Building Details

Year Built 1999

Buildings 2

Listing Agency: Parker Peery Properties m***@realtracs.com Show Phone

Listed By: Mika Sesler · License #344607

Source: Fiddletreerealty

Added: Aug 5 Changed: Aug 29 Last Checked: Aug 30 at 7:58PM

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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 Parker Peery Properties

Investment Insights

Based on property information with market context.

This multifamily package combines a four-unit quadplex, a two-unit duplex, and an additional lot. The six rental units include four 1-bedroom, 1-bathroom units in the quadplex, plus one 2-bedroom, 1-bathroom unit and one 1-bedroom, 1-bathroom unit in the duplex. The quadplex is zoned commercial, while the duplex carries residential zoning. The property was built in 1999 and contains 3,780 square feet.

All units are occupied, with tenants currently renting month-to-month after completing their initial lease terms. Each unit has a separate electric meter, security deposits are in place, and the seller currently pays utilities. Recent work includes flooring, cabinets, countertops, and a refrigerator in Quadplex Unit 2, along with flooring and a newer refrigerator in Unit 4. The quadplex roof is approximately 5 years old. The property is located less than 20 minutes from downtown Erin.

Key Highlights

• Six rental units across one quadplex and one duplex
• Quadplex includes four 1‑bedroom, 1‑bathroom units and is zoned commercial
• Duplex includes one 2‑bedroom, 1‑bathroom unit and one 1‑bedroom, 1‑bathroom 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

$39,400

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

8.76%

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%

$788,000 $788.0K

Cap Rate 7%

$562,857 $562.9K

Cap Rate 9%

$437,778 $437.8K

Market Conditions

NOI Build-Up for 3,780 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

$77.1K $20.40/SF

− Vacancy

−$5.5K −$1.45/SF

EGI

$71.6K $18.95/SF

− OpEx

−$32.2K −$8.53/SF

NOI

$39.4K $10.42/SF

Area

Dickson County, TN

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%

$788,000

Cap Rate 7%

$562,857

Cap Rate 9%

$437,778

Alternative Uses

Best Use

Multifamily LT 5

$685.3K

$599.6K – $799.5K (±1% cap)

NOI $47,971 @ 7.0% cap · market cap 10.66%

Second Best

Apartment 5plus

$562.9K

$492.5K – $656.7K (±1% cap)

NOI $39,400 @ 7.0% cap · market cap 8.76%

Theoretical Best

Office A

$1.11M

$969.6K – $1.29M (±1% cap)

NOI $77,566 @ 7.0% cap · market cap 17.24%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Quadplexes

Suggested Use

Top Pick Real Estate Agency

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

6

Residential units

100%

Occupancy

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

3

Businesses Nearby

Explore this area Business Placement

Demographics for 37181, TN

1,509

Population

748

Households

2

Avg Household Size

43

Median Age

15%

College-Educated

81%

High-School Grad

52.3 sq mi

ZIP Area

29

Density / Sq Mi

$64,583

Median Household Income

$33,579

Median Earnings

$722

Median Rent

$172,900

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Fully occupied package includes a quadplex, duplex, additional lot, and commercial and residential zoning.

Where is this multifamily property located?

The property is located at 15030 Highway 49 Vanleer, TN.

What is the asking price?

The asking price for this property is $450,000.

What are key features of this property?

This property features: Six rental units across one quadplex and one duplex; Quadplex includes four 1‑bedroom, 1‑bathroom units and is zoned commercial; Duplex includes one 2‑bedroom, 1‑bathroom unit and one 1‑bedroom, 1‑bathroom unit