Updated Two-Unit
For Sale
$369,900
215 Ensley Ave, Old Hickory, TN 37138
Two residential units offer two bedrooms, one bath, and central heat and air in each residence.
Property Size1,455 SF
Days on Market11
Property Features for 215 Ensley Ave
General Information
Standard status
Active
Size
1,455 SF
Total Parking Spaces
4
Property subtype
Residential Income
Zoning
Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,274
Amenities
central heat and air
Building Details
Building Size
1,455 SF
Year Built
2001
Buildings
1
Stories
1
Units
2
Listing Agency:
Regal Realty Group
(615) 481-3819
Listed By:
Staci Bell
(615) 481-3819
Source:
Spotlightproperties
Added: Aug 19
Changed: Aug 28
Last Checked: Aug 29 at 10:22AM
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 Regal Realty Group
Investment Insights
Based on property information with market context.
Built in 2001, this duplex contains two residential units, each configured with two bedrooms, one bathroom, and central heat and air. The property includes a roof that is 6 years old, along with improvements to both units.
The front residence received extensive interior updates, including new kitchen counters and sink, LVT flooring, bedroom carpet, doors, paint, a vanity and top, and three new windows. The rear residence features laminate flooring, a newer vanity and top, replaced kitchen counters, and three new windows. The property is located on Ensley Ave in Old Hickory, Tennessee.
The front residence received extensive interior updates, including new kitchen counters and sink, LVT flooring, bedroom carpet, doors, paint, a vanity and top, and three new windows. The rear residence features laminate flooring, a newer vanity and top, replaced kitchen counters, and three new windows. The property is located on Ensley Ave in Old Hickory, Tennessee.
Key Highlights
- Two‑unit duplex built in 2001
- Each unit has 2 BR/1 BA and central heat and air
- Roof is 6 years old
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
$17,546
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
4.74%
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%
$350,920
$350.9K
Cap Rate 7%
$250,657
$250.7K
Cap Rate 9%
$194,956
$195.0K
Market Conditions
NOI Build-Up for 1,455 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
$26.7K $18.36/SF
− Vacancy
−$1.6K −$1.13/SF
EGI
$25.1K $17.23/SF
− OpEx
−$7.5K −$5.17/SF
NOI
$17.5K $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 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%
$350,920
Cap Rate 7%
$250,657
Cap Rate 9%
$194,956
Alternative Uses
Best Use
Multifamily LT 5
$250.7K
$219.3K – $292.4K
NOI $17,546 @ 7.0% cap · market cap 4.74%
Second Best
Apartment 5plus
$230.9K
$202.0K – $269.4K
NOI $16,162 @ 7.0% cap · market cap 4.37%
Theoretical Best
Warehouse
$1.76M
$1.54M – $2.06M
NOI $123,306 @ 7.0% cap · market cap 33.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
118
Businesses Nearby
Explore this area
Business Placement
Demographics for 37138, TN
23,631
Population
9,905
Households
2.4
Avg Household Size
43
Median Age
40%
College-Educated
94%
High-School Grad
17.9 sq mi
ZIP Area
1,320
Density / Sq Mi
$87,450
Median Household Income
$54,738
Median Earnings
$1,427
Median Rent
$347,500
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?
Duplex - Two residential units offer two bedrooms, one bath, and central heat and air in each residence.
Where is this duplex located?
The property is located at 215 Ensley Ave Old Hickory, TN.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Two‑unit duplex built in 2001; Each unit has 2 BR/1 BA and central heat and air; Roof is 6 years old
