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    Property profile & analytics

    240 Central NE Ave Cleveland, TN 37311-5323

    • Retail space
    • 8,394 SF
    • 0.34 lot acres
    OFF-MARKET
    Last Sale
    Jan 09, 2025
    $610,000
    Value Estimations
    $445,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-1759546
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Retail space

    Property Details for 240 Central NE Ave

    Year built
    1957
    Construction
    MASONRY/CONCRETE MASONRY UNITS (CMUS)
    Lot size
    0.34 lot acres
    Property size
    8,394 SF
    Zone code
    CBD
    Property type
    Retail space
    APN
    049M S 002.00 000
    APU
    049MS00200000

    Description

    This exceptional mixed-use property, located at 240 Central Ave NE in Cleveland, Tennessee (zip code 37311), presents a compelling investment opportunity. The 8,118 square foot building, constructed in 1957, sits on a 0.37-acre lot and boasts a diverse range of income-generating spaces. Currently configured as a fitness center, retail space, and potentially residential units (3 total units), this single-story building offers significant flexibility for future tenants and uses. The asking price is $675,000, translating to a price per square foot of $83.15. The property is zoned for commercial use and includes 15 parking spaces, a significant advantage in a bustling downtown area. This prime location in Bradley County offers easy access to local amenities and a strong potential for growth. The property's versatility and established cash flow make it an ideal investment for both seasoned and emerging investors seeking a diversified portfolio. The building's solid construction and established tenant base provide a stable foundation for future returns. This is a rare opportunity to acquire a well-positioned, multi-use property in a thriving Tennessee community. Don't miss out on this chance to own a piece of downtown Cleveland.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $450,000
      ML approach
      $530,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $290,000
      Market price range: $257k - $1.14M
      AI Estimate
      $314,000
      Market price range: $301k - $1.12M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Cleveland
    County
    Bradley
    State
    Tennessee
    Longitude
    -84.8722
    Latitude
    35.1597
    CBSA code
    17420
    CBSA name
    CLEVELAND, TN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $1,171
    $19,320
    $62,040
    $81,360
    -
    $48,300
    $155,100
    $203,400

    Comparable in this City

    • Value Estimation
      $265,000
      1,496 SF

      237 Inman E St

      RETAIL STORES (PERSONAL SERVICES) • 1,496 SF
      237 Inman E St, Cleveland, TN 37311-6040
      View Details
    • Value Estimation
      $260,000
      1,836 SF

      233 Inman E St

      RETAIL STORES (PERSONAL SERVICES) • 1,836 SF
      233 Inman E St, Cleveland, TN 37311-6040
      View Details
    • Value Estimation
      $250,000
      1,618 SF

      1015 Inman E St

      RETAIL STORES (PERSONAL SERVICES) • 1,618 SF
      1015 Inman E St, Cleveland, TN 37311-6308
      View Details
    • Value Estimation
      $250,000
      1,300 SF

      223 Inman E St

      RETAIL STORES (PERSONAL SERVICES) • 1,300 SF
      223 Inman E St, Cleveland, TN 37311-6040
      View Details
    • Value Estimation
      $270,000
      1,040 SF

      304 Inman W St

      RETAIL STORES (PERSONAL SERVICES) • 1,040 SF
      304 Inman W St, Cleveland, TN 37311-5939
      View Details
    • Value Estimation
      $250,000
      1,848 SF

      2151 Keith NW St

      RETAIL STORES (PERSONAL SERVICES) • 1,848 SF
      2151 Keith NW St, Cleveland, TN 37311-1304
      View Details

    Similar Nearby for Sale

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      Commercial Property Near I-75

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    Similar Nearby for Lease

    • $1,450 /Mo
      990 SF

      Furnished Hair Salon For Rent

      Fully furnished hair salon with 8 stations in excellent condition.
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    • Contact for pricing

      Retail Space in Cleveland, TN

      Grocery-anchored retail space available in Cleveland, Tennessee.
      200 Grove Ave Southwest, Cleveland, TN 37311
      View Details
    • Contact for pricing
      6,800 SF

      Retail Space in Cleveland, Tennessee

      Retail property in a key regional hub near Chattanooga.
      200-222 Grove Ave NW, Cleveland, TN 37311
      View Details
    • $75,000
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      Land for Lease on Georgetown

      Pad site available for ground lease in growing area.
      Georgetown Rd NW, Cleveland, TN 37311
      View Details
    • $2,265 /Mo
      5,436 SF

      Industrial Space in Cleveland, TN

      Industrial property available for lease in Cleveland, Tennessee.
      2125 Northeast Rd SE, Cleveland, TN 37311
      View Details
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    240 Central NE Ave
    Cleveland, TN 37311-5323
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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