Flex Space with Living
For Sale
$559,000
8515 Cookeville Boat Dock Rd, Baxter, TN 38544
Rebuilt metal construction combines residential accommodations with an open garage and shop area.
Property Size3,000 SF
Price / SF$186.33
Days on Market49
Property Features for 8515 Cookeville Boat Dock Rd
General Information
Standard status
Active
Size
3,000 SF
Additional Details
Utilities to Site
Yes
Drive-In Doors
1
Building Details
Year Built
2000
Buildings
1
Building Size
3,000 SF
Construction
metal
Listing Agency:
The Realty Firm
(931) 979-1977
Listed By:
Christy Ehlert-Wagner
Source:
Searchtnhomesforsale
Added: Jul 13
Changed: Aug 29
Last Checked: Aug 25 at 7:48AM
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 The Realty Firm
Investment Insights
Based on property information with market context.
This flex-space property at 8515 Cookeville Boat Dock Rd includes living quarters, one full bathroom, and an open loft overlooking the garage and shop area. The structure has been comprehensively rebuilt with new cement block piers, joists, studs, plumbing, electrical wiring, and insulation in the living-area walls and ceilings. A 6-inch concrete floor and RV garage door support the shop configuration, while the interior remains adaptable for a finish-to-suit buildout.
The property is approximately 5 minutes from Cookeville Boat Dock on Center Hill Lake and 10–12 minutes from I-40, Home Depot, and Target. Its location in Baxter places the building within the lake-area commercial corridor described in the source information. The combination of workspace, living accommodations, and a renovated building shell supports flexible commercial or live-work planning without assigning an unverified permitted use.
The property is approximately 5 minutes from Cookeville Boat Dock on Center Hill Lake and 10–12 minutes from I-40, Home Depot, and Target. Its location in Baxter places the building within the lake-area commercial corridor described in the source information. The combination of workspace, living accommodations, and a renovated building shell supports flexible commercial or live-work planning without assigning an unverified permitted use.
Key Highlights
- Comprehensively rebuilt metal building with new piers, joists, studs, plumbing, electrical, and insulation
- Living quarters with one full bathroom
- Loft open to the garage and shop area
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
$41,472
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
7.42%
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%
$829,440
$829.4K
Cap Rate 7%
$592,457
$592.5K
Cap Rate 9%
$460,800
$460.8K
Market Conditions
NOI Build-Up for 3,000 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
$69.1K $23.04/SF
− Vacancy
−$13.8K −$4.61/SF
EGI
$55.3K $18.43/SF
− OpEx
−$13.8K −$4.61/SF
NOI
$41.5K $13.82/SF
Area
Putnam County, TN
Vacancy
20.00%
Lease Rate
$23.04 /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%
$829,440
Cap Rate 7%
$592,457
Cap Rate 9%
$460,800
Alternative Uses
Best Use
Office B
$592.5K
$518.4K – $691.2K
NOI $41,472 @ 7.0% cap · market cap 7.42%
Second Best
Mixed Use
$433.9K
$379.7K – $506.3K
NOI $30,375 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$1.24M
$1.08M – $1.44M
NOI $86,671 @ 7.0% cap · market cap 15.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 38544, TN
7,435
Population
3,327
Households
2.2
Avg Household Size
40
Median Age
16%
College-Educated
85%
High-School Grad
79.2 sq mi
ZIP Area
94
Density / Sq Mi
$66,801
Median Household Income
$42,188
Median Earnings
$904
Median Rent
$222,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Rebuilt metal construction combines residential accommodations with an open garage and shop area.
Where is this flex space located?
The property is located at 8515 Cookeville Boat Dock Rd Baxter, TN.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Comprehensively rebuilt metal building with new piers, joists, studs, plumbing, electrical, and insulation; Living quarters with one full bathroom; Loft open to the garage and shop area
