Medical Office
New
For Sale
Contact for pricing
923 S Broadway St, Portland, TN 37148
Existing medical configuration supports continued healthcare-related occupancy and professional office use.
Property Size4,464 SF
Lot Size1.30 Acres
Price / SF$357.30
Days on Market5
Property Features for 923 S Broadway St
General Information
Standard status
Active
Size
4,464 SF
Lot size
1.30 Acres
Property subtype
Mixed Use
Additional Details
Road Access
Yes
Building Details
Building Size
4,464 SF
Year Built
2001
Listing Agency:
Exit Realty Garden Gate Team
(615) 323-0707
Listed By:
Michael Auguste · License #375273
Source:
Thefullerproperties
Added: Aug 17
Changed: Aug 20
Last Checked: Aug 21 at 10:36AM
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 Exit Realty Garden Gate Team
Investment Insights
Based on property information with market context.
Located at 923 S Broadway St in Portland, Tennessee, this medical office property contains approximately 4,464 square feet of space on approximately 1.3 acres. Built in 2001, the building is currently occupied by a medical professional and retains an established healthcare-oriented layout.
The property is positioned directly in front of the hospital within an established healthcare corridor. South Broadway frontage contributes to its visibility and access, while the existing medical configuration may accommodate continued healthcare use or professional office occupancy. The asset combines an operating medical-office setting with a substantial land component in Portland.
The property is positioned directly in front of the hospital within an established healthcare corridor. South Broadway frontage contributes to its visibility and access, while the existing medical configuration may accommodate continued healthcare use or professional office occupancy. The asset combines an operating medical-office setting with a substantial land component in Portland.
Key Highlights
- Approximately 4,464 square feet of medical office space
- Approximately 1.3 acres
- Directly in front of the hospital within an established healthcare corridor
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
$74,687
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
4.68%
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%
$1,493,740
$1.5M
Cap Rate 7%
$1,066,957
$1.1M
Cap Rate 9%
$829,856
$829.9K
Market Conditions
NOI Build-Up for 4,464 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
$117.8K $26.40/SF
− Vacancy
−$18.3K −$4.09/SF
EGI
$99.6K $22.31/SF
− OpEx
−$24.9K −$5.58/SF
NOI
$74.7K $16.73/SF
Area
Sumner County, TN
Vacancy
15.50%
Lease Rate
$26.40 /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%
$1,493,740
Cap Rate 7%
$1,066,957
Cap Rate 9%
$829,856
Alternative Uses
Best Use
Office B
$1.07M
$933.6K – $1.24M
NOI $74,687 @ 7.0% cap · market cap 4.68%
Second Best
Healthcare Medical
$863.0K
$755.1K – $1.01M
NOI $60,409 @ 7.0% cap · market cap 3.79%
Theoretical Best
Specialty Retail
$1.56M
$1.37M – $1.82M
NOI $109,378 @ 7.0% cap · market cap 6.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37148, TN
25,318
Population
9,919
Households
2.6
Avg Household Size
38
Median Age
14%
College-Educated
88%
High-School Grad
131.9 sq mi
ZIP Area
192
Density / Sq Mi
$77,684
Median Household Income
$39,949
Median Earnings
$1,082
Median Rent
$273,200
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Existing medical configuration supports continued healthcare-related occupancy and professional office use.
Where is this medical office space located?
The property is located at 923 S Broadway St Portland, TN.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Approximately 4,464 square feet of medical office space; Approximately 1.3 acres; Directly in front of the hospital within an established healthcare corridor
