Multi-Unit Office
For Sale
Contact for pricing
229 Ward Circle C11-C13, Brentwood, TN 37027
Office units serving businesses with convenient access to Interstate 65 and Middle Tennessee employment centers.
Property Size6,060 SF
Price / SF$363.04
Days on Market14
Property Features for 229 Ward Circle C11-C13
General Information
Standard status
Active
Size
6,060 SF
Class
A
Property subtype
Office
Additional Details
Highway Access
Yes
Listing Agency:
Charles Hawkins Co.
(615) 485-4538
Listed By:
Ryder Ballard · License #378042
Source:
Crexi
Added: Aug 19
Changed: Aug 31
Last Checked: Aug 31 at 4:00PM
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 Charles Hawkins Co.
Investment Insights
Based on property information with market context.
This offering comprises office units identified as C11-C13 at 229 Ward Circle, with a total property size of 6,060 square feet. The configuration is suited to professional office use within the Maryland Farms submarket of Brentwood.
Interstate 65 provides a direct regional connection to Nashville, Franklin, Murfreesboro, and other parts of Williamson County. The surrounding Maryland Farms area includes regional headquarters, professional services firms, healthcare companies, and financial institutions, along with local amenities serving the business community.
Interstate 65 provides a direct regional connection to Nashville, Franklin, Murfreesboro, and other parts of Williamson County. The surrounding Maryland Farms area includes regional headquarters, professional services firms, healthcare companies, and financial institutions, along with local amenities serving the business community.
Key Highlights
- 6,060‑square‑foot office property
- Office units C11‑C13
- Located in Maryland Farms, Brentwood
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
$101,390
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
4.61%
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%
$2,027,800
$2.0M
Cap Rate 7%
$1,448,429
$1.4M
Cap Rate 9%
$1,126,556
$1.1M
Market Conditions
NOI Build-Up for 6,060 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
$160.0K $26.40/SF
− Vacancy
−$24.8K −$4.09/SF
EGI
$135.2K $22.31/SF
− OpEx
−$33.8K −$5.58/SF
NOI
$101.4K $16.73/SF
Area
Williamson County, TN
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%
$2,027,800
Cap Rate 7%
$1,448,429
Cap Rate 9%
$1,126,556
Alternative Uses
Best Use
Office B
$1.45M
$1.27M – $1.69M
NOI $101,390 @ 7.0% cap · market cap 4.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.78M
$1.55M – $2.07M
NOI $124,351 @ 7.0% cap · market cap 5.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,445
Businesses Nearby
Explore this area
Business Placement
Demographics for 37027, TN
61,370
Population
23,745
Households
2.6
Avg Household Size
42
Median Age
74%
College-Educated
98%
High-School Grad
57.0 sq mi
ZIP Area
1,077
Density / Sq Mi
$156,002
Median Household Income
$71,225
Median Earnings
$2,141
Median Rent
$844,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Office units serving businesses with convenient access to Interstate 65 and Middle Tennessee employment centers.
Where is this office units located?
The property is located at 229 Ward Circle C11-C13 Brentwood, TN.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: 6,060‑square‑foot office property; Office units C11‑C13; Located in Maryland Farms, Brentwood
