Gated Self-Storage
For Sale
Contact for pricing
950 Humble Drive, Cookeville, TN 38501
Turnkey self-storage with climate-controlled units, RV/boat parking, and secure gated access near I-40.
Property Size11,700 SF
Lot Size1.50 Acres
Price / SF$115.38
Days on Market72
Property Features for 950 Humble Drive
General Information
Standard status
Active
Size
11,700 SF
Lot size
1.50 Acres
Property subtype
Self Storage, Business for Sale
Zoning
Commercial General
Occupancy
97%
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Business Included
Yes
Building Details
Year Built
2018
Listing Agency:
Rep Real Estate professionals of Tennessee
(931) 510-3628
Listed By:
Sherri Smith · License #TN 316611
Source:
Crexi
Added: May 28
Changed: Jul 10
Last Checked: Aug 6 at 4:01AM
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 Rep Real Estate professionals of Tennessee
Investment Insights
Based on property information with market context.
This turnkey self-storage facility offers a total of 85 units, including a mix of climate-controlled and outdoor storage options, along with dedicated RV/boat parking spaces. The property includes a modern on-site office with a restroom and ample parking, designed for day-to-day operations. The site is fully gated with secure cameras and access control, supported by bright exterior security lighting and asphalt drives for straightforward vehicle access. Overall condition is described as clean, well-maintained, and professionally managed.
The facility is located within about 1/2 mile of I-40 in Cookeville, Tennessee, and is approximately one hour from Nashville. The property is also described as being close to a new Target and Home Depot. Public remarks note heavy daily traffic from the I-40 corridor. The property is identified as operating under Commercial General zoning that allows industrial and business uses.
For buyers seeking an established self-storage business, the offering is positioned around turnkey operations and strong historical occupancy, with remarks citing 97% occupancy since the owner purchased the property in 2018. Income is stated as $84,000 in annual revenue, and the self-lease system is described as highly automated to limit owner involvement to less than two hours per week. This combination of secure operations, unit mix, and location-driven demand may appeal to investors looking for a managed, income-producing storage platform.
The facility is located within about 1/2 mile of I-40 in Cookeville, Tennessee, and is approximately one hour from Nashville. The property is also described as being close to a new Target and Home Depot. Public remarks note heavy daily traffic from the I-40 corridor. The property is identified as operating under Commercial General zoning that allows industrial and business uses.
For buyers seeking an established self-storage business, the offering is positioned around turnkey operations and strong historical occupancy, with remarks citing 97% occupancy since the owner purchased the property in 2018. Income is stated as $84,000 in annual revenue, and the self-lease system is described as highly automated to limit owner involvement to less than two hours per week. This combination of secure operations, unit mix, and location-driven demand may appeal to investors looking for a managed, income-producing storage platform.
Key Highlights
- 72‑unit self‑storage facility on 1.5 acres in Cookeville, TN, with $84,000 in annual income
- Unit mix includes climate‑controlled and outdoor storage, plus dedicated RV/boat parking spaces
- Completely gated facility with secure cameras and access control, with bright security lighting
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
$100,540
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
7.45%
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%
$2,010,800
$2.0M
Cap Rate 7%
$1,436,286
$1.4M
Cap Rate 9%
$1,117,111
$1.1M
Market Conditions
NOI Build-Up for 11,700 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
$154.4K $13.20/SF
− Vacancy
−$10.8K −$0.92/SF
EGI
$143.6K $12.28/SF
− OpEx
−$43.1K −$3.68/SF
NOI
$100.5K $8.59/SF
Area
Putnam County, TN
Vacancy
7.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$2,010,800
Cap Rate 7%
$1,436,286
Cap Rate 9%
$1,117,111
Alternative Uses
Best Use
Self Storage
$1.44M
$1.26M – $1.68M
NOI $100,540 @ 7.0% cap · market cap 7.45%
Second Best
Industrial
$1.10M
$960.1K – $1.28M
NOI $76,809 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$4.83M
$4.23M – $5.63M
NOI $338,016 @ 7.0% cap · market cap 25.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
97%
Occupancy
Turnkey business
Opportunity
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
502
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
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - Turnkey self-storage with climate-controlled units, RV/boat parking, and secure gated access near I-40.
Where is this self storage facility located?
The property is located at 950 Humble Drive Cookeville, TN.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 72‑unit self‑storage facility on 1.5 acres in Cookeville, TN, with $84,000 in annual income; Unit mix includes climate‑controlled and outdoor storage, plus dedicated RV/boat parking spaces; Completely gated facility with secure cameras and access control, with bright security lighting
