Single-Level Duplex With Two
For Sale
$595,000
826 Boatman Rd, Cookeville, TN 38506
Residential Income, Cookeville, TN
Property Size2,890 SF
Price / SF$205.88
Days on Market94
Property Features for 826 Boatman Rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Rooms
Basement
Parking features
Open
Window features
Double Pane Windows
Patio and Porch features
Porch, Patio
Interior features
Ceiling Fan(s), Walk-In Closet(s)
Fireplace
1
Basement
Sump Pump
Appliances
Electric Water Heater, Dishwasher, Refrigerator, Electric Range, Microwave, Washer, Dryer
Directions
FROM PCCH: East on Broad; Left on N Washington; Right on Paran Rd; Left on Boatman Rd.
Subdivision
Overton Co SW, TN
Standard status
Active
APN
104 025.02
Size
2,890 SF
Taxes and HOA fees
Tax Annual Amount
1692
Utilities
Sewer type
Septic Tank
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Amenities
hardwood floors
custom wood cabinetry
two full kitchens
sunroom
laundry area
partial basement/storm shelter
lawn
views
Building Details
Year built
2004
Number of units
2
Flooring type
Hardwood, Tile
Building materials
Frame, Brick
Roof type
Composition
Listing Agency:
RE/MAX ONE, LLC
(931) 520-7777
Listed By:
Connie McCormick · License #296772
(931) 260-0440
Added: May 21
Changed: Aug 21
Last Checked: Aug 22 at 5:06PM
MLS# 244532
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 single-level duplex provides two distinct living quarters within one residence. One side includes 3 bedrooms and 2 baths, while the other has 2 bedrooms and 1.5 baths. Each side features a full kitchen and living area, with hardwood and tile flooring, custom wood cabinetry, and appliances including refrigerators, electric ranges, microwaves, dishwashers, a washer, and a dryer. Shared areas include a sunroom and laundry space. Additional improvements include a 2-car garage, partial basement with storm-shelter space, patio, porch, central air, heat-pump heating, and a composition roof. The property uses public water and a septic tank. Located in Cookeville, TN, the home was built in 2004 and includes ceiling fans, walk-in closets, and a fireplace.
Key Highlights
- Two separate living quarters in a single‑level duplex configuration
- 3‑bedroom, 2‑bath unit paired with a 2‑bedroom, 1.5‑bath unit
- Two full kitchens with appliances included
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
$30,315
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
5.09%
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%
$606,300
$606.3K
Cap Rate 7%
$433,071
$433.1K
Cap Rate 9%
$336,833
$336.8K
Market Conditions
NOI Build-Up for 2,890 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
$46.8K $16.20/SF
− Vacancy
−$3.5K −$1.22/SF
EGI
$43.3K $14.99/SF
− OpEx
−$13.0K −$4.50/SF
NOI
$30.3K $10.49/SF
Area
Putnam County, TN
Vacancy
7.50%
Lease Rate
$16.20 /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%
$606,300
Cap Rate 7%
$433,071
Cap Rate 9%
$336,833
Alternative Uses
Best Use
Multifamily LT 5
$433.1K
$378.9K – $505.3K
NOI $30,315 @ 7.0% cap · market cap 5.09%
Second Best
Apartment 5plus
$406.3K
$355.5K – $474.1K
NOI $28,443 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$1.19M
$1.04M – $1.39M
NOI $83,493 @ 7.0% cap · market cap 14.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Explore this area
Business Placement
Demographics for 38506, TN
29,976
Population
13,018
Households
2.3
Avg Household Size
42
Median Age
31%
College-Educated
90%
High-School Grad
164.3 sq mi
ZIP Area
182
Density / Sq Mi
$63,051
Median Household Income
$37,589
Median Earnings
$1,032
Median Rent
$256,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two private living quarters share a sunroom and laundry area, with appliances included throughout the home.
Where is this duplex located?
The property is located at 826 Boatman Rd Cookeville, TN.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Two separate living quarters in a single‑level duplex configuration; 3‑bedroom, 2‑bath unit paired with a 2‑bedroom, 1.5‑bath unit; Two full kitchens with appliances included
