, Red River East Greenway and marina improvements, and expansion of the Downtown Design District. The property is also identified as being within a federally designated Opportunity Zone.
Key Highlights
- 9,500 SF two‑story religious facility
- Commercial kitchen, dedicated office suites, and spacious sanctuary
- On‑site elevator provides access across both levels
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
$87,210
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
8.31%
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%
$1,744,200
$1.7M
Cap Rate 7%
$1,245,857
$1.2M
Cap Rate 9%
$969,000
$969.0K
Market Conditions
NOI Build-Up for 9,500 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
$171.0K $18.00/SF
− Vacancy
−$54.7K −$5.76/SF
EGI
$116.3K $12.24/SF
− OpEx
−$29.1K −$3.06/SF
NOI
$87.2K $9.18/SF
Area
Clarksville, TN
Vacancy
32.00%
Lease Rate
$18.00 /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%
$1,744,200
Cap Rate 7%
$1,245,857
Cap Rate 9%
$969,000
Alternative Uses
Best Use
Office B
$1.25M
$1.09M – $1.45M
NOI $87,210 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.40M – $1.86M
NOI $111,629 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
454
Businesses Nearby
Explore this area
Business Placement
Demographics for 37040, TN
60,382
Population
24,628
Households
2.5
Avg Household Size
31
Median Age
30%
College-Educated
94%
High-School Grad
92.8 sq mi
ZIP Area
651
Density / Sq Mi
$65,331
Median Household Income
$40,621
Median Earnings
$1,177
Median Rent
$242,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Church & religious facility - Updated flooring, a commercial kitchen, office suites, sanctuary, and elevator support varied organizational and event uses.
Where is this church & religious facility located?
The property is located at 701 Red River St Clarksville, TN.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 9,500 SF two‑story religious facility; Commercial kitchen, dedicated office suites, and spacious sanctuary; On‑site elevator provides access across both levels
