121 Washington Ave Cookeville, TN 38501-3547

Property Details for 121 Washington Ave

Year built

2010

Construction

FRAME

Lot size

0.40 lot acres

Property size

8,505 SF

Zone code

C2

Property type

Medical offices

Property subtype

Medical centers

APN

071053F G 00100

APU

071053FG00100

Description

This exceptional investment opportunity presents a single-tenant, 8,400 square foot dental office building in Cookeville, Tennessee, leased to Heartland Dental, the nation's largest dental support organization. The property, built in 2010 and situated on a 0.4-acre lot at 121 S Washington Ave, boasts a strong corporate guarantee and a 6.75% cap rate based on a Net Operating Income (NOI) of $158,071. The lease, structured as a NNN (Triple Net) agreement, features annual rent bumps tied to the greater of 2% or the CPI, providing inflation protection. Heartland Dental has occupied the building since 2019, with 4.3 years remaining on the initial 10-year lease term and four additional 5-year renewal options at fair market value. The tenant is responsible for all expenses except roof and structural maintenance. This investment offers a stable, long-term income stream with a highly reputable national tenant and significant upside potential through lease escalations and renewal options. The 100% occupancy rate and the tenant's commitment to the location, evidenced by their 2019 acquisition of the practice, further solidify this investment's attractiveness. The property's location in Cookeville, Putnam County, TN, 38501, ensures convenient access and strong market presence. This is a rare opportunity to acquire a high-quality, net-leased property with a proven track record and significant long-term growth potential.

Location Insight

City

Cookeville

County

Putnam

State

Tennessee

Longitude

-85.4997

Latitude

36.1607

CBSA code

18260

CBSA name

COOKEVILLE, TN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments