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230 E Wall St

Leased Industrial Building | Cookeville, TN

Listing Contacts

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Active

Asking Price: $2,350,000
Listing Broker NameKyle Matthews
Address 

230 E Wall St, Cookeville, TN 38506

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Date Added
Nov 27, 2023
Days on Market
566 days
Time Since Last Update
18 days

Details

Property TypeIndustrial
SubtypeManufacturing
Investment TypeNet Lease
Investment Sub TypeNN+
Lease TypeNN+
Lease Expiration03/31/2028
Remaining Term2.8 years
Square Footage32,500
Net Rentable (sq ft)32,500
Price/Sq Ft$76.46
Cap Rate7.41%
Year Built1950
Year Renovated2022
Lot Size (acres)3.29
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Investment Highlights

  • Strong Submarket Fundamentals - “The Cookeville-Putnam County Chamber of Commerce in 2021 noted the industrial vacancy rate in Putnam County was

  • approximately 1.5% at the time of the report. This indicates a very low vacancy level in the area, which suggests a strong demand for industrial properties in Cookeville and the surrounding region.”

  • The tenant recently signed a 5-year original lease. Passive Lease – Transfer Flow is operating on a NN+ lease with landlord responsible for roof, HVAC and structural

  • elements of the property. They have over 3 years remaining on their original lease term with 2% annual rent increases and 2, 3-year options to renew.

  • High Quality Facility – This single-tenant industrial building has been professionally maintained and features 4 grade-level doors and 1 dock door.

  • Strong Demographics – Within the surrounding 5-miles, the population is projected to grow steadily over the next 5 years, and boasts over $456.9M in consumer spending.

  • Irreplaceable Location – The property is located near the heavily trafficked Highway 111 and is central to Nashville and Knoxville.

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Broker of Record
Kyle Matthews
Broker of Record: License Type
License No. 263667 (TN)
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