Two-Unit Duplex
For Sale
$359,900
Pending
111 Buffalo St, Old Hickory, TN 37138
Duplex with central air and heat pump systems in Old Hickory.
Property Size1,920 SF
Days on Market160
Property Features for 111 Buffalo St
General Information
Standard status
Pending
Size
1,920 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
DUPLEX
Net Operating Income
$30,800
Taxes and HOA fees
Annual Taxes
$3,717
Amenities
Central Air
Central, Heat Pump
Building Details
Building Size
1,920 SF
Year Built
1930
Stories
2
Listing Agency:
(804) 484-2370
Listed By:
Summer Combs
(804) 484-2370
Source:
Evrealestate
Added: Mar 23
Changed: Aug 29
Last Checked: Aug 29 at 6:23PM
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 Summer Combs
Investment Insights
Based on property information with market context.
This duplex property contains 1,920 square feet and was built in 1930. Interior systems include central air and a heat pump, providing established mechanical features for the building.
The property is located at 111 Buffalo St in Old Hickory, Tennessee, within Davidson County. DUPLEX zoning supports the property's identified duplex classification.
The property is located at 111 Buffalo St in Old Hickory, Tennessee, within Davidson County. DUPLEX zoning supports the property's identified duplex classification.
Key Highlights
- 1,920‑square‑foot duplex property
- Built in 1930
- Central air conditioning
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
$23,153
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
6.43%
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%
$463,060
$463.1K
Cap Rate 7%
$330,757
$330.8K
Cap Rate 9%
$257,256
$257.3K
Market Conditions
NOI Build-Up for 1,920 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
$35.3K $18.36/SF
− Vacancy
−$2.2K −$1.13/SF
EGI
$33.1K $17.23/SF
− OpEx
−$9.9K −$5.17/SF
NOI
$23.2K $12.06/SF
Area
Davidson County, TN
Vacancy
6.17%
Lease Rate
$18.36 /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%
$463,060
Cap Rate 7%
$330,757
Cap Rate 9%
$257,256
Alternative Uses
Best Use
Multifamily LT 5
$330.8K
$289.4K – $385.9K
NOI $23,153 @ 7.0% cap · market cap 6.43%
Second Best
Apartment 5plus
$304.7K
$266.6K – $355.5K
NOI $21,327 @ 7.0% cap · market cap 5.93%
Theoretical Best
Warehouse
$2.32M
$2.03M – $2.71M
NOI $162,712 @ 7.0% cap · market cap 45.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
Explore this area
Business Placement
Demographics for 37138, TN
23,631
Population
9,905
Households
2.4
Avg Household Size
43
Median Age
40%
College-Educated
94%
High-School Grad
17.9 sq mi
ZIP Area
1,320
Density / Sq Mi
$87,450
Median Household Income
$54,738
Median Earnings
$1,427
Median Rent
$347,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Duplex with central air and heat pump systems in Old Hickory.
Where is this duplex located?
The property is located at 111 Buffalo St Old Hickory, TN.
What is the asking price?
The asking price for this property is $359,900.
What are key features of this property?
This property features: 1,920‑square‑foot duplex property; Built in 1930; Central air conditioning
