138 College StSpencer, TN 38585

Property Details for 138 College St

Year built

1958

Lot size

0.06 AC

Property size (Sq ft)

3,280 SF

Property type

Office properties

Property subtype

Other office properties

APN

088030I A 00400

APU

088030IA00400

Description

This exceptional mixed-use building, located at 138 College St in the charming historic town of Spencer, Tennessee (home to Fall Creek Falls State Park), presents a unique investment opportunity. Boasting 3,240 square feet on a 0.06-acre lot, this property offers remarkable versatility with three distinct entrances and two levels. The building's adaptable layout allows for a multitude of uses, making it ideal for various business ventures or a savvy investment strategy. The ground floor features open office space, previously utilized as a beauty salon, providing ample room for customization. Upstairs, five separate offices are already in place, perfect for individual rentals or a collaborative workspace. The property is grandfathered in for both short-term and long-term rentals, opening doors to vacation rental possibilities. This presents a compelling chance to live in one section while generating income from the other, or to lease the entire space for commercial office use. The building's location in Spencer, TN, offers a blend of historical charm and proximity to outdoor recreation, making it an attractive destination for both residents and visitors. This is a ready-made framework for a successful investment

• CAP approach

  CAP return

  Valuation

  6%

  $693,734

  6.5%

  $640,370

  7%

  $594,629

• Comparable approach

  Method

  Valuation

  Relative Method

  $534,279

  Geo Method

  $639,797

• Alternative Use

  Use

  Valuation

  Residential

  $794,059

  Hospitality

  $727,354

  Educational

  $605,150

  Medical

  $625,962

  Retail

  $941,344

Location Insight

City

Spencer

County

Van Buren

State

Tennessee

Latitude

35.7478

Longitude

-85.4677

Property Tax & Assessments

FAQs

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