Climate-Controlled Self Storage
For Sale
$5,500,000
809 E 20th Street, Cookeville, TN 38501
Two contiguous parcels combine climate-controlled storage, offices, and heated warehouse space.
Property Size38,180 SF
Lot Size2.04 Acres
Price / SF$144.05
Days on Market22
Property Features for 809 E 20th Street
General Information
Standard status
Active
Size
38,180 SF
Lot size
2.04 Acres
Property subtype
Commercial
Zoning
CI-HM
Warehouse & Industrial
Office Build-Out
4,800 SF
Self-Storage Units
163
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$14,229
Building Details
Building Size
38,180 SF
Year Built
1974
Stories
1
Units
160
Listing Agency:
Highlands Elite Real Estate LLC
(931) 260-3743
Listed By:
Wayne Russell · License #333678
(931) 260-3743
Source:
Firstrealty
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 30 at 5:45PM
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 Highlands Elite Real Estate LLC
Investment Insights
Based on property information with market context.
This self storage property includes the operating business and real estate across two contiguous parcels. The improvements total approximately 38,180 square feet, with 163 units in varying dimensions and multiple office areas. Climate-controlled space represents the majority of the facility, while additional heated warehouse space supports the overall configuration. Combined office area measures approximately 4,800 square feet, and the remaining 33,380 square feet consists of warehouse and self storage space.
The 809 E 20th Street parcel contains 26,180 square feet of entirely climate-controlled space. The 1625 Brown Avenue Road parcel contributes 12,000 square feet, divided between 6,000 square feet of climate-controlled area and 6,000 square feet of heated space. The combined site encompasses approximately 2.04 acres and carries CI-HM zoning. Unit configuration, occupancy rates, and financial information are available through the listing agent.
The 809 E 20th Street parcel contains 26,180 square feet of entirely climate-controlled space. The 1625 Brown Avenue Road parcel contributes 12,000 square feet, divided between 6,000 square feet of climate-controlled area and 6,000 square feet of heated space. The combined site encompasses approximately 2.04 acres and carries CI-HM zoning. Unit configuration, occupancy rates, and financial information are available through the listing agent.
Key Highlights
- Approximately 38,180 sf of combined improvements across two contiguous parcels
- 163 self storage units with varying dimensions
- 809 E 20th St includes 26,180sf of 100% climate controlled space
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
$328,088
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
5.97%
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%
$6,561,760
$6.6M
Cap Rate 7%
$4,686,971
$4.7M
Cap Rate 9%
$3,645,422
$3.6M
Market Conditions
NOI Build-Up for 38,180 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
$504.0K $13.20/SF
− Vacancy
−$35.3K −$0.92/SF
EGI
$468.7K $12.28/SF
− OpEx
−$140.6K −$3.68/SF
NOI
$328.1K $8.59/SF
Area
Putnam County, TN
Vacancy
7.00%
Lease Rate
$13.20 /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%
$6,561,760
Cap Rate 7%
$4,686,971
Cap Rate 9%
$3,645,422
Alternative Uses
Best Use
Self Storage
$4.69M
$4.10M – $5.47M
NOI $328,088 @ 7.0% cap · market cap 5.97%
Second Best
Warehouse
$4.35M
$3.80M – $5.07M
NOI $304,356 @ 7.0% cap · market cap 5.53%
Theoretical Best
Office A
$15.76M
$13.79M – $18.38M
NOI $1,103,029 @ 7.0% cap · market cap 20.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
251
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Two contiguous parcels combine climate-controlled storage, offices, and heated warehouse space.
Where is this self storage facility located?
The property is located at 809 E 20th Street Cookeville, TN.
What is the asking price?
The asking price for this property is $5,500,000.
What are key features of this property?
This property features: Approximately 38,180 sf of combined improvements across two contiguous parcels; 163 self storage units with varying dimensions; 809 E 20th St includes 26,180sf of 100% climate controlled space
