Renovated Multifamily Community in
For Sale
$15,375,000
2425 Atrium Way, Nashville, TN 37214
Newly renovated 123-unit multifamily community in Nashville, Tennessee.
Property Size60,608 SF
Days on Market240
Property Features for 2425 Atrium Way
General Information
Standard status
Active
Size
60,608 SF
Class
B
Property subtype
Multifamily
Site & Location
Neighborhood
Donelson - Hermitage - Old Hickory
Building Details
Building Size
60,608 SF
Year Built
1985
Listing Agency:
SVN | Accel Commercial Real Estate
Listed By:
Kunal Patel, CCIM
(731) 613-5487
Source:
Svn
Added: Feb 26
Changed: Oct 9
Last Checked: Oct 23 at 4:10AM
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 SVN | Accel Commercial Real Estate
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Investment Insights
Based on property information with market context.
Atrium Flats is a newly renovated 123-unit multifamily community located in the Merry Oaks neighborhood of Nashville, Tennessee. The property is strategically positioned between Downtown Nashville, the airport corridor, and Donelson. The community offers a mix of studio, one-bedroom, and two-bedroom units averaging 354 square feet. These units combine contemporary finishes with functional layouts. The property is designed to cater to working professionals, students, and service-sector tenants. The property was recently approved by MDHA for a voucher program, with potential rent increases for studios to $1602, one bedrooms to $1665, and two bedrooms to $1845. The property was newly renovated in 2024, presenting a turnkey opportunity. Current asking rents average $1,063 ($3.05/SF), below submarket averages of $1,438 ($3.21/SF). Studio and one-bedroom units comprise over 95% of the property mix. The property is operated by Elmington Property Management. It is located just off Briley Parkway and Elm Hill Pike, within 10 minutes of Downtown Nashville, Opry Mills, and Nashville International Airport.
Key Highlights
- Newly renovated in 2024, offering a turnkey investment.
- Approved for Section 8 voucher program, allowing potential rent increases.
- Located in the rapidly growing Merry Oaks neighborhood.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$706,063
Cap Rate
4.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$14,121,260
$14.1M
Cap Rate 7%
$10,086,614
$10.1M
Cap Rate 9%
$7,845,144
$7.8M
Market Conditions
NOI Build-Up for 60,608 SF
Gross rent
$1.38M $22.80/SF
− Vacancy
−$98.1K −$1.62/SF
EGI
$1.28M $21.18/SF
− OpEx
−$577.7K −$9.53/SF
NOI
$706.1K $11.65/SF
Area
ZIP 37214
Vacancy
7.10%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$14,121,260
Cap Rate 7%
$10,086,614
Cap Rate 9%
$7,845,144
Alternative Uses
Best Use
Apartment 5plus
$10.09M
$8.83M – $11.77M
NOI $706,063 @ 7.0% cap · market cap 4.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.71M
$13.75M – $18.33M
NOI $1,099,672 @ 7.0% cap · market cap 7.15%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Open Analytics
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
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Business Placement
Demographics for 37214, TN
30,480
Population
15,526
Households
2
Avg Household Size
38
Median Age
46%
College-Educated
93%
High-School Grad
21.9 sq mi
ZIP Area
1,392
Density / Sq Mi
$71,969
Median Household Income
$48,583
Median Earnings
$1,567
Median Rent
$315,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Newly renovated 123-unit multifamily community in Nashville, Tennessee.
Where is this apartment building located?
The property is located at 2425 Atrium Way Nashville, TN.
What is the asking price?
The asking price for this property is $15,375,000.
What are key features of this property?
This property features: Newly renovated in 2024, offering a turnkey investment.; Approved for Section 8 voucher program, allowing potential rent increases.; Located in the rapidly growing Merry Oaks neighborhood.
