Multifamily Community with Diverse
For Sale
$3,950,000
162 Condor Ct, Clarksville, TN 37042
Condor Court is a 45-unit multifamily community offering studio through 3-bedroom apartments and townhome-style layouts.
Property Size30,020 SF
Days on Market112
Property Features for 162 Condor Ct
General Information
Standard status
Active
Size
30,020 SF
Property subtype
Multifamily
Additional Details
Cap Rate
5.5%
Multifamily Units
45
Amenities
A diverse mix of studio, one-bedroom, two-bedroom, and three-bedroom floor plans appeals to a wide range of tenants
Unique residential-style community featuring townhome layouts, private patios, decks, attached garages, and ample parking
Clarksville continues to see strong population growth, economic expansion, and increasing rental demand driven by Fort Campbell and Nashville's proximity
Rare opportunity to acquire a full multifamily community with scale, unit diversity, and long-term upside potential
Building Details
Building Size
30,020 SF
Units
45
Tenancy
Multi
Listed By:
Pat Cosgrove · License #License(s): TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: May 18
Changed: Aug 15
Last Checked: Sep 5 at 3:44AM
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 Pat Cosgrove
Investment Insights
Based on property information with market context.
Condor Court is a 45-unit multifamily community featuring a mix of studio, 1-, 2-, and 3-bedroom apartment homes, including larger townhome-style layouts. The property’s unit variety is designed to support a broad range of renter needs within a neighborhood-style setting.
The community is located in a high-demand Clarksville corridor, just minutes from Fort Campbell and Austin Peay State University. The offering is presented as a value-add opportunity with an emphasis on increasing occupancy and driving revenue through leasing execution, rent growth, and targeted property improvements.
The sale includes offers submitted via a non-binding Letter of Intent detailing key terms and conditions, including asset pricing, due diligence and closing time frame, earnest money deposit, debt/equity structure description, and qualification to close. The stated purchase terms require all cash to be paid at closing.
The community is located in a high-demand Clarksville corridor, just minutes from Fort Campbell and Austin Peay State University. The offering is presented as a value-add opportunity with an emphasis on increasing occupancy and driving revenue through leasing execution, rent growth, and targeted property improvements.
The sale includes offers submitted via a non-binding Letter of Intent detailing key terms and conditions, including asset pricing, due diligence and closing time frame, earnest money deposit, debt/equity structure description, and qualification to close. The stated purchase terms require all cash to be paid at closing.
Key Highlights
- 45‑unit multifamily community in Clarksville, TN
- Unit mix includes studio, 1-, 2-, and 3‑bedroom apartments plus larger townhome‑style layouts
- Located in a Clarksville corridor just minutes from Fort Campbell and Austin Peay State University
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
$242,117
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
6.13%
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%
$4,842,340
$4.8M
Cap Rate 7%
$3,458,814
$3.5M
Cap Rate 9%
$2,690,189
$2.7M
Market Conditions
NOI Build-Up for 30,020 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
$468.3K $15.60/SF
− Vacancy
−$28.1K −$0.94/SF
EGI
$440.2K $14.66/SF
− OpEx
−$198.1K −$6.60/SF
NOI
$242.1K $8.07/SF
Area
Clarksville, TN
Vacancy
6.00%
Lease Rate
$15.60 /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%
$4,842,340
Cap Rate 7%
$3,458,814
Cap Rate 9%
$2,690,189
Alternative Uses
Best Use
Apartment 5plus
$3.46M
$3.03M – $4.04M
NOI $242,117 @ 7.0% cap · market cap 6.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.04M
$4.41M – $5.88M
NOI $352,747 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
45
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 37042, TN
83,498
Population
35,433
Households
2.4
Avg Household Size
29
Median Age
26%
College-Educated
94%
High-School Grad
56.9 sq mi
ZIP Area
1,467
Density / Sq Mi
$66,435
Median Household Income
$38,716
Median Earnings
$1,196
Median Rent
$220,700
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?
Apartment building - Condor Court is a 45-unit multifamily community offering studio through 3-bedroom apartments and townhome-style layouts.
Where is this apartment building located?
The property is located at 162 Condor Ct Clarksville, TN.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: 45‑unit multifamily community in Clarksville, TN; Unit mix includes studio, 1-, 2-, and 3‑bedroom apartments plus larger townhome‑style layouts; Located in a Clarksville corridor just minutes from Fort Campbell and Austin Peay State University
