Berry Hill Mixed-Use
For Sale
Contact for pricing
2689 Fessey Ct, Nashville, TN 37204
Two adjacent parcels in Nashville's growing creative district.
Property Size4,300 SF
Lot Size0.45 Acres
Price / SF$418.60
Days on Market165
Property Features for 2689 Fessey Ct
General Information
Standard status
Active
Size
4,300 SF
Lot size
0.45 Acres
Property subtype
Land, Mixed Use, Office
Zoning
Berry Hill
Listing Agency:
Compass RE.
(615) 497-6488
Listed By:
Andrew Terrell · License #314637
Source:
Crexi
Added: Feb 27
Changed: Aug 8
Last Checked: Aug 11 at 4:18PM
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 Compass RE.
Investment Insights
Based on property information with market context.
Two adjacent parcels totaling 0.45 acres are available in Berry Hill, offering a rare opportunity to own flexible-zoned property. The location is near restaurants, studios, and downtown Nashville. The combined sale includes 2686 and 2689 Fessey Ct, totaling over 4,300 square feet. 2689 Fessey Court features a 3,300 square foot recording studio, purpose-built for audio production with high ceilings, acoustic treatments, and multiple rooms. 2686 Fessey Court includes a 1,000 square foot office/residence, currently configured as a live/work space, which can be used as an office, residence, or short-term rental. The property has excellent redevelopment or owner-user potential and is located in a creative district with strong growth and demand.
Key Highlights
- Prime Berry Hill location in a fast‑growing, creative district near restaurants, studios, and downtown Nashville.
- Two adjacent parcels totaling 0.45 acres with flexible zoning, suitable for developers, owner‑occupants, or investors.
- Combined 4,300 SF of space including a 3,300 SF recording studio and a 1,000 SF office/residence.
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
$53,841
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
2.99%
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%
$1,076,820
$1.1M
Cap Rate 7%
$769,157
$769.2K
Cap Rate 9%
$598,233
$598.2K
Market Conditions
NOI Build-Up for 4,300 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
$90.3K $21.00/SF
− Vacancy
−$18.5K −$4.31/SF
EGI
$71.8K $16.70/SF
− OpEx
−$17.9K −$4.17/SF
NOI
$53.8K $12.52/SF
Area
Nashville, TN
Vacancy
20.50%
Lease Rate
$21.00 /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%
$1,076,820
Cap Rate 7%
$769,157
Cap Rate 9%
$598,233
Alternative Uses
Best Use
Office B
$769.2K
$673.0K – $897.4K
NOI $53,841 @ 7.0% cap · market cap 2.99%
Second Best
Mixed Use
$746.4K
$653.1K – $870.8K
NOI $52,245 @ 7.0% cap · market cap 2.90%
Theoretical Best
Office A
$1.09M
$957.8K – $1.28M
NOI $76,626 @ 7.0% cap · market cap 4.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,744
Businesses Nearby
Explore this area
Business Placement
Demographics for 37204, TN
15,959
Population
8,095
Households
2
Avg Household Size
30
Median Age
77%
College-Educated
96%
High-School Grad
7.3 sq mi
ZIP Area
2,186
Density / Sq Mi
$109,341
Median Household Income
$54,059
Median Earnings
$1,703
Median Rent
$832,000
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?
Mixed-use property - Two adjacent parcels in Nashville's growing creative district.
Where is this mixed-use property located?
The property is located at 2689 Fessey Ct Nashville, TN.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Prime Berry Hill location in a fast‑growing, creative district near restaurants, studios, and downtown Nashville.; Two adjacent parcels totaling 0.45 acres with flexible zoning, suitable for developers, owner‑occupants, or investors.; Combined 4,300 SF of space including a **3,300 SF recording studio** and a **1,000 SF office/residence**.
