Mixed-Use Property with
For Sale
$789,900
151 Covington Ln, Dickson, TN 37055
Income-producing property combines renovated apartments, commercial space, and acreage under commercial zoning without an HOA.
Property Size2,700 SF
Lot Size5.10 Acres
Price / SF$143.85
Days on Market38
Property Features for 151 Covington Ln
General Information
Standard status
Active
Size
2,700 SF
Lot size
5.10 Acres
Property subtype
Multi-Family
Zoning
Commercial
Financials
Asking Price
$789,900
Gross Income
$94,800
Average Monthly Rent
$1,600
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Additional Details
Utilities to Site
Yes
Warehouse Space
2,700 SF
Building Details
Year Built
1983
Buildings
1
Building Size
2,700 SF
Listing Agency:
Realty One Group Music City
(615) 895-8000
Listed By:
William (Trey) Sugg
Source:
Fykesrealtygroup
Added: Jul 25
Changed: Aug 30
Last Checked: Aug 25 at 4:41AM
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 Realty One Group Music City
Investment Insights
Based on property information with market context.
This mixed-use property includes four renovated two-bedroom, 1.5-bath apartments, a 2,700-square-foot warehouse or commercial area, and a separate garage/storage unit. Built in 1983, the property is configured with residential and commercial components across 5.1 acres, with additional land available for expansion concepts identified in the property information. Appliances convey, and tenants are responsible for utilities through individual metering.
Commercial zoning supports the existing combination of apartments and warehouse space. Infrastructure improvements include a septic system upgrade with a new tank and field lines, while most HVAC systems have been replaced within the past five years. The property is located in Dickson, approximately one hour west of Nashville, and has no HOA.
Commercial zoning supports the existing combination of apartments and warehouse space. Infrastructure improvements include a septic system upgrade with a new tank and field lines, while most HVAC systems have been replaced within the past five years. The property is located in Dickson, approximately one hour west of Nashville, and has no HOA.
Key Highlights
- Four renovated 2BR / 1.5BA apartments
- 2,700 sq ft warehouse or commercial space
- 5.1 acres with commercial zoning and no HOA
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
$57,235
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
7.25%
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%
$1,144,700
$1.1M
Cap Rate 7%
$817,643
$817.6K
Cap Rate 9%
$635,944
$635.9K
Market Conditions
NOI Build-Up for 5,491 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
$112.0K $20.40/SF
− Vacancy
−$8.0K −$1.45/SF
EGI
$104.1K $18.95/SF
− OpEx
−$46.8K −$8.53/SF
NOI
$57.2K $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%
$1,144,700
Cap Rate 7%
$817,643
Cap Rate 9%
$635,944
Alternative Uses
Best Use
Apartment 5plus
$817.6K
$715.4K – $953.9K
NOI $57,235 @ 7.0% cap · market cap 7.25%
Second Best
Mixed Use
$811.9K
$710.4K – $947.2K
NOI $56,832 @ 7.0% cap · market cap 7.19%
Theoretical Best
Office A
$1.61M
$1.41M – $1.88M
NOI $112,675 @ 7.0% cap · market cap 14.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 37055, TN
29,319
Population
12,160
Households
2.4
Avg Household Size
40
Median Age
20%
College-Educated
91%
High-School Grad
201.7 sq mi
ZIP Area
145
Density / Sq Mi
$69,283
Median Household Income
$41,808
Median Earnings
$1,034
Median Rent
$258,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Income-producing property combines renovated apartments, commercial space, and acreage under commercial zoning without an HOA.
Where is this mixed-use property located?
The property is located at 151 Covington Ln Dickson, TN.
What is the asking price?
The asking price for this property is $789,900.
What are key features of this property?
This property features: Four renovated 2BR / 1.5BA apartments; 2,700 sq ft warehouse or commercial space; 5.1 acres with commercial zoning and no HOA
