18-Unit Apartment
For Sale
$1,595,000
120 Cloverdale St, Jackson, TN 38301
Two-bedroom residences include laundry hookups, individual utility metering, and several recent capital improvements.
Property Size16,425 SF
Days on Market151
Property Features for 120 Cloverdale St
General Information
Standard status
Active
Size
16,425 SF
Property subtype
Multifamily
Units
Unit Mix
18 x 2BR
Multifamily Units
18
Additional Details
Cap Rate
7.96%
Amenities
washer/dryer connections
separate utility metering
Rents are currently $181 below the market rate
Over $57,000 spent on capital improvements within the past 12 months
Recent capital improvements include overhauling the gas lines, building a retaining wall, replacing the roof on 157 Cloverdale Street, as well as replacing four HVAC's
All units have washer/dryer connections
All units are individually metered for water and electricity
Building Details
Building Size
16,425 SF
Units
18
Listing Agency:
Nashville Office
(615) 997-2853
Listed By:
Patrick Cosgrove · License #TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: Apr 3
Changed: Aug 30
Last Checked: Aug 30 at 1:33PM
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 Nashville Office
Investment Insights
Based on property information with market context.
Cloverdale Apartments is an 18-unit multifamily property in Jackson, Tennessee, with a two-bedroom layout across the community. Unit features include washer and dryer connections and separate utility metering, supporting straightforward resident utility administration.
Recent property work includes new gas lines, roof replacement, retaining wall construction, and installation of multiple new HVAC systems. The property is located at 120 Cloverdale St in Jackson, TN 38301, near the planned 900,000-square-foot Georgia-Pacific facility and the Ford BlueOval City project, which is slated for completion in 2027.
Recent property work includes new gas lines, roof replacement, retaining wall construction, and installation of multiple new HVAC systems. The property is located at 120 Cloverdale St in Jackson, TN 38301, near the planned 900,000-square-foot Georgia-Pacific facility and the Ford BlueOval City project, which is slated for completion in 2027.
Key Highlights
- 18‑unit apartment community with two‑bedroom residences
- Recent improvements include new gas lines and roof replacement
- Retaining wall construction completed
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
$84,868
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
5.32%
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%
$1,697,360
$1.7M
Cap Rate 7%
$1,212,400
$1.2M
Cap Rate 9%
$942,978
$943.0K
Market Conditions
NOI Build-Up for 16,425 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
$165.6K $10.08/SF
− Vacancy
−$11.3K −$0.69/SF
EGI
$154.3K $9.39/SF
− OpEx
−$69.4K −$4.23/SF
NOI
$84.9K $5.17/SF
Area
Madison County, TN
Vacancy
6.80%
Lease Rate
$10.08 /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%
$1,697,360
Cap Rate 7%
$1,212,400
Cap Rate 9%
$942,978
Alternative Uses
Best Use
Apartment 5plus
$1.21M
$1.06M – $1.41M
NOI $84,868 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.38M
$2.96M – $3.95M
NOI $236,757 @ 7.0% cap · market cap 14.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
142
Businesses Nearby
Explore this area
Business Placement
Demographics for 38301, TN
34,170
Population
15,769
Households
2.2
Avg Household Size
37
Median Age
16%
College-Educated
85%
High-School Grad
150.9 sq mi
ZIP Area
226
Density / Sq Mi
$40,062
Median Household Income
$28,542
Median Earnings
$958
Median Rent
$119,400
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?
Apartment building - Two-bedroom residences include laundry hookups, individual utility metering, and several recent capital improvements.
Where is this apartment building located?
The property is located at 120 Cloverdale St Jackson, TN.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: 18‑unit apartment community with two‑bedroom residences; Recent improvements include new gas lines and roof replacement; Retaining wall construction completed
