Two-Unit Duplex Income
For Sale
$399,999
Pending
2010 Bartway Dr, Murfreesboro, TN 37130
Duplex with two 2-bedroom, 1-bath units, one currently owner-occupied with month-to-month tenancy.
Property Size2,115 SF
Days on Market561
Property Features for 2010 Bartway Dr
General Information
Standard status
Pending
Size
2,115 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,513
Building Details
Year Built
1968
Stories
1
Listing Agency:
Coldwell Banker Southern Realty
(615) 893-1130
Listed By:
Daniel Curtis · License #352218
(931) 607-2329
Source:
Exitrealty
Added: Feb 21, 2025
Changed: Aug 8
Last Checked: Jul 23 at 7:28AM
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 Coldwell Banker Southern Realty
Investment Insights
Based on property information with market context.
This duplex for sale includes two separate 2-bedroom, 1-bath units. Unit 2010 is currently occupied with a month-to-month lease. Unit 2012 is currently rented, and photos reflect the condition of 2012, which is described as more updated than 2010.
The property offers quick access to Rutherford Blvd and Middle Tennessee Blvd, and it is described as having mature trees and a shaded yard. Both sides are configured similarly as 2-bedroom, 1-bath residences.
The seller notes that with updates, each side could support rental income at the current stated levels for unit 2012. The property is presented as a residential income opportunity with an in-place occupancy mix.
The property offers quick access to Rutherford Blvd and Middle Tennessee Blvd, and it is described as having mature trees and a shaded yard. Both sides are configured similarly as 2-bedroom, 1-bath residences.
The seller notes that with updates, each side could support rental income at the current stated levels for unit 2012. The property is presented as a residential income opportunity with an in-place occupancy mix.
Key Highlights
- 1968‑built duplex with two 2‑bedroom, 1‑bath units
- 2010 unit is month‑to‑month occupied at $850/month
- 2012 unit is rented at $1,250/month
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
$19,307
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
4.83%
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%
$386,140
$386.1K
Cap Rate 7%
$275,814
$275.8K
Cap Rate 9%
$214,522
$214.5K
Market Conditions
NOI Build-Up for 2,115 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
$29.2K $13.80/SF
− Vacancy
−$1.6K −$0.76/SF
EGI
$27.6K $13.04/SF
− OpEx
−$8.3K −$3.91/SF
NOI
$19.3K $9.13/SF
Area
Murfreesboro, TN
Vacancy
5.50%
Lease Rate
$13.80 /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%
$386,140
Cap Rate 7%
$275,814
Cap Rate 9%
$214,522
Alternative Uses
Best Use
Multifamily LT 5
$275.8K
$241.3K – $321.8K
NOI $19,307 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$248.2K
$217.2K – $289.5K
NOI $17,372 @ 7.0% cap · market cap 4.34%
Theoretical Best
Office A
$533.2K
$466.6K – $622.1K
NOI $37,324 @ 7.0% cap · market cap 9.33%
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
248
Businesses Nearby
Explore this area
Business Placement
Demographics for 37130, TN
59,677
Population
25,838
Households
2.3
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
54.1 sq mi
ZIP Area
1,103
Density / Sq Mi
$60,389
Median Household Income
$37,710
Median Earnings
$1,157
Median Rent
$347,100
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 - Duplex with two 2-bedroom, 1-bath units, one currently owner-occupied with month-to-month tenancy.
Where is this duplex located?
The property is located at 2010 Bartway Dr Murfreesboro, TN.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: 1968‑built duplex with two 2‑bedroom, 1‑bath units; 2010 unit is month‑to‑month occupied at $850/month; 2012 unit is rented at $1,250/month
