Two-Unit Duplex with Conversion
New
For Sale
$819,900
1507 Russell St, Nashville, TN 37206
Separate living arrangements support an owner-occupant setup with rental income from the second unit.
Property Size2,541 SF
Price / SF$322.67
Days on Market2
Property Features for 1507 Russell St
General Information
Standard status
Active
Size
2,541 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Synergy Realty Network, LLC
Listed By:
Tyler C. King
(615) 371-2424
Source:
Fykesrealtygroup
Added: Sep 8
Last Checked: Sep 8 at 7:32AM
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 Synergy Realty Network, LLC
Investment Insights
Based on property information with market context.
This two-unit duplex contains 2,541 square feet and was built in 1910. The property is being offered as-is, with an ownership configuration that can accommodate living in one unit while renting the other. The source information also identifies potential for conversion to a single-family residence.
The property is located at 1507 Russell Street in Nashville’s Lockeland Springs area, near Five Points. Disclosures are available in the media section. The asset is classified as a duplex and is offered for sale.
The property is located at 1507 Russell Street in Nashville’s Lockeland Springs area, near Five Points. Disclosures are available in the media section. The asset is classified as a duplex and is offered for sale.
Key Highlights
- 2,541‑square‑foot duplex built in 1910
- Two‑unit layout supports owner occupancy with the other unit rented
- Potential conversion to a single‑family residence
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
$28,863
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
3.52%
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%
$577,260
$577.3K
Cap Rate 7%
$412,329
$412.3K
Cap Rate 9%
$320,700
$320.7K
Market Conditions
NOI Build-Up for 2,541 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
$44.2K $17.40/SF
− Vacancy
−$3.0K −$1.17/SF
EGI
$41.2K $16.23/SF
− OpEx
−$12.4K −$4.87/SF
NOI
$28.9K $11.36/SF
Area
Nashville, TN
Vacancy
6.74%
Lease Rate
$17.40 /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%
$577,260
Cap Rate 7%
$412,329
Cap Rate 9%
$320,700
Alternative Uses
Best Use
Multifamily LT 5
$412.3K
$360.8K – $481.1K
NOI $28,863 @ 7.0% cap · market cap 3.52%
Second Best
Apartment 5plus
$378.4K
$331.1K – $441.4K
NOI $26,486 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$646.9K
$566.0K – $754.7K
NOI $45,281 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
Explore this area
Business Placement
Demographics for 37206, TN
27,792
Population
14,323
Households
1.9
Avg Household Size
34
Median Age
60%
College-Educated
94%
High-School Grad
7.8 sq mi
ZIP Area
3,563
Density / Sq Mi
$88,605
Median Household Income
$58,213
Median Earnings
$1,564
Median Rent
$529,400
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?
Duplex - Separate living arrangements support an owner-occupant setup with rental income from the second unit.
Where is this duplex located?
The property is located at 1507 Russell St Nashville, TN.
What is the asking price?
The asking price for this property is $819,900.
What are key features of this property?
This property features: 2,541‑square‑foot duplex built in 1910; Two‑unit layout supports owner occupancy with the other unit rented; Potential conversion to a single‑family residence
