Multifamily Property with Central
For Sale
$385,000
211 Lexington Dr, Clarksville, TN 37042
Commercial zoning and central air conditioning support the property's residential configuration.
Property Size2,250 SF
Price / SF$171.11
Days on Market29
Property Features for 211 Lexington Dr
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Residential Income
Zoning
Commercial
Net Operating Income
$2,471
Taxes and HOA fees
Annual Taxes
$3,827
Amenities
Central Air
Central
Building Details
Building Size
2,250 SF
Year Built
1989
Stories
1
Listed By:
Tiffany R McKeethen
(931) 648-7027
Source:
Evrealestate
Added: Sep 4
Changed: Oct 1
Last Checked: Oct 1 at 11:16AM
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 Tiffany R McKeethen
Investment Insights
Based on property information with market context.
This multifamily property contains 2,250 square feet and was built in 1989. Interior features include central air conditioning and central systems. The property is zoned Commercial.
The site is at 211 Lexington Dr in Clarksville, Tennessee. Access directions reference Ft. Campbell Bvd, W Concord, Yorktown, and Lexington.
The site is at 211 Lexington Dr in Clarksville, Tennessee. Access directions reference Ft. Campbell Bvd, W Concord, Yorktown, and Lexington.
Key Highlights
- 2,250‑square‑foot multifamily property
- Commercial zoning
- Built in 1989
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
$18,147
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
4.71%
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%
$362,940
$362.9K
Cap Rate 7%
$259,243
$259.2K
Cap Rate 9%
$201,633
$201.6K
Market Conditions
NOI Build-Up for 2,250 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
$35.1K $15.60/SF
− Vacancy
−$2.1K −$0.94/SF
EGI
$33.0K $14.66/SF
− OpEx
−$14.8K −$6.60/SF
NOI
$18.1K $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%
$362,940
Cap Rate 7%
$259,243
Cap Rate 9%
$201,633
Alternative Uses
Best Use
Apartment 5plus
$259.2K
$226.8K – $302.5K
NOI $18,147 @ 7.0% cap · market cap 4.71%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$377.7K
$330.5K – $440.6K
NOI $26,438 @ 7.0% cap · market cap 6.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
105
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
Check the figures for this property
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Commercial zoning and central air conditioning support the property's residential configuration.
Where is this multifamily property located?
The property is located at 211 Lexington Dr Clarksville, TN.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 2,250‑square‑foot multifamily property; Commercial zoning; Built in 1989
