Updated Two-Unit
For Sale
$390,000
208a E Palestine Ave, Madison, TN 37115
Two separately metered residences offer refreshed interiors, fireplaces, and individual washer and dryer connections.
Property Size1,612 SF
Price / SF$241.94
Days on Market76
Property Features for 208a E Palestine Ave
General Information
Standard status
Active
Size
1,612 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Asking Price
$390,000
Building Details
Year Built
1983
Buildings
1
Listing Agency:
Coldwell Banker Southern Realty
Listed By:
Edward Klem 6159471188 · License #376759
(615) 947-1188
Source:
Smokymountainshomefinder
Added: Aug 14
Changed: Oct 25
Last Checked: Oct 28 at 8:16AM
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 Coldwell Banker Southern Realty
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Investment Insights
Based on property information with market context.
This 1,612-square-foot duplex, built in 1983, contains two separately metered residences. Each unit provides two bedrooms, one full bathroom, a fireplace, washer and dryer connections, and refreshed interior finishes. Separate water and sewer meters support individual utility usage by residence.
The property is located at 208a E Palestine Ave in Madison, Tennessee, less than eight miles from downtown Nashville. The Grand Ole Opry, Opry Mills, shopping, dining, and major commuter routes are minutes away. Both residences share the same two-bedroom, one-bath configuration, creating a consistent layout across the duplex.
The property is located at 208a E Palestine Ave in Madison, Tennessee, less than eight miles from downtown Nashville. The Grand Ole Opry, Opry Mills, shopping, dining, and major commuter routes are minutes away. Both residences share the same two-bedroom, one-bath configuration, creating a consistent layout across the duplex.
Key Highlights
- Two‑unit duplex totaling 1,612 square feet
- Each residence includes 2 bedrooms and 1 full bath
- Separate water and sewer meters for the units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,439
Cap Rate
4.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$388,780
$388.8K
Cap Rate 7%
$277,700
$277.7K
Cap Rate 9%
$215,989
$216.0K
Market Conditions
NOI Build-Up for 1,612 SF
Gross rent
$29.6K $18.36/SF
− Vacancy
−$1.8K −$1.13/SF
EGI
$27.8K $17.23/SF
− OpEx
−$8.3K −$5.17/SF
NOI
$19.4K $12.06/SF
Area
Davidson County, TN
Vacancy
6.17%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$388,780
Cap Rate 7%
$277,700
Cap Rate 9%
$215,989
Alternative Uses
Best Use
Multifamily LT 5
$277.7K
$243.0K – $324.0K
NOI $19,439 @ 7.0% cap · market cap 4.98%
Second Best
Apartment 5plus
$255.8K
$223.8K – $298.4K
NOI $17,906 @ 7.0% cap · market cap 4.59%
Theoretical Best
Warehouse
$1.95M
$1.71M – $2.28M
NOI $136,611 @ 7.0% cap · market cap 35.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
463
Businesses Nearby
Explore this area
Business Placement
Demographics for 37115, TN
39,821
Population
19,845
Households
2
Avg Household Size
37
Median Age
23%
College-Educated
82%
High-School Grad
21.5 sq mi
ZIP Area
1,852
Density / Sq Mi
$53,034
Median Household Income
$37,215
Median Earnings
$1,263
Median Rent
$271,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered residences offer refreshed interiors, fireplaces, and individual washer and dryer connections.
Where is this duplex located?
The property is located at 208a E Palestine Ave Madison, TN.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,612 square feet; Each residence includes 2 bedrooms and 1 full bath; Separate water and sewer meters for the units
