Updated Commercial Property with
For Sale
$675,000
204 Bluebird Dr, Goodlettsville, TN 37072
Versatile commercial space with ample parking and easy highway access.
Property Size2,627 SF
Price / SF$256.95
Days on Market478
Property Features for 204 Bluebird Dr
General Information
Standard status
Active
Size
2,627 SF
Building Details
Year Built
1956
Listing Agency:
CRYE-LEIKE, INC., REALTORS
Listed By:
JAN PAGE
Source:
Corcoran
Added: May 14, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 CRYE-LEIKE, INC., REALTORS
Investment Insights
Based on property information with market context.
This updated commercial property, situated on nearly an acre, offers ample parking. The 2,627 square-foot space is currently configured as a video/audio studio, featuring a conference room and kitchen. Its location provides convenient access to I-65. The property is suitable for a variety of business uses. All furnishings are included with the sale.
Key Highlights
- Turnkey opportunity: All furnishings are included for immediate business operations.
- Versatile space suitable for a variety of business uses.
- Convenient location with easy access to I‑65.
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
$43,952
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
6.51%
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%
$879,040
$879.0K
Cap Rate 7%
$627,886
$627.9K
Cap Rate 9%
$488,356
$488.4K
Market Conditions
NOI Build-Up for 2,627 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
$69.4K $26.40/SF
− Vacancy
−$10.7K −$4.09/SF
EGI
$58.6K $22.31/SF
− OpEx
−$14.7K −$5.58/SF
NOI
$44.0K $16.73/SF
Area
Davidson County, TN
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$879,040
Cap Rate 7%
$627,886
Cap Rate 9%
$488,356
Alternative Uses
Best Use
Office B
$627.9K
$549.4K – $732.5K
NOI $43,952 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.18M
$2.78M – $3.71M
NOI $222,628 @ 7.0% cap · market cap 32.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
968
Businesses Nearby
Explore this area
Business Placement
Demographics for 37072, TN
33,065
Population
14,377
Households
2.3
Avg Household Size
40
Median Age
28%
College-Educated
89%
High-School Grad
77.5 sq mi
ZIP Area
427
Density / Sq Mi
$75,514
Median Household Income
$44,313
Median Earnings
$1,359
Median Rent
$340,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Creative space - Versatile commercial space with ample parking and easy highway access.
Where is this creative space located?
The property is located at 204 Bluebird Dr Goodlettsville, TN.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Turnkey opportunity: All furnishings are included for immediate business operations.; Versatile space suitable for a variety of business uses.; Convenient location with easy access to I‑65.
