Building Details

Building Size 3,436 SF

Year Built 1985

Buildings 5

Stories 2

Units 4

Listing Agency: Onward Real Estate Show Phone

Listed By: Jacqueline (Jackie) Hardison Show Phone

Source: Reason4homes

Added: Aug 12 Changed: Aug 27 Last Checked: Aug 28 at 11:30AM

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Investment Insights

Based on property information with market context.

This multifamily portfolio includes 16 residential units distributed among 5 buildings in Ashland City and Kingston Springs. The properties were built in 1985 and are identified as commercial-zoned assets. The offering is structured as a package and includes multiple residential income-producing properties within one transaction.

The portfolio includes properties at 109 Turner Street, 106 Tucker Street, and 212 Stratton Boulevard in Ashland City, along with 270 Harpeth Hills Court in Kingston Springs. The assets provide access to Ashland City, Kingston Springs, Nashville, and surrounding employment, shopping, and service areas. The seller may also consider individual properties or other combinations separately.

Key Highlights

• 16 residential units across 5 buildings
• Portfolio spans Ashland City and Kingston Springs
• Properties built in 1985

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

$35,815

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

5.97%

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%

$716,300 $716.3K

Cap Rate 7%

$511,643 $511.6K

Cap Rate 9%

$397,944 $397.9K

Market Conditions

NOI Build-Up for 3,436 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

$70.1K $20.40/SF

− Vacancy

−$5.0K −$1.45/SF

EGI

$65.1K $18.95/SF

− OpEx

−$29.3K −$8.53/SF

NOI

$35.8K $10.42/SF

Area

Cheatham County, TN

Vacancy

7.10%

Lease Rate

$20.40 /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%

$716,300

Cap Rate 7%

$511,643

Cap Rate 9%

$397,944

Alternative Uses

Best Use

Apartment 5plus

$511.6K

$447.7K – $596.9K (±1% cap)

NOI $35,815 @ 7.0% cap · market cap 5.97%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.15M

$1.01M – $1.35M (±1% cap)

NOI $80,815 @ 7.0% cap · market cap 13.47%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick Electrical Service Building Supply (Bike/Boat/Book/etc) Store Dental Office Computer & Electronic Repair Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

16

Residential units

Location Intelligence

Trade Area within ½ mile

407

Businesses Nearby

Explore this area Business Placement

Demographics for 37015, TN

18,761

Population

8,366

Households

2.2

Avg Household Size

42

Median Age

23%

College-Educated

89%

High-School Grad

155.7 sq mi

ZIP Area

120

Density / Sq Mi

$74,848

Median Household Income

$43,072

Median Earnings

$1,244

Median Rent

$259,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Apartment building - Five-building residential portfolio with 16 units across Ashland City and Kingston Springs, offered as a package.

Where is this apartment building located?

The property is located at 109 Turner St Ashland City, TN.

What is the asking price?

The asking price for this property is $600,000.

What are key features of this property?

This property features: 16 residential units across 5 buildings; Portfolio spans Ashland City and Kingston Springs; Properties built in 1985