Bellevue Office Park
For Sale
Contact for pricing
165 Belle Forest Cir, Nashville, TN 37221
Commercial condo in Bellevue Office Park, Nashville, for sale.
Property Size1,848 SF
Price / SF$270.29
Days on Market207
Property Features for 165 Belle Forest Cir
General Information
Standard status
Active
Size
1,848 SF
Class
B
Property subtype
Office
Zoning
OR20
Occupancy
50%
Lease Type
Gross
Investment Type
Owner/User
Building Details
Year Built
1983
Year Renovated
2025
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Compass Commercial
(615) 475-5616
Listed By:
Tanner Smith · License #378321
Source:
Crexi
Added: Feb 5
Changed: Aug 31
Last Checked: Aug 31 at 5:13AM
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 Compass Commercial
Investment Insights
Based on property information with market context.
This 1,848 square foot commercial condominium is located within Bellevue Office Park. Unit A is available for lease or owner-occupancy, while Unit B is currently leased to a dental office, providing in-place income. Priced at $549,000, Unit A offers projected lease rates of $25.00 per square foot NNN, creating NOI growth upon stabilization and resulting in a 6.85% stabilized cap rate. The property benefits from low-maintenance ownership, with HOA coverage including water, trash, and exterior maintenance. Capital improvements include a new roof replaced by the HOA in 2025 and a new HVAC system installed by the owner in 2025. This asset is suitable for owner-users seeking supplemental income or investors targeting a stable, well-maintained commercial condominium with strong fundamentals.
Key Highlights
- Immediate in‑place income from Unit B leased to a stable dental office.
- Unit A available for lease or owner‑occupancy, offering flexibility.
- Projected 6.85% stabilized cap rate for Unit A at $25.00/SF NNN.
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
$30,919
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
6.19%
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%
$618,380
$618.4K
Cap Rate 7%
$441,700
$441.7K
Cap Rate 9%
$343,544
$343.5K
Market Conditions
NOI Build-Up for 1,848 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
$48.8K $26.40/SF
− Vacancy
−$7.6K −$4.09/SF
EGI
$41.2K $22.31/SF
− OpEx
−$10.3K −$5.58/SF
NOI
$30.9K $16.73/SF
Area
ZIP 37221
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$618,380
Cap Rate 7%
$441,700
Cap Rate 9%
$343,544
Alternative Uses
Best Use
Office B
$441.7K
$386.5K – $515.3K
NOI $30,919 @ 7.0% cap · market cap 6.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$620.9K
$543.3K – $724.4K
NOI $43,465 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Explore this area
Business Placement
Demographics for 37221, TN
42,312
Population
20,323
Households
2.1
Avg Household Size
39
Median Age
62%
College-Educated
97%
High-School Grad
49.3 sq mi
ZIP Area
858
Density / Sq Mi
$99,083
Median Household Income
$58,191
Median Earnings
$1,778
Median Rent
$432,900
Median Home Value
Market
Vacancy Rate% for Office in Nashville, TN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Commercial condo in Bellevue Office Park, Nashville, for sale.
Where is this office units located?
The property is located at 165 Belle Forest Cir Nashville, TN.
What is the asking price?
The asking price for this property is $499,500.
What are key features of this property?
This property features: Immediate in‑place income from Unit B leased to a stable dental office.; Unit A available for lease or owner‑occupancy, offering flexibility.; Projected **6.85% stabilized cap rate** for Unit A at $25.00/SF NNN.
