Triplex with RS5
For Sale
$550,000
1037 31st Ave, Nashville, TN 37209
Three-unit residential property near Tennessee State University with proximity to downtown Nashville and The Nations.
Property Size2,096 SF
Lot Size0.17 Acres
Price / SF$262.40
Days on Market17
Property Features for 1037 31st Ave
General Information
Standard status
Active
Size
2,096 SF
Lot size
0.17 Acres
Property subtype
Residential Income
Zoning
RS5
Additional Details
Asking Price
$550,000
Highway Access
Yes
Multifamily Units
3
Building Details
Year Built
1969
Buildings
1
Listing Agency:
Compass
Listed By:
Jackson Carroll 6158561492 · License #358396
(615) 856-1492
Source:
Viewchattanoogaproperties
Added: Sep 11
Changed: Sep 25
Last Checked: Sep 26 at 7:08AM
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 Compass
Investment Insights
Based on property information with market context.
This existing triplex contains three residential units within 2096 square feet on a .17-acre parcel. Constructed in 1969, the property is zoned RS5 and offers an established multifamily configuration at 1037 31st Ave in Nashville.
The property is positioned near Tennessee State University and downtown Nashville, with access to Charlotte Pike and I-40. Restaurants and retail in The Nations and Sylvan Park are also nearby. Zoning and any future development plans should be confirmed with Metro Nashville Planning.
The property is positioned near Tennessee State University and downtown Nashville, with access to Charlotte Pike and I-40. Restaurants and retail in The Nations and Sylvan Park are also nearby. Zoning and any future development plans should be confirmed with Metro Nashville Planning.
Key Highlights
- Three‑unit triplex at 1037 31st Ave, Nashville, TN 37209
- 2096 square feet of property size
- Situated on a .17‑acre lot
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
$23,809
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
4.33%
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%
$476,180
$476.2K
Cap Rate 7%
$340,129
$340.1K
Cap Rate 9%
$264,544
$264.5K
Market Conditions
NOI Build-Up for 2,096 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
$36.5K $17.40/SF
− Vacancy
−$2.5K −$1.17/SF
EGI
$34.0K $16.23/SF
− OpEx
−$10.2K −$4.87/SF
NOI
$23.8K $11.36/SF
Area
ZIP 37209
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%
$476,180
Cap Rate 7%
$340,129
Cap Rate 9%
$264,544
Alternative Uses
Best Use
Multifamily LT 5
$340.1K
$297.6K – $396.8K
NOI $23,809 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$312.1K
$273.1K – $364.1K
NOI $21,847 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$540.7K
$473.1K – $630.8K
NOI $37,849 @ 7.0% cap · market cap 6.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
406
Businesses Nearby
Explore this area
Business Placement
Demographics for 37209, TN
40,498
Population
21,421
Households
1.9
Avg Household Size
32
Median Age
57%
College-Educated
92%
High-School Grad
33.6 sq mi
ZIP Area
1,205
Density / Sq Mi
$75,810
Median Household Income
$48,965
Median Earnings
$1,580
Median Rent
$495,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit residential property near Tennessee State University with proximity to downtown Nashville and The Nations.
Where is this triplex located?
The property is located at 1037 31st Ave Nashville, TN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three‑unit triplex at 1037 31st Ave, Nashville, TN 37209; 2096 square feet of property size; Situated on a .17‑acre lot
