Three-Bedroom Income
For Sale
$305,500
257 Westfield Dr, Nashville, TN 37221
Two-level condominium with three bedrooms, 2.5 baths, private patio, and access to a shared pool, clubhouse, and fitness center.
Property Size1,586 SF
Price / SF$192.62
Days on Market84
Property Features for 257 Westfield Dr
General Information
Standard status
Active
Size
1,586 SF
Property subtype
Unimproved Land
Units
Unit Mix
1 x 3BR/2.5BA
Multifamily Units
1
Amenities
pool
clubhouse
fitness center
fireplace
private fenced patio
Fireplace
Cable Ready
Central
Electric
Central Air
Electric Oven
Electric Range
Dishwasher
Disposal
Dryer
Microwave
Refrigerator
Washer
Patio, Pool, Electricity Available, Water Available, Cable Connected, Asphalt
Building Details
Year Built
1987
Listing Agency:
(615) 506-5276
Listed By:
Bret Ramsey · License #348480
(615) 506-5276
Source:
Kw
Added: Jun 8
Changed: Aug 29
Last Checked: Aug 29 at 2:16PM
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 Bret Ramsey
Investment Insights
Based on property information with market context.
This residential income condominium at 257 Westfield Dr offers 1,586 square feet with three bedrooms and 2.5 bathrooms across two levels. The main floor includes a living room with fireplace, formal dining area, half bath, and kitchen equipped with a stove, refrigerator, microwave, dishwasher, disposal, washer, and dryer. The primary bedroom has a private bathroom, while the remaining bedrooms share a hall bath. A fenced private patio extends the usable living area.
Built in 1987, the condominium is positioned near Bellevue One, Publix, restaurants, entertainment, schools, parks, shopping, and major commuter routes. Downtown is described as a 20-minute commute. Community amenities include a pool, clubhouse, and fitness center, while central electric systems and central air support year-round comfort.
Built in 1987, the condominium is positioned near Bellevue One, Publix, restaurants, entertainment, schools, parks, shopping, and major commuter routes. Downtown is described as a 20-minute commute. Community amenities include a pool, clubhouse, and fitness center, while central electric systems and central air support year-round comfort.
Key Highlights
- 1,586 square feet with three bedrooms and 2.5 bathrooms
- Two‑level layout with a living room fireplace and formal dining area
- Kitchen includes stove, refrigerator, microwave, dishwasher, disposal, washer, and dryer
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
$16,531
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
5.41%
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%
$330,620
$330.6K
Cap Rate 7%
$236,157
$236.2K
Cap Rate 9%
$183,678
$183.7K
Market Conditions
NOI Build-Up for 1,586 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
$32.4K $20.40/SF
− Vacancy
−$2.3K −$1.45/SF
EGI
$30.1K $18.95/SF
− OpEx
−$13.5K −$8.53/SF
NOI
$16.5K $10.42/SF
Area
ZIP 37221
Vacancy
7.10%
Lease Rate
$20.40 /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%
$330,620
Cap Rate 7%
$236,157
Cap Rate 9%
$183,678
Alternative Uses
Best Use
Apartment 5plus
$236.2K
$206.6K – $275.5K
NOI $16,531 @ 7.0% cap · market cap 5.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$532.9K
$466.3K – $621.7K
NOI $37,303 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
587
Businesses Nearby
Explore this area
Business Placement
Demographics for 37221, TN
42,312
Population
20,323
Households
2.1
Avg Household Size
39
Median Age
62%
College-Educated
97%
High-School Grad
49.3 sq mi
ZIP Area
858
Density / Sq Mi
$99,083
Median Household Income
$58,191
Median Earnings
$1,778
Median Rent
$432,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level condominium with three bedrooms, 2.5 baths, private patio, and access to a shared pool, clubhouse, and fitness center.
Where is this residential income property located?
The property is located at 257 Westfield Dr Nashville, TN.
What is the asking price?
The asking price for this property is $305,500.
What are key features of this property?
This property features: 1,586 square feet with three bedrooms and 2.5 bathrooms; Two‑level layout with a living room fireplace and formal dining area; Kitchen includes stove, refrigerator, microwave, dishwasher, disposal, washer, and dryer
