16-Unit Townhome-Style Apartment
For Sale
$2,350,000
279B Harrier Ct, Clarksville, TN 37042
Fully occupied community near Fort Campbell with three-bedroom layouts and access to commuter routes.
Property Size22,400 SF
Days on Market107
Property Features for 279B Harrier Ct
General Information
Standard status
Active
Size
22,400 SF
Property subtype
Multifamily
Occupancy
100%
Additional Details
Cap Rate
6.89%
Multifamily Units
16
Amenities
16-unit multifamily community located in one of Clarksville's strongest rental corridors near Fort Campbell and the Kentucky state line
Fully occupied asset offering stable in-place cash flow with immediate income generation
All units feature 3-bedroom, 2-bathroom townhome-style floor plans averaging approximately 1,400 square feet
Current rental rates are $91 below market, allowing additional upside potential through future rent growth and operational improvements
Positioned near major commuting routes, shopping, dining, employment centers, and Fort Campbell military base, driving consistent rental demand
Building Details
Building Size
22,400 SF
Year Built
1992
Units
16
Listing Agency:
Nashville Office
(615) 997-2853
Listed By:
Pat Cosgrove · License #License(s): TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: May 18
Changed: Aug 31
Last Checked: Aug 31 at 12:45PM
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 Nashville Office
Investment Insights
Based on property information with market context.
Harrier Court Apartments is a 16-unit multifamily property at 279B Harrier Ct in Clarksville, Tennessee. Constructed in 1992, the community is fully occupied and consists of townhome-style residences with three bedrooms and two bathrooms. Units average approximately 1,400 square feet, providing substantial residential layouts within a consistent apartment configuration.
The property is positioned near Fort Campbell and offers access to employment centers, shopping, dining, and commuter routes. Current rents are below market, creating a documented opportunity for future rent growth. The asset is located within the Clarksville/Fort Campbell rental market and is suited to investors evaluating an occupied multifamily property with established tenancy.
The property is positioned near Fort Campbell and offers access to employment centers, shopping, dining, and commuter routes. Current rents are below market, creating a documented opportunity for future rent growth. The asset is located within the Clarksville/Fort Campbell rental market and is suited to investors evaluating an occupied multifamily property with established tenancy.
Key Highlights
- 16‑unit multifamily community with full occupancy
- Townhome‑style residences with 3 bedrooms and 2 bathrooms
- Units average approximately 1,400 square feet
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
$180,660
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
7.69%
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%
$3,613,200
$3.6M
Cap Rate 7%
$2,580,857
$2.6M
Cap Rate 9%
$2,007,333
$2.0M
Market Conditions
NOI Build-Up for 22,400 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
$349.4K $15.60/SF
− Vacancy
−$21.0K −$0.94/SF
EGI
$328.5K $14.66/SF
− OpEx
−$147.8K −$6.60/SF
NOI
$180.7K $8.07/SF
Area
Clarksville, TN
Vacancy
6.00%
Lease Rate
$15.60 /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%
$3,613,200
Cap Rate 7%
$2,580,857
Cap Rate 9%
$2,007,333
Alternative Uses
Best Use
Apartment 5plus
$2.58M
$2.26M – $3.01M
NOI $180,660 @ 7.0% cap · market cap 7.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.76M
$3.29M – $4.39M
NOI $263,209 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 37042, TN
83,498
Population
35,433
Households
2.4
Avg Household Size
29
Median Age
26%
College-Educated
94%
High-School Grad
56.9 sq mi
ZIP Area
1,467
Density / Sq Mi
$66,435
Median Household Income
$38,716
Median Earnings
$1,196
Median Rent
$220,700
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?
Apartment building - Fully occupied community near Fort Campbell with three-bedroom layouts and access to commuter routes.
Where is this apartment building located?
The property is located at 279B Harrier Ct Clarksville, TN.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 16‑unit multifamily community with full occupancy; Townhome‑style residences with 3 bedrooms and 2 bathrooms; Units average approximately 1,400 square feet
