Updated One-Level
For Sale
$549,900
2721 Penn Meade Dr, Nashville, TN 37214
The property includes a fenced backyard, driveway parking, and updated HVAC units.
Property Size2,872 SF
Price / SF$191.47
Days on Market135
Property Features for 2721 Penn Meade Dr
General Information
Standard status
Active
Size
2,872 SF
Property subtype
Residential Income
Additional Details
Furnished
No
Taxes and HOA fees
Annual Taxes
$5,461
Listing Agency:
HALO Realty, LLC
(631) 466-7516
Listed By:
Michelle Chambers · License #355054
(631) 466-7516
Source:
Exprealty
Added: Mar 30
Changed: Aug 10
Last Checked: Aug 10 at 10:54AM
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 HALO Realty, LLC
Investment Insights
Based on property information with market context.
This updated duplex offers one-level living with a fenced backyard and driveway parking. New HVAC units are identified for 2025/2026, adding a recent mechanical update to the property. The duplex is currently rented, providing an existing occupancy profile for review by qualified purchasers.
Located near Opryland, the property also offers a quick commute to Downtown Nashville. The address is 2721 Penn Meade Dr, Nashville, TN.
Located near Opryland, the property also offers a quick commute to Downtown Nashville. The address is 2721 Penn Meade Dr, Nashville, TN.
Key Highlights
- Duplex with updated one‑level living configuration
- New HVAC units identified for 2025/2026
- Fenced backyard
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
$36,448
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
6.63%
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%
$728,960
$729.0K
Cap Rate 7%
$520,686
$520.7K
Cap Rate 9%
$404,978
$405.0K
Market Conditions
NOI Build-Up for 2,872 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
$55.8K $19.44/SF
− Vacancy
−$3.8K −$1.31/SF
EGI
$52.1K $18.13/SF
− OpEx
−$15.6K −$5.44/SF
NOI
$36.4K $12.69/SF
Area
ZIP 37214
Vacancy
6.74%
Lease Rate
$19.44 /SF/Yr
Expense Ratio
30.00%
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%
$728,960
Cap Rate 7%
$520,686
Cap Rate 9%
$404,978
Alternative Uses
Best Use
Multifamily LT 5
$520.7K
$455.6K – $607.5K
NOI $36,448 @ 7.0% cap · market cap 6.63%
Second Best
Apartment 5plus
$478.0K
$418.2K – $557.6K
NOI $33,458 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$744.4K
$651.4K – $868.5K
NOI $52,110 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
85
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - The property includes a fenced backyard, driveway parking, and updated HVAC units.
Where is this duplex located?
The property is located at 2721 Penn Meade Dr Nashville, TN.
What is the asking price?
The asking price for this property is $549,900.
What are key features of this property?
This property features: Duplex with updated one‑level living configuration; New HVAC units identified for 2025/2026; Fenced backyard
