1843 Foreman Dr Cookeville, TN 38501

Exceptional investment opportunity in Cookeville, Tennessee, featuring a 27,442 square foot, Class A office building situated on a 2.1-acre lot. This property boasts a strong 93% occupancy rate, anchored by a 10-year lease (commencing January 1, 2025, and expiring December 31, 2034) with the State of Tennessee, a tenant with a AAA credit rating. The building, constructed in 2008, features six units and 135 parking spaces. The current Net Operating Income (NOI) is $527,668, with a pro-forma NOI of $621,629, resulting in a current cap rate of 5.61% and a pro-forma cap rate of 6.61%. The asking price is $9,400,000, translating to a price per square foot of $342.54. The property is zoned C3 and benefits from built-in rent bumps. Its strategic location near Interstate 40 and major national retailers ensures high visibility and accessibility. The property's tenant mix includes a combination of government and professional office tenants, providing a diversified income stream. This is a rare opportunity to acquire a high-quality, income-producing asset with a secure, long-term lease backed by a AAA-rated government tenant. The property's location in Putnam County, Tennessee, offers advantages such as a tax-free environment and a robust economy. The lease includes rent increases at year 4 and year 7 for the State of Tennessee tenant. This property presents a compelling investment opportunity with significant potential for long-term growth and returns.