Prime Greystone Mixed-Use
For Sale
$1,999,000
2702 Greystone Rd, Nashville, TN 37204
Infill site for mixed-use development with interim office income.
Property Size5,610 SF
Price / SF$356.33
Days on Market92
Property Features for 2702 Greystone Rd
General Information
Standard status
Active
Size
5,610 SF
Total Parking Spaces
40
Property subtype
Commercial
Additional Details
Asking Price
$3,500,000
Building Details
Year Built
1951
Tenancy
Single
Listing Agency:
WILSON GROUP REAL ESTATE
(615) 385-1414
Listed By:
MATTHEW (MATT) DAVIS
Source:
Corcoran
Added: May 11
Changed: Aug 8
Last Checked: Jul 29 at 5:01AM
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 WILSON GROUP REAL ESTATE
Investment Insights
Based on property information with market context.
The property is a for-sale redevelopment site in Nashville, TN 37204, consisting of 5,610 square feet. The offering includes adjacent land at 2700 Greystone that is also available for purchase, adding an additional .35 acres, and it is presented as a redevelopment opportunity for a prime infill site with potential for a 3–4 story mixed-use project. Preliminary site plan information supports 47 residential units with ground-floor retail. The conceptual gross development program is approximately 40,280 SF, including about 32,000 RSF residential and approximately 8,000–10,000 SF retail. The proposed unit mix includes studios, 1BR, and 2BR formats. Parking is shown as 40 spaces on-site, with the note that additional leased parking nearby may be secured for higher density options. The property also notes that an existing single-tenant office provides interim income, with a profit and loss statement available. The narrative describes flexible exit strategies, including a condo sellout, a boutique multifamily rental approach, or a repositioned mixed-use asset. While financial pro forma returns are discussed, the property’s documented program, unit count, retail component, and parking framework provide the basis for evaluating development potential within the outlined Nashville infill context.
Key Highlights
- Please share the 6 key selling points you want used (the current message didn’t include them), and I’ll turn them into polished listing highlights.
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
$68,162
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
3.41%
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%
$1,363,240
$1.4M
Cap Rate 7%
$973,743
$973.7K
Cap Rate 9%
$757,356
$757.4K
Market Conditions
NOI Build-Up for 5,610 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
$121.2K $21.60/SF
− Vacancy
−$12.1K −$2.16/SF
EGI
$109.1K $19.44/SF
− OpEx
−$40.9K −$7.29/SF
NOI
$68.2K $12.15/SF
Area
Nashville, TN
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,363,240
Cap Rate 7%
$973,743
Cap Rate 9%
$757,356
Alternative Uses
Best Use
Mixed Use
$973.7K
$852.0K – $1.14M
NOI $68,162 @ 7.0% cap · market cap 3.41%
Second Best
Retail
$924.0K
$808.5K – $1.08M
NOI $64,678 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$1.43M
$1.25M – $1.67M
NOI $99,970 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,704
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Infill site for mixed-use development with interim office income.
Where is this mixed-use property located?
The property is located at 2702 Greystone Rd Nashville, TN.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Please share the 6 key selling points you want used (the current message didn’t include them), and I’ll turn them into polished listing highlights.
