121 Washington AveCookeville, TN 38501

  • Healthcare properties
  • 8,505 SF
For Sale
$2,341,793 View listing

Property Details for 121 Washington Ave

Year built
2010
Construction
FRAME
Lot size
0.40 AC
Property size (Sq ft)
8,505 SF
Zone code
C2
Property type
Healthcare properties
Property subtype
Medical offices
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $1,469,256
    6.5%
    $1,356,237
    7%
    $1,259,363
  • Comparable approach

    Method
    Valuation
    Relative Method
    $732,110
    Geo Method
    $732,110
  • Alternative Use

    Use
    Valuation
    Residential
    $1,681,733
    Hospitality
    $1,540,459
    Educational
    $1,281,644
    Medical
    $1,325,721
    Retail
    $1,993,668
121 Washington Ave, Cookeville, Tennessee

Location Insight

City
Cookeville
County
Putnam
State
Tennessee
Latitude
36.1607
Longitude
-85.4997
CBSA code
18260
CBSA name
COOKEVILLE, TN MICROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$15,767
$52,800
$426,160
$478,960
-
$132,000
$1,065,400
$1,197,400

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