Flex Space With Detached
New
For Sale
$1,100,000
703 Lion Pkwy, Columbia, TN 38401
Office, warehouse, and separate shop areas support varied commercial operations.
Property Size3,739 SF
Price / SF$294.20
Days on Market5
Property Features for 703 Lion Pkwy
General Information
Standard status
Active
Size
3,739 SF
Property subtype
Commercial
Amenities
Metal Roof
Building Details
Year Built
1992
Listing Agency:
RE/MAX ENCORE
(931) 388-9400
Listed By:
MELISSA THOMAS PYRON
Source:
Corcoran
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 21 at 8:54AM
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 RE/MAX ENCORE
Investment Insights
Based on property information with market context.
This flex property combines professional office space with warehouse capacity and a detached shop. The approximately 3,739-square-foot layout includes 1,121 square feet of interior office area and 2,618 square feet of warehouse space. A reception area, two private offices, and three full bathrooms serve the office component, while the separate shop adds workspace and storage capacity.
The property is located at 703 Lion Pkwy in Columbia, Tennessee, with approximately 96 feet of road frontage along Lion Parkway. Built in 1992, the combination of office, warehouse, and shop areas provides a practical configuration for a business requiring both administrative and operational space.
The property is located at 703 Lion Pkwy in Columbia, Tennessee, with approximately 96 feet of road frontage along Lion Parkway. Built in 1992, the combination of office, warehouse, and shop areas provides a practical configuration for a business requiring both administrative and operational space.
Key Highlights
- Approximately 3,739 square feet total
- 1,121 interior square feet and 2,618 warehouse square feet
- Separate shop provides additional workspace and storage
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
$62,557
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
5.69%
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%
$1,251,140
$1.3M
Cap Rate 7%
$893,671
$893.7K
Cap Rate 9%
$695,078
$695.1K
Market Conditions
NOI Build-Up for 3,739 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
$98.7K $26.40/SF
− Vacancy
−$15.3K −$4.09/SF
EGI
$83.4K $22.31/SF
− OpEx
−$20.9K −$5.58/SF
NOI
$62.6K $16.73/SF
Area
Maury 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%
$1,251,140
Cap Rate 7%
$893,671
Cap Rate 9%
$695,078
Alternative Uses
Best Use
Office B
$893.7K
$782.0K – $1.04M
NOI $62,557 @ 7.0% cap · market cap 5.69%
Second Best
Warehouse
$421.0K
$368.4K – $491.2K
NOI $29,471 @ 7.0% cap · market cap 2.68%
Theoretical Best
Office A
$1.10M
$959.1K – $1.28M
NOI $76,724 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
880
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 38401, TN
63,075
Population
28,470
Households
2.2
Avg Household Size
40
Median Age
24%
College-Educated
92%
High-School Grad
296.7 sq mi
ZIP Area
213
Density / Sq Mi
$69,467
Median Household Income
$42,314
Median Earnings
$1,084
Median Rent
$295,200
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?
Flex space - Office, warehouse, and separate shop areas support varied commercial operations.
Where is this flex space located?
The property is located at 703 Lion Pkwy Columbia, TN.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Approximately 3,739 square feet total; 1,121 interior square feet and 2,618 warehouse square feet; Separate shop provides additional workspace and storage
