Warehouse Distribution with
For Sale
$6,750,000
114 Bush Rd, Nashville, TN 37217
Warehouse and office space with four dock doors on IWD-zoned land near major interstates and BNA airport.
Property Size49,199 SF
Lot Size2.72 Acres
Price / SF$137.20
Days on Market65
Property Features for 114 Bush Rd
General Information
Standard status
Active
Size
49,199 SF
Lot size
2.72 Acres
Property subtype
Warehouse
Zoning
IWD
Additional Details
Highway Access
Yes
Dock-High Doors
4
Amenities
3
Building Details
Year Built
1970
Listing Agency:
Twin Willows Realty, LLC
(615) 953-9513
Listed By:
Ashley Brummitt
(615) 497-5284
Source:
Xome
Added: Jul 6
Changed: Sep 1
Last Checked: Sep 8 at 4:50AM
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 Twin Willows Realty, LLC
Investment Insights
Based on property information with market context.
This warehouse and flex-style distribution property includes a mix of warehouse space and office areas. The main floor offices have undergone modern renovations, supporting a functional layout for light manufacturing and distribution use. The site features ample parking, multiple entrances, and a wrap-around drive to accommodate different operational needs.
Conveniently located near BNA airport and accessible to I-40 and I-24, the property is positioned for travel and transport.
The building is zoned IWD and includes four dock doors, providing practical loading and receiving capacity for distribution-focused operations.
Conveniently located near BNA airport and accessible to I-40 and I-24, the property is positioned for travel and transport.
The building is zoned IWD and includes four dock doors, providing practical loading and receiving capacity for distribution-focused operations.
Key Highlights
- 49,199 SF warehouse and office building on 2.72+/- acres
- 4 dock doors with warehouse and office space
- Zoned IWD with a mix of warehouse and office space for light manufacturing and distribution
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
$473,934
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
7.02%
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%
$9,478,680
$9.5M
Cap Rate 7%
$6,770,486
$6.8M
Cap Rate 9%
$5,265,933
$5.3M
Market Conditions
NOI Build-Up for 49,199 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
$767.5K $15.60/SF
− Vacancy
−$38.4K −$0.78/SF
EGI
$729.1K $14.82/SF
− OpEx
−$255.2K −$5.19/SF
NOI
$473.9K $9.63/SF
Area
Nashville, TN
Vacancy
5.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$9,478,680
Cap Rate 7%
$6,770,486
Cap Rate 9%
$5,265,933
Alternative Uses
Best Use
Flex RnD
$6.77M
$5.92M – $7.90M
NOI $473,934 @ 7.0% cap · market cap 7.02%
Second Best
Warehouse
$5.50M
$4.81M – $6.41M
NOI $384,761 @ 7.0% cap · market cap 5.70%
Theoretical Best
Office A
$12.52M
$10.96M – $14.61M
NOI $876,726 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Dock-high doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37217, TN
33,115
Population
14,168
Households
2.3
Avg Household Size
33
Median Age
32%
College-Educated
82%
High-School Grad
17.8 sq mi
ZIP Area
1,860
Density / Sq Mi
$61,529
Median Household Income
$37,090
Median Earnings
$1,313
Median Rent
$279,400
Median Home Value
Market
Vacancy Rate% for Industrial in Nashville, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Warehouse and office space with four dock doors on IWD-zoned land near major interstates and BNA airport.
Where is this flex space located?
The property is located at 114 Bush Rd Nashville, TN.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: 49,199 SF warehouse and office building on 2.72+/- acres; 4 dock doors with warehouse and office space; Zoned IWD with a mix of warehouse and office space for light manufacturing and distribution
