Climate-Controlled Self Storage
For Sale
$5,500,000
809 E 20th Street, Cookeville, TN 38501
Commercial Sale, Cookeville, TN
Property Size38,180 SF
Lot Size2.04 Acres
Price / SF$144.05
Days on Market109
Property Features for 809 E 20th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CI-HM
Basement
Crawl Space
Directions
From PCCH: North on Washington Avenue to right on 20th Street
Subdivision
Cookeville NE, TN
Standard status
Active
APN
001.00
Size
38,180 SF
Lot size
2.04 Acres
Taxes and HOA fees
Tax Annual Amount
14230
Utilities
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1974
Floors in Building
1
Number of units
160
Building materials
Steel Siding, Brick, Metal Siding
Roof type
Metal
Listing Agency:
Highlands Elite Real Estate LLC
(931) 400-8820
Listed By:
Wayne Russell · License #333678
(931) 260-3743
Added: May 6
Changed: Aug 20
Last Checked: Aug 22 at 2:06PM
MLS# 243214
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 self-storage operation includes the business and real estate across two contiguous parcels totaling approximately 2.04 acres. The improvements contain approximately 38,180 square feet, including 163 units in varying dimensions, multiple offices, warehouse area, and self-storage space. Approximately 4,800+/- square feet is dedicated to office use, while 33,380+/- square feet comprises warehouse and storage areas.
The property includes substantial climate-controlled capacity. One building contains 26,180 square feet of entirely climate-controlled space, while the second totals 12,000 square feet, divided between 6,000 square feet of climate-controlled area and 6,000 square feet of heated space. Construction includes steel siding, brick, and metal siding, with a metal roof, natural gas heat, central air, and public water. The property was built in 1974 and is zoned CI-HM.
The property includes substantial climate-controlled capacity. One building contains 26,180 square feet of entirely climate-controlled space, while the second totals 12,000 square feet, divided between 6,000 square feet of climate-controlled area and 6,000 square feet of heated space. Construction includes steel siding, brick, and metal siding, with a metal roof, natural gas heat, central air, and public water. The property was built in 1974 and is zoned CI-HM.
Key Highlights
- Approximately 38,180 square feet across two contiguous parcels totaling 2.04+/- acres
- 163 self‑storage units with varying dimensions
- Approximately 4,800+/- square feet of combined office 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 - Self-storage property with climate-controlled units, warehouse space, offices, and public water service.
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 square feet across two contiguous parcels totaling 2.04+/- acres; 163 self‑storage units with varying dimensions; Approximately 4,800+/- square feet of combined office space
