New Construction Flex
For Sale
Contact for pricing
2304 Eugenia Avenue, Nashville, TN 37211
Two-story office buildout and drive-in access support flexible industrial operations.
Property Size4,200 SF
Price / SF$380.95
Days on Market138
Property Features for 2304 Eugenia Avenue
General Information
Standard status
Active
Size
4,200 SF
Property subtype
Industrial
Zoning
IWD
Warehouse & Industrial
Clear Height
19 ft
Clear Span
Yes
Drive-In Doors
1
Additional Details
Highway Access
Yes
Building Details
Stories
2
Listing Agency:
Charles Hawkins Co.
(678) 209-4851
Listed By:
Tee Patterson, SIOR · License #320113
Source:
Crexi
Added: Apr 15
Changed: Aug 30
Last Checked: Aug 30 at 7:35AM
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.
Scheduled for estimated delivery in Spring 2026, this 4,200-square-foot flex space combines a clear-span industrial warehouse with a two-story office buildout. The building includes one 16' x 12' drive-in door, LED lighting, and ceiling heights measuring 19' at the eave and 25' at the center. IWD zoning supports its industrial property classification.
The property is located at 2304 Eugenia Avenue along the Nolensville Pike corridor in Nashville, adjacent to Berry Hill and Wedgewood-Houston. I-440 is less than one mile away, providing nearby interstate access for business operations and regional connectivity.
The property is located at 2304 Eugenia Avenue along the Nolensville Pike corridor in Nashville, adjacent to Berry Hill and Wedgewood-Houston. I-440 is less than one mile away, providing nearby interstate access for business operations and regional connectivity.
Key Highlights
- 4,200 SF flex space with clear‑span warehouse construction
- Estimated Spring 2026 delivery for new construction
- Two‑story office buildout within the industrial facility
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
$56,813
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
3.55%
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%
$1,136,260
$1.1M
Cap Rate 7%
$811,614
$811.6K
Cap Rate 9%
$631,256
$631.3K
Market Conditions
NOI Build-Up for 4,200 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
$90.7K $21.60/SF
− Vacancy
−$15.0K −$3.56/SF
EGI
$75.8K $18.04/SF
− OpEx
−$18.9K −$4.51/SF
NOI
$56.8K $13.53/SF
Area
ZIP 37211
Vacancy
16.50%
Lease Rate
$21.60 /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%
$1,136,260
Cap Rate 7%
$811,614
Cap Rate 9%
$631,256
Alternative Uses
Best Use
Office B
$811.6K
$710.2K – $946.9K
NOI $56,813 @ 7.0% cap · market cap 3.55%
Second Best
Warehouse
$469.2K
$410.6K – $547.4K
NOI $32,846 @ 7.0% cap · market cap 2.05%
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,184 @ 7.0% cap · market cap 5.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19 ft
Clear height
1
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,622
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 37211, TN
81,830
Population
34,650
Households
2.4
Avg Household Size
33
Median Age
43%
College-Educated
86%
High-School Grad
21.7 sq mi
ZIP Area
3,771
Density / Sq Mi
$69,936
Median Household Income
$42,270
Median Earnings
$1,444
Median Rent
$374,200
Median Home Value
Market
Vacancy Rate% for Office in Nashville, TN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-story office buildout and drive-in access support flexible industrial operations.
Where is this flex space located?
The property is located at 2304 Eugenia Avenue Nashville, TN.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 4,200 SF flex space with clear‑span warehouse construction; Estimated Spring 2026 delivery for new construction; Two‑story office buildout within the industrial facility
