Two-Unit Duplex with Conversion
For Sale
$799,900
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$314.80
Days on Market47
Property Features for 1507 Russell St
General Information
Standard status
Active
Size
2,541 SF
Property subtype
Multi-Family
Site & Location
Neighborhood
East Nashville
Additional Details
Multifamily Units
2
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Synergy Realty Network, LLC
Listed By:
Tyler C. King
(615) 364-0977
Source:
Fykesrealtygroup
Added: Sep 8
Changed: Oct 5
Last Checked: Oct 7 at 3:31PM
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
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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 / Yr
$28,863
Cap Rate
3.61%
Suggested Prices Based on Cap Rates
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
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 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 3.61%
Second Best
Apartment 5plus
$378.4K
$331.1K – $441.4K
NOI $26,486 @ 7.0% cap · market cap 3.31%
Theoretical Best
Office A
$646.9K
$566.0K – $754.7K
NOI $45,281 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
854
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in South region
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 $799,900.
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
