Cookeville Office Building For
For Sale
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1843 Foreman Dr, Cookeville, TN 38501
Two-story office building with government tenants and long-term lease.
Property Size27,442 SF
Lot Size2.50 Acres
Price / SF$337.07
Days on Market738
Property Features for 1843 Foreman Dr
General Information
Standard status
Active
Size
27,442 SF
Class
A
Total Parking Spaces
135
Lot size
2.50 Acres
Property subtype
Office
Zoning
C3
Occupancy
93%
Lease Type
Modified Gross
Net Operating Income
$527,668
Building Details
Year Built
2008
Buildings
1
Stories
2
Units
6
Tenancy
Multi
Listing Agency:
JTU Net Lease Group
Listed By:
Jordan Uttal · License #CA 01512755
Source:
Crexi
Added: Oct 17, 2024
Changed: Oct 21
Last Checked: Oct 23 at 4:40AM
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 JTU Net Lease Group
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Investment Insights
Based on property information with market context.
Freedom Plaza, an office building located at 1843 Foreman Dr in Cookeville, Tennessee, is available for sale. Constructed in 2008, this two-story building contains 25,737 square feet and is situated on a 2.5-acre lot with over 135 surface parking spaces. The anchor tenant, the State of Tennessee, occupies 73% of the building and will commence a new 10-year lease on January 1, 2025. Government tenants account for 90% of the rental income. The property is located within 3 miles of major national retailers, including Walmart, Sam’s Club, Lowe’s, Chick-fil-A, Publix, AMC, Cracker Barrel, Arby’s, and Hardee’s. It is also within walking distance of the Holiday Inn Cookeville and near Interstate 40 and Willow Ave, Cookeville’s main thoroughfare.
Key Highlights
- Anchor tenant is the State of Tennessee (73% occupancy) with a AAA credit rating and a new 10‑year lease starting January 1, 2025.
- 90% of rental income is from government tenants.
- Located near Interstate 40 and Cookeville's main thoroughfare (Willow Ave).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$379,358
Cap Rate
4.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,587,160
$7.6M
Cap Rate 7%
$5,419,400
$5.4M
Cap Rate 9%
$4,215,089
$4.2M
Market Conditions
NOI Build-Up for 27,442 SF
Gross rent
$632.3K $23.04/SF
− Vacancy
−$126.5K −$4.61/SF
EGI
$505.8K $18.43/SF
− OpEx
−$126.5K −$4.61/SF
NOI
$379.4K $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 Rate 5%
$7,587,160
Cap Rate 7%
$5,419,400
Cap Rate 9%
$4,215,089
Alternative Uses
Best Use
Office B
$5.42M
$4.74M – $6.32M
NOI $379,358 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$11.33M
$9.91M – $13.21M
NOI $792,806 @ 7.0% cap · market cap 8.57%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
371
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with government tenants and long-term lease.
Where is this office building located?
The property is located at 1843 Foreman Dr Cookeville, TN.
What is the asking price?
The asking price for this property is $9,250,000.
What are key features of this property?
This property features: Anchor tenant is the State of Tennessee (73% occupancy) with a AAA credit rating and a new 10‑year lease starting January 1, 2025.; 90% of rental income is from government tenants.; Located near Interstate 40 and Cookeville's main thoroughfare (Willow Ave).
