Renovated Apartment Building With Dual
For Sale
$1,049,901
1021 31st Ave N, Nashville, TN 37209
Fully updated brick property near Tennessee State University with flexible room-rental and shared-living configurations.
Property Size4,129 SF
Price / SF$254.27
Days on Market29
Property Features for 1021 31st Ave N
General Information
Standard status
Active
Size
4,129 SF
Property subtype
Multi-Family
Building Details
Year Built
1930
Listing Agency:
Designer Agents Realty LLC
(931) 801-2034
Listed By:
Jasmin Ivy Williams
Source:
Fykesrealtygroup
Added: Aug 2
Changed: Aug 29
Last Checked: Aug 25 at 4:41AM
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 Designer Agents Realty LLC
Investment Insights
Based on property information with market context.
This 4,129-square-foot apartment building dates to 1930 and has undergone a full renovation while retaining its brick construction and period character. The layout includes 10 bedrooms, 4 full bathrooms, 1 half bath, 2 laundry rooms, 1 mud room, and 2 fully equipped kitchens. Improvements include 400 amp electrical service, plumbing, bathroom fixtures, appliances, HVAC, flooring, and updated interior finishes.
The property is located at 1021 31st Ave, N, in Nashville, near the Tennessee State University campus. Its room count and dual-kitchen arrangement support the rent-by-the-room, group home, and co-living strategies identified for the property. An unfinished basement and attic provide additional areas within the structure.
The property is located at 1021 31st Ave, N, in Nashville, near the Tennessee State University campus. Its room count and dual-kitchen arrangement support the rent-by-the-room, group home, and co-living strategies identified for the property. An unfinished basement and attic provide additional areas within the structure.
Key Highlights
- 10 bedrooms, 4 full bathrooms, and 1 half bath
- 4,129 SF brick apartment building constructed in 1930
- 2 fully equipped kitchens and 2 laundry rooms
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
$43,038
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
4.10%
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%
$860,760
$860.8K
Cap Rate 7%
$614,829
$614.8K
Cap Rate 9%
$478,200
$478.2K
Market Conditions
NOI Build-Up for 4,129 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
$84.2K $20.40/SF
− Vacancy
−$6.0K −$1.45/SF
EGI
$78.3K $18.95/SF
− OpEx
−$35.2K −$8.53/SF
NOI
$43.0K $10.42/SF
Area
ZIP 37209
Vacancy
7.10%
Lease Rate
$20.40 /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%
$860,760
Cap Rate 7%
$614,829
Cap Rate 9%
$478,200
Alternative Uses
Best Use
Apartment 5plus
$614.8K
$538.0K – $717.3K
NOI $43,038 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.07M
$932.0K – $1.24M
NOI $74,560 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 37209, TN
40,498
Population
21,421
Households
1.9
Avg Household Size
32
Median Age
57%
College-Educated
92%
High-School Grad
33.6 sq mi
ZIP Area
1,205
Density / Sq Mi
$75,810
Median Household Income
$48,965
Median Earnings
$1,580
Median Rent
$495,500
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 - Fully updated brick property near Tennessee State University with flexible room-rental and shared-living configurations.
Where is this apartment building located?
The property is located at 1021 31st Ave N Nashville, TN.
What is the asking price?
The asking price for this property is $1,049,901.
What are key features of this property?
This property features: 10 bedrooms, 4 full bathrooms, and 1 half bath; 4,129 SF brick apartment building constructed in 1930; 2 fully equipped kitchens and 2 laundry rooms
