Mixed-Use Corner Development
For Sale
$1,750,000
1503 Buchanan Street, Nashville, TN 37208
Corner parcel with nearly 10,000 sf of existing historic structure, positioned for adaptive reuse in the Buchanan Arts District.
Property Size9,725 SF
Lot Size0.66 Acres
Price / SF$179.95
Days on Market117
Property Features for 1503 Buchanan Street
General Information
Standard status
Active
Size
9,725 SF
Lot size
0.66 Acres
Property subtype
Commercial
Zoning
CS
Building Details
Year Built
1930
Listed By:
Benjamin Jordan
(615) 934-7248
Source:
Benchmarkrealtytn
Added: May 14
Changed: Sep 6
Last Checked: Sep 7 at 11:33AM
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 Benjamin Jordan
Investment Insights
Based on property information with market context.
1503 Buchanan Street is a mixed-use development and investment site on a prominent 0.66-acre corner parcel with nearly 10,000 square feet of existing structure. The property’s historic architectural character provides a foundation for redevelopment, including adaptive reuse concepts such as boutique hospitality, creative office, specialty retail, or a mixed-use approach that combines daytime activity with evening programming.
The site is located in the Buchanan Arts District and is described in planning materials as being positioned to support ongoing demand for both housing and experiential uses. It sits amid new construction and local businesses within a thriving arts and cultural community. The remarks also note proximity to Germantown, MetroCenter, and Downtown, with emphasis on walkability and visibility.
From a tenant and operator standpoint, the property’s flexible CS zoning and supportive overlays are highlighted as key factors for adaptive reuse planning. For buyers considering a creative re-positioning, the existing footprint and corner configuration can support a range of concepts while preserving elements of the neighborhood’s established character. This offering is presented as a development opportunity in an active creative corridor, designed to align with the district’s ongoing growth in housing and experiential space.
The site is located in the Buchanan Arts District and is described in planning materials as being positioned to support ongoing demand for both housing and experiential uses. It sits amid new construction and local businesses within a thriving arts and cultural community. The remarks also note proximity to Germantown, MetroCenter, and Downtown, with emphasis on walkability and visibility.
From a tenant and operator standpoint, the property’s flexible CS zoning and supportive overlays are highlighted as key factors for adaptive reuse planning. For buyers considering a creative re-positioning, the existing footprint and corner configuration can support a range of concepts while preserving elements of the neighborhood’s established character. This offering is presented as a development opportunity in an active creative corridor, designed to align with the district’s ongoing growth in housing and experiential space.
Key Highlights
- 0.66‑acre corner parcel in the Buchanan Arts District at 1503 Buchanan Street
- Nearly 10,000 SF of existing historic structure for adaptive reuse
- Year built: 1930
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
$121,769
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
6.96%
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%
$2,435,380
$2.4M
Cap Rate 7%
$1,739,557
$1.7M
Cap Rate 9%
$1,352,989
$1.4M
Market Conditions
NOI Build-Up for 9,725 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
$204.2K $21.00/SF
− Vacancy
−$41.9K −$4.31/SF
EGI
$162.4K $16.70/SF
− OpEx
−$40.6K −$4.17/SF
NOI
$121.8K $12.52/SF
Area
Nashville, TN
Vacancy
20.50%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,435,380
Cap Rate 7%
$1,739,557
Cap Rate 9%
$1,352,989
Alternative Uses
Best Use
Office B
$1.74M
$1.52M – $2.03M
NOI $121,769 @ 7.0% cap · market cap 6.96%
Second Best
Mixed Use
$1.69M
$1.48M – $1.97M
NOI $118,159 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,300 @ 7.0% cap · market cap 9.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
592
Businesses Nearby
Explore this area
Business Placement
Demographics for 37208, TN
21,609
Population
10,793
Households
2
Avg Household Size
30
Median Age
50%
College-Educated
91%
High-School Grad
4.8 sq mi
ZIP Area
4,502
Density / Sq Mi
$62,682
Median Household Income
$41,510
Median Earnings
$1,527
Median Rent
$417,200
Median Home Value
Market
Vacancy Rate% for Office in Nashville, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner parcel with nearly 10,000 sf of existing historic structure, positioned for adaptive reuse in the Buchanan Arts District.
Where is this mixed-use property located?
The property is located at 1503 Buchanan Street Nashville, TN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 0.66‑acre corner parcel in the Buchanan Arts District at 1503 Buchanan Street; Nearly 10,000 SF of existing historic structure for adaptive reuse; Year built: 1930
