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    1843 Foreman Dr Cookeville, TN 38501

    Sponsored
    For Sale
    $9,400,000

    Prime TN location, AAA-rated lease.

    Property size:
    27,442 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    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.

    Property Features for 1843 Foreman Dr

    General Information

    Property type
    Office Properties & Spaces
    Square Feet
    27,442 SF
    Class
    A
    Lot Size
    91,476 SF

    Building Details

    Year Built
    2008
    Buildings
    1
    Stories
    2
    Units
    6

    HighLights

    • Brand new 10‑year lease with the State of Tennessee (AAA credit rating).
    • 93% occupancy with government and professional office tenants.
    • State of Tennessee occupies 73% of the building and provides 73% of the net operating income.
    • High‑quality, income‑producing asset with AAA‑rated government‑backed leases.
    • Prime location off Interstate 40, near major national retailers.
    • Built‑in rent increases: 3.65% at year 4 and 4% at year 7 for the State of Tennessee tenant; 3% every 5 years for other tenants.
    Property Profile Location Intelligence

    Current Use by Public Records

    DaVita Interstate Drive ... Dialysis Center XI Properties Property Management Company Action Marketing Events Marketing Agency Evergreen Homebuilder Contractor Jackson Real Estate Real Estate Agency

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Auto Repair Shop Clothing Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Cookeville
    County
    Putnam
    State
    Tennessee
    Longitude
    -85.5280358
    Latitude
    36.1405237

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    FAQs

    What type of property is this?
    Office Property / Space - Prime TN location, AAA-rated lease.
    Where is this office property / space located?
    The property is located at 1843 Foreman Dr Cookeville, TN.
    What is the asking price?
    The asking price for this property is $9,400,000.
    What are key features of this property?
    This property features: Brand new 10-year lease with the State of Tennessee (AAA credit rating).; 93% occupancy with government and professional office tenants.; State of Tennessee occupies 73% of the building and provides 73% of the net operating income.
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    Realmo Value Estimation

    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.

    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.

    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
    1843 Foreman Dr Cookeville, TN 38501
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