Three-Story Brick Loft Apartment
For Sale
$2,000,000
217 E Deaderick Street, Jackson, TN 38301
COMMERCIAL - Jackson, TN
Property Size23,727 SF
Lot Size2.10 Acres
Price / SF$84.29
Days on Market69
Property Features for 217 E Deaderick Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
None listed.
Parking
50
Elementary school district
Jackson Madison Consolidated District
Standard status
Active
APN
078I F 013.00
Size
23,727 SF
Lot size
2.10 Acres
Taxes and HOA fees
Tax Annual Amount
14176
Amenities
stainless steel appliances
washer and dryer
walk-in closets
private fenced parking lot with coded entry
BBQ patio deck
interior hallways
Building Details
Year built
1925
Flooring type
Vinyl, Carpet, Wood
Building materials
Brick
Listing Agency:
Prosper Realty Group
(731) 215-0210
Listed By:
Laith Al-Jafari · License #381930
(731) 217-7400
Added: Jun 9
Changed: Aug 4
Last Checked: Aug 16 at 4:06AM
MLS# 2602703
Copyright © 2026 Central West Tennessee Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The Renaissance Center is a three-story common brick building originally built in 1925 and restored into 14 loft apartments totaling 23,727 SF. Units feature open concept living and kitchen areas, 12-foot ceilings, oversized monument windows, exposed brick, and stainless steel appliances. Select unit finishes and systems include washer and dryer, walk-in closets, and carpeted bedrooms. Flooring includes vinyl, carpet, and wood.
Community amenities include a private fenced parking lot with coded entry, plus a second-floor BBQ patio deck. Interior hallways run throughout the building.
The property is described as having minimal flood risk (FEMA Zone X) and is located steps from the LIFT Innovation District and downtown dining and entertainment in Jackson’s urban core.
Community amenities include a private fenced parking lot with coded entry, plus a second-floor BBQ patio deck. Interior hallways run throughout the building.
The property is described as having minimal flood risk (FEMA Zone X) and is located steps from the LIFT Innovation District and downtown dining and entertainment in Jackson’s urban core.
Key Highlights
- Restored three‑story common brick building originally built in 1925
- 14 loft apartments totaling 23,727 SF
- Units with 12‑foot ceilings, oversized monument windows, and exposed brick
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$122,598
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.13%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,451,960
$2.5M
Cap Rate 7%
$1,751,400
$1.8M
Cap Rate 9%
$1,362,200
$1.4M
Market Conditions
NOI Build-Up for 23,727 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$239.2K $10.08/SF
− Vacancy
−$16.3K −$0.69/SF
EGI
$222.9K $9.39/SF
− OpEx
−$100.3K −$4.23/SF
NOI
$122.6K $5.17/SF
Area
Madison County, TN
Vacancy
6.80%
Lease Rate
$10.08 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,451,960
Cap Rate 7%
$1,751,400
Cap Rate 9%
$1,362,200
Alternative Uses
Best Use
Apartment 5plus
$1.75M
$1.53M – $2.04M
NOI $122,598 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.89M
$4.28M – $5.70M
NOI $342,010 @ 7.0% cap · market cap 17.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Location Intelligence
Trade Area within ½ mile
1,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 38301, TN
34,170
Population
15,769
Households
2.2
Avg Household Size
37
Median Age
16%
College-Educated
85%
High-School Grad
150.9 sq mi
ZIP Area
226
Density / Sq Mi
$40,062
Median Household Income
$28,542
Median Earnings
$958
Median Rent
$119,400
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 1925 brick building with 14 loft apartments, 12-foot ceilings, and on-site coded parking in downtown Jackson.
Where is this apartment building located?
The property is located at 217 E Deaderick Street Jackson, TN.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Restored three‑story common brick building originally built in 1925; 14 loft apartments totaling 23,727 SF; Units with 12‑foot ceilings, oversized monument windows, and exposed brick
