Renovated Craftsman
For Sale
$675,000
1002A Spain Avenue, Nashville, TN 37216
Two-level layout offers separate entrances, a three-bedroom lower unit, and an unleased one-bedroom upper apartment.
Property Size2,669 SF
Price / SF$252.90
Days on Market578
Property Features for 1002A Spain Avenue
General Information
Standard status
Active
Size
2,669 SF
Property subtype
Multi Family
Occupancy
50%
Units
Unit Mix
1 x 3BR/2BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$4,608
Building Details
Year Built
1925
Buildings
1
Stories
2
Construction
Craftsman
Listing Agency:
Benchmark Realty, LLC
(615) 571-6822
Listed By:
Erika Kurre · License #349177
(615) 571-6822
Source:
Exitrealty
Added: Jan 28, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:10PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Benchmark Realty, LLC
Investment Insights
Based on property information with market context.
This 2,669 SF Craftsman duplex was built in 1925 and has been renovated with separate access for the main-level residence and upstairs apartment. The lower unit includes three bedrooms and two full bathrooms and is occupied on a month-to-month lease. The upper unit provides one bedroom and one bathroom and is currently vacant.
Recent updates include the roof, windows, electrical system, and plumbing, completed within the past year. Interior features include a kitchen with a 9ft Calacatta stone island, a 36" commercial range with pot filler, high-end appliances, and a dining-room wet bar. The primary suite adds an electric fireplace, soaker tub, walk-in shower, and double vanity.
The property is located at 1002A Spain Avenue in Nashville’s East Nashville area, near Grimey’s, Walden, Nicolette’s, Riverside Village, Shelby Bottoms Park, the interstate, and 5 Points.
Recent updates include the roof, windows, electrical system, and plumbing, completed within the past year. Interior features include a kitchen with a 9ft Calacatta stone island, a 36" commercial range with pot filler, high-end appliances, and a dining-room wet bar. The primary suite adds an electric fireplace, soaker tub, walk-in shower, and double vanity.
The property is located at 1002A Spain Avenue in Nashville’s East Nashville area, near Grimey’s, Walden, Nicolette’s, Riverside Village, Shelby Bottoms Park, the interstate, and 5 Points.
Key Highlights
- 2,669 SF duplex on a 1925 Craftsman home
- Separate entrances serve the main‑level and upstairs units
- Lower unit has 3 bedrooms and 2 full bathrooms
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
$30,317
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
4.49%
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%
$606,340
$606.3K
Cap Rate 7%
$433,100
$433.1K
Cap Rate 9%
$336,856
$336.9K
Market Conditions
NOI Build-Up for 2,669 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
$46.4K $17.40/SF
− Vacancy
−$3.1K −$1.17/SF
EGI
$43.3K $16.23/SF
− OpEx
−$13.0K −$4.87/SF
NOI
$30.3K $11.36/SF
Area
Nashville, TN
Vacancy
6.74%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$606,340
Cap Rate 7%
$433,100
Cap Rate 9%
$336,856
Alternative Uses
Best Use
Multifamily LT 5
$433.1K
$379.0K – $505.3K
NOI $30,317 @ 7.0% cap · market cap 4.49%
Second Best
Apartment 5plus
$397.4K
$347.8K – $463.7K
NOI $27,820 @ 7.0% cap · market cap 4.12%
Theoretical Best
Office A
$679.5K
$594.5K – $792.7K
NOI $47,562 @ 7.0% cap · market cap 7.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
50%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
Explore this area
Business Placement
Demographics for 37216, TN
18,191
Population
9,574
Households
1.9
Avg Household Size
36
Median Age
57%
College-Educated
96%
High-School Grad
6.7 sq mi
ZIP Area
2,715
Density / Sq Mi
$82,134
Median Household Income
$54,407
Median Earnings
$1,507
Median Rent
$404,100
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?
Duplex - Two-level layout offers separate entrances, a three-bedroom lower unit, and an unleased one-bedroom upper apartment.
Where is this duplex located?
The property is located at 1002A Spain Avenue Nashville, TN.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 2,669 SF duplex on a 1925 Craftsman home; Separate entrances serve the main‑level and upstairs units; Lower unit has 3 bedrooms and 2 full bathrooms
