Updated Duplex with Detached
For Sale
$429,000
1102 Hiwassee Dr, Columbia, TN 38401
Two residential units provide shared access to a detached garage and have received updates on both sides.
Property Size2,304 SF
Price / SF$186.20
Days on Market40
Property Features for 1102 Hiwassee Dr
General Information
Standard status
Active
Size
2,304 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1965
Listing Agency:
McEwen Group
(931) 698-7163
Listed By:
Nathan McBroom
Source:
Fykesrealtygroup
Added: Jul 21
Changed: Aug 28
Last Checked: Aug 29 at 12:30PM
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 McEwen Group
Investment Insights
Based on property information with market context.
Located at 1102 Hiwassee Dr in Columbia, this duplex contains 2,304 square feet across two residential units. Both sides have undergone numerous updates, and the property includes a detached garage with access available to each tenant.
Built in 1965, the property is positioned in an established neighborhood. The layout may support an owner-occupant arrangement with one unit used as a residence and the other offered for rent, as described in the property information.
Built in 1965, the property is positioned in an established neighborhood. The layout may support an owner-occupant arrangement with one unit used as a residence and the other offered for rent, as described in the property information.
Key Highlights
- 2,304‑square‑foot duplex at 1102 Hiwassee Dr, Columbia, TN 38401
- Both units have received numerous updates
- Detached garage provides access for both tenants
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
$22,513
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
5.25%
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%
$450,260
$450.3K
Cap Rate 7%
$321,614
$321.6K
Cap Rate 9%
$250,144
$250.1K
Market Conditions
NOI Build-Up for 2,304 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
$32.6K $14.16/SF
− Vacancy
−$463 −$0.20/SF
EGI
$32.2K $13.96/SF
− OpEx
−$9.6K −$4.19/SF
NOI
$22.5K $9.77/SF
Area
Maury County, TN
Vacancy
1.42%
Lease Rate
$14.16 /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%
$450,260
Cap Rate 7%
$321,614
Cap Rate 9%
$250,144
Alternative Uses
Best Use
Multifamily LT 5
$321.6K
$281.4K – $375.2K
NOI $22,513 @ 7.0% cap · market cap 5.25%
Second Best
Apartment 5plus
$280.3K
$245.3K – $327.0K
NOI $19,622 @ 7.0% cap · market cap 4.57%
Theoretical Best
Office A
$675.4K
$591.0K – $788.0K
NOI $47,278 @ 7.0% cap · market cap 11.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
192
Businesses Nearby
Explore this area
Business Placement
Demographics for 38401, TN
63,075
Population
28,470
Households
2.2
Avg Household Size
40
Median Age
24%
College-Educated
92%
High-School Grad
296.7 sq mi
ZIP Area
213
Density / Sq Mi
$69,467
Median Household Income
$42,314
Median Earnings
$1,084
Median Rent
$295,200
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 residential units provide shared access to a detached garage and have received updates on both sides.
Where is this duplex located?
The property is located at 1102 Hiwassee Dr Columbia, TN.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: 2,304‑square‑foot duplex at 1102 Hiwassee Dr, Columbia, TN 38401; Both units have received numerous updates; Detached garage provides access for both tenants
