Three Townhome Investment
For Sale
$395,000
Pending
108 Melody Lane Unit 1, Bristol, TN 37620
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 Market56
Property Features for 108 Melody Lane Unit 1
General Information
Standard status
Pending
Size
4,299 SF
Total Parking Spaces
3
Property subtype
Multi Family / Multi Family
Zoning
B 1B / R 3
Additional Details
Road Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,369
Amenities
front and rear patios
dedicated laundry/storage room
interior storage
snow removal
shared dumpster
grass cutting
Two
Central Air, Yes
Yes
2
Luxury Vinyl, Carpet, Hardwood
No
Dishwasher, Electric Range, Microwave, Refrigerator
Electric Dryer Hookup, Washer Hookup
Storage
Entrance Foyer, Laminate Counters, Open Floorplan, Remodeled
Slab
.00
Asphalt, Shingle
Back Yard
Deeded, Asphalt, Parking Pad
Forced Air, Heat Pump
Vinyl Siding
Front Patio, Rear Patio
Building Details
Year Built
1986
Tenancy
Multi
Listing Agency:
The Addington Agency Bristol
Listed By:
Amy Booher · License #325828
(423) 967-4224
Source:
Compass
Added: Jul 15
Changed: Aug 8
Last Checked: Jul 24 at 3:12PM
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
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
$32,076
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
8.12%
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%
$641,520
$641.5K
Cap Rate 7%
$458,229
$458.2K
Cap Rate 9%
$356,400
$356.4K
Market Conditions
NOI Build-Up for 4,299 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
$49.0K $11.40/SF
− Vacancy
−$3.2K −$0.74/SF
EGI
$45.8K $10.66/SF
− OpEx
−$13.7K −$3.20/SF
NOI
$32.1K $7.46/SF
Area
Sullivan County, TN
Vacancy
6.50%
Lease Rate
$11.40 /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%
$641,520
Cap Rate 7%
$458,229
Cap Rate 9%
$356,400
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 authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 37620, TN
38,245
Population
18,119
Households
2.1
Avg Household Size
45
Median Age
26%
College-Educated
90%
High-School Grad
128.2 sq mi
ZIP Area
298
Density / Sq Mi
$54,908
Median Household Income
$36,017
Median Earnings
$809
Median Rent
$175,500
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?
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
