121 Washington Ave, Cookeville, TN 38501-3547
- Medical Office Space
- 8,505 SF
- 0.40 lot acres
Current Use by Public Records
- Johns Family & Implant Dentistry / Dental Office
- Stephen C. Johns, DDS / Dental Office
- Mary H. Johns, DDS / Dental Office
- Jenny L. Ferdinand, DDS / Dental Office
- Dr. Paul Johnson / Dental Office
Property Details for 121 Washington Ave
- Year built
- 2010
- Construction
- FRAME
- Lot size
- 0.40 lot acres
- Zone code
- C2
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- 071053F G 00100
- APU
- 071053FG00100
Sales History
| Date | Price | Buyer | Seller | Deed Type | Mortgage |
|---|---|---|---|---|---|
| Dec 1, 2020 | — | Wmg Real Estate 2 LLC | Harvest Dev LLC | Quit Claim Deed · related | $24.8M · Busey Bk |
| Feb 19, 2019 | — | Harvest Dev LLC | Johns,stephen C & Mary H | Quit Claim Deed · related | — |
| Feb 19, 2019 | $1,580,000 | Harvest Dev LLC | Johns,stephen C & Mary H | Grant Deed | — |
| Dec 21, 2012 | — | Stephen C Johns | Johns Dorothy F | Quit Claim Deed · related | — |
| — | — | Stephen C Johns | — | Deed Of Trust · related | $1.2M · Bank Of Putnam County |
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.
Value Estimations
-
AI approach
- Method
- Estimation
- Statistic approach
- $2,285,000
- ML approach
- $2,220,000
-
CAP approach
- CAP Return
- Estimation
- 6%
- $1,645,000
- 6.5%
- $1,520,000
- 7%
- $1,410,000
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Cookeville
- County
- Putnam
- State
- Tennessee
- Longitude
- -85.4997
- Latitude
- 36.1607
- CBSA code
- 18260
- CBSA name
- COOKEVILLE, TN MICROPOLITAN STATISTICAL AREA
