50-Unit Renovated Apartment
New
For Sale
$6,950,000
144 Kingsridge Dr, La Vergne, TN 37086
A fully updated multifamily property with one- and two-bedroom layouts and individually metered electricity.
Property Size34,800 SF
Days on Market2
Property Features for 144 Kingsridge Dr
General Information
Standard status
Active
Size
34,800 SF
Property subtype
Multifamily
Additional Details
Cap Rate
6.17%
Highway Access
Yes
Multifamily Units
50
Amenities
Full gut renovation completed in 2021, including new roofs in 2019, replacement of most HVAC units, new windows, and new siding
Parking lots and driveways resurfaced, LED exterior lighting installed, and exteriors repainted in 2021
All unit interiors renovated with new cabinets, new appliances, Formica countertops, and fresh paint as of 2021
Easy access to Interstate 24 and U.S. Highway 41, with Nashville International Airport about 11 miles away
Unit mix of spacious one-bedroom/one-bath and two-bedroom/one-bath floor plans
Building Details
Building Size
34,800 SF
Year Built
1982
Year Renovated
2021
Units
50
Listed By:
Pat Cosgrove · License #License(s): TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: Oct 9
Changed: Oct 10
Last Checked: Oct 10 at 2:18AM
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 Pat Cosgrove
Investment Insights
Based on property information with market context.
This 50-unit apartment community in La Vergne was built in 1982 and underwent a full interior renovation in 2021. The property offers one- and two-bedroom floor plans, with electricity metered separately for each unit. Unit improvements include updated cabinetry, appliances, countertops, and paint.
Exterior work included roof, siding, and window replacements, as well as updates to most HVAC units and plumbing with copper and PEX. Parking was resurfaced, LED lighting installed, and an outdoor common area added. The property is situated along the I-24 corridor between Nashville and Murfreesboro, approximately 20 miles from Nashville.
Exterior work included roof, siding, and window replacements, as well as updates to most HVAC units and plumbing with copper and PEX. Parking was resurfaced, LED lighting installed, and an outdoor common area added. The property is situated along the I-24 corridor between Nashville and Murfreesboro, approximately 20 miles from Nashville.
Key Highlights
- 50 apartment units with one- and two‑bedroom floor plans
- Built in 1982; comprehensively renovated in 2021
- Unit updates include cabinets, appliances, countertops, and paint
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$280,880
Cap Rate
4.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,617,600
$5.6M
Cap Rate 7%
$4,012,571
$4.0M
Cap Rate 9%
$3,120,889
$3.1M
Market Conditions
NOI Build-Up for 34,800 SF
Gross rent
$538.7K $15.48/SF
− Vacancy
−$28.0K −$0.80/SF
EGI
$510.7K $14.68/SF
− OpEx
−$229.8K −$6.60/SF
NOI
$280.9K $8.07/SF
Area
Rutherford County, TN
Vacancy
5.20%
Lease Rate
$15.48 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,617,600
Cap Rate 7%
$4,012,571
Cap Rate 9%
$3,120,889
Alternative Uses
Best Use
Apartment 5plus
$4.01M
$3.51M – $4.68M
NOI $280,880 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.03M
$10.52M – $14.03M
NOI $841,882 @ 7.0% cap · market cap 12.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
50
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Explore this area
Business Placement
Demographics for 37086, TN
37,463
Population
13,282
Households
2.8
Avg Household Size
32
Median Age
23%
College-Educated
89%
High-School Grad
24.8 sq mi
ZIP Area
1,511
Density / Sq Mi
$79,285
Median Household Income
$39,943
Median Earnings
$1,716
Median Rent
$268,700
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 - A fully updated multifamily property with one- and two-bedroom layouts and individually metered electricity.
Where is this apartment building located?
The property is located at 144 Kingsridge Dr La Vergne, TN.
What is the asking price?
The asking price for this property is $6,950,000.
What are key features of this property?
This property features: 50 apartment units with one- and two‑bedroom floor plans; Built in 1982; comprehensively renovated in 2021; Unit updates include cabinets, appliances, countertops, and paint
