Building Details

Building Size 1,700 SF

Year Built 1984

Buildings 5

Stories 1

Units 2

Listing Agency: Onward Real Estate Show Phone

Listed By: Jacqueline (Jackie) Hardison Show Phone

Source: Firstrealty

Added: Aug 12 Changed: Aug 28 Last Checked: Aug 29 at 10:18AM

Report an Issue

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 Onward Real Estate

Investment Insights

Based on property information with market context.

This apartment portfolio combines 16 residential units across 5 buildings in Ashland City and Kingston Springs, offering multiple income-producing assets within one package. The properties are positioned as a multifamily acquisition for ownership of several residential buildings rather than a single-site asset. One identified property at 270 Harpeth Hills Ct. in Kingston Springs was built in 1984.

The portfolio spans two Middle Tennessee communities, with stated access to Ashland City, Kingston Springs, Nashville, and surrounding employment, shopping, and service areas. Individual properties are identified at 109 Turner Street, 106 Tucker Street, and 212 Stratton Boulevard in Ashland City, along with 270 Harpeth Hills Ct. in Kingston Springs. The offering is marketed as a package, with the seller reserving the ability to consider individual properties or alternate combinations separately.

Key Highlights

• 16 residential units across 5 apartment buildings
• Portfolio includes assets in Ashland City and Kingston Springs
• Identified properties include 109 Turner Street, 106 Tucker Street, and 212 Stratton Boulevard

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

$17,720

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

4.49%

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%

$354,400 $354.4K

Cap Rate 7%

$253,143 $253.1K

Cap Rate 9%

$196,889 $196.9K

Market Conditions

NOI Build-Up for 1,700 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

$34.7K $20.40/SF

− Vacancy

−$2.5K −$1.45/SF

EGI

$32.2K $18.95/SF

− OpEx

−$14.5K −$8.53/SF

NOI

$17.7K $10.42/SF

Area

Cheatham County, TN

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%

$354,400

Cap Rate 7%

$253,143

Cap Rate 9%

$196,889

Alternative Uses

Best Use

Apartment 5plus

$253.1K

$221.5K – $295.3K (±1% cap)

NOI $17,720 @ 7.0% cap · market cap 4.49%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$571.2K

$499.8K – $666.4K (±1% cap)

NOI $39,984 @ 7.0% cap · market cap 10.12%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick HVAC Service Dental Office Real Estate Agency Plumbing Service Parking Lot & Garage Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

16

Residential units

Location Intelligence

Trade Area within ½ mile

45

Businesses Nearby

Explore this area Business Placement

Demographics for 37082, TN

6,138

Population

2,298

Households

2.7

Avg Household Size

45

Median Age

27%

College-Educated

96%

High-School Grad

42.4 sq mi

ZIP Area

145

Density / Sq Mi

$95,301

Median Household Income

$44,972

Median Earnings

$1,275

Median Rent

$358,200

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Apartment building - Residential rental assets distributed among multiple buildings in Ashland City and Kingston Springs.

Where is this apartment building located?

The property is located at 270 Harpeth Hills Ct Kingston Springs, TN.

What is the asking price?

The asking price for this property is $395,000.

What are key features of this property?

This property features: 16 residential units across 5 apartment buildings; Portfolio includes assets in Ashland City and Kingston Springs; Identified properties include 109 Turner Street, 106 Tucker Street, and 212 Stratton Boulevard