Three Townhome Investment
108 Melody Lane Unit 1 Bristol, TN 37620
108 Melody Lane Unit 1, Bristol, TN, 37620
$395,000
Pending
For Sale
$395,000
Pending
Three townhomes are sold together on one parcel, each with two bedrooms, two full baths, patios, and dedicated laundry/storage space.
Property Size4,299 SF
Days on Market9
Property Features for 108 Melody Lane Unit 1
General Information
- Standard status
- Pending
- Size
- 4,299 SF
- Property subtype
- Multi Family / Multi Family
Building Details
- Year Built
- 1986
Listing agency
The Addington Agency Bristol
(423) 967-4224
Listed by
Amy Booher · License #325828
(423) 967-4224
Source
Compass
Added: Jul 15 Updated: Jul 21 at 10:37PM Checked: Jul 22 at 10:18AM
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 The Addington Agency Bristol
Investment Insights
Based on property information with market context.
This for-sale investment portfolio consists of three townhomes sold together on one parcel in the Holston Villas community (Units D-1, D-2, and D-3). Each unit is configured with approximately 1,466± square feet and offers two bedrooms, two full bathrooms including a primary en-suite, an open-concept living and dining area, and a functional kitchen. Floor plan features include front and rear patios, a dedicated laundry/storage room located off the bedroom, and generous interior storage. Each unit is also provided one parking spot plus additional overflow parking.
The parcel includes the corner of King College Road and Melody Lane, the upper parking area, and extends along the north side of the sidewalk. The property is within the Holston Villas Homeowners Association, with HOA dues listed as $180 per month for all three units, including snow removal, a shared dumpster, and grass cutting. Recent capital improvements include a new roof in 2024 and a complete renovation of Unit D-1.
Ownership is described as independent and individually deeded by Delta Management Properties, LLC, and maintains an independent insurance policy rather than participating in the HOA master policy. A boundary survey and available maintenance history can be provided upon request, along with additional property tax, insurance, and financial documentation for qualified buyers.
The parcel includes the corner of King College Road and Melody Lane, the upper parking area, and extends along the north side of the sidewalk. The property is within the Holston Villas Homeowners Association, with HOA dues listed as $180 per month for all three units, including snow removal, a shared dumpster, and grass cutting. Recent capital improvements include a new roof in 2024 and a complete renovation of Unit D-1.
Ownership is described as independent and individually deeded by Delta Management Properties, LLC, and maintains an independent insurance policy rather than participating in the HOA master policy. A boundary survey and available maintenance history can be provided upon request, along with additional property tax, insurance, and financial documentation for qualified buyers.
Key Highlights
- Three townhomes (D‑1, D‑2, D‑3) sold together on one parcel in the Holston Villas community
- Approx. 1,466+ SF per townhome with 2 bedrooms and 2 full bathrooms, including a primary en‑suite
- Front and rear patios plus a dedicated laundry/storage room located off the bedroom
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.0k | $11.40 |
| − Vacancy | −$3.2k | −$0.74 |
| EGI | $45.8k | $10.66 |
| − OpEx | −$13.7k | −$3.20 |
| NOI | $32.1k | $7.46 |
4,299 SF · lease $11.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$458.2K
$401.0K – $534.6K
NOI $32,076 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$429.0K
$375.4K – $500.5K
NOI $30,030 @ 7.0% cap · market cap 7.60%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,693 @ 7.0% cap · market cap 28.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Triplex - Three townhomes are sold together on one parcel, each with two bedrooms, two full baths, patios, and dedicated laundry/storage space.
Where is this triplex located?
The property is located at 108 Melody Lane Unit 1 Bristol, TN.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Three townhomes (D‑1, D‑2, D‑3) sold together on one parcel in the Holston Villas community; Approx. 1,466+ SF per townhome with 2 bedrooms and 2 full bathrooms, including a primary en‑suite; Front and rear patios plus a dedicated laundry/storage room located off the bedroom
