Renovated Four-Unit
New
For Sale
$435,000
23 Proctor Dr, Clarksville, TN 37043
Renovated income property with full kitchens, living areas, and in-unit laundry throughout.
Property Size1,920 SF
Price / SF$226.56
Days on Market2
Property Features for 23 Proctor Dr
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 1BR/1BA
Multifamily Units
4
Additional Details
Highway Access
Yes
Amenities
in-unit laundry
Building Details
Year Built
1960
Buildings
1
Listing Agency:
Provision Realty Group
Listed By:
Whitley Battles Smith · License #376229
(615) 513-7992
Source:
Fiddletreerealty
Added: Sep 15
Last Checked: Sep 15 at 2:30PM
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 Provision Realty Group
Investment Insights
Based on property information with market context.
This quadplex contains four one-bedroom, one-bath residences within 1,920 square feet. Each unit includes a full kitchen, dedicated living space, and in-unit laundry. The property was built in 1960 and has undergone renovations throughout, providing an updated multifamily configuration.
Located in Clarksville near Madison St, the property offers access to I-24 along with nearby shopping, dining, and other Clarksville amenities. A neighboring quadplex is also available, creating a potential package acquisition totaling eight units between both properties.
Located in Clarksville near Madison St, the property offers access to I-24 along with nearby shopping, dining, and other Clarksville amenities. A neighboring quadplex is also available, creating a potential package acquisition totaling eight units between both properties.
Key Highlights
- Four 1‑bedroom, 1‑bath units
- 1,920 square feet of building area
- Full kitchen and living space in each unit
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
$17,342
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
3.99%
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%
$346,840
$346.8K
Cap Rate 7%
$247,743
$247.7K
Cap Rate 9%
$192,689
$192.7K
Market Conditions
NOI Build-Up for 1,920 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
$26.5K $13.80/SF
− Vacancy
−$1.7K −$0.90/SF
EGI
$24.8K $12.90/SF
− OpEx
−$7.4K −$3.87/SF
NOI
$17.3K $9.03/SF
Area
Clarksville, TN
Vacancy
6.50%
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%
$346,840
Cap Rate 7%
$247,743
Cap Rate 9%
$192,689
Alternative Uses
Best Use
Multifamily LT 5
$247.7K
$216.8K – $289.0K
NOI $17,342 @ 7.0% cap · market cap 3.99%
Second Best
Apartment 5plus
$221.2K
$193.6K – $258.1K
NOI $15,485 @ 7.0% cap · market cap 3.56%
Theoretical Best
Office A
$322.3K
$282.0K – $376.0K
NOI $22,561 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
922
Businesses Nearby
Explore this area
Business Placement
Demographics for 37043, TN
52,792
Population
22,221
Households
2.4
Avg Household Size
37
Median Age
43%
College-Educated
97%
High-School Grad
108.5 sq mi
ZIP Area
487
Density / Sq Mi
$91,871
Median Household Income
$46,602
Median Earnings
$1,208
Median Rent
$325,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Renovated income property with full kitchens, living areas, and in-unit laundry throughout.
Where is this quadplex located?
The property is located at 23 Proctor Dr Clarksville, TN.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Four 1‑bedroom, 1‑bath units; 1,920 square feet of building area; Full kitchen and living space in each unit
