Industrial Warehouse with Drive-In
For Sale
Contact for pricing
2945 Armory Drive, Nashville, TN 37204
Industrial facility with dedicated office space, warehouse heating, LED lighting, and three-phase electrical service.
Property Size14,980 SF
Price / SF$277.04
Days on Market11
Property Features for 2945 Armory Drive
General Information
Standard status
Active
Size
14,980 SF
Property subtype
Industrial
Warehouse & Industrial
Clear Height
16 ft
Office Build-Out
2,275 SF
Drive-In Doors
1
Column Spacing
30 x 45 ft
Power
225 amps
Voltage
240 V
Three-Phase Power
Yes
Listing Agency:
Charles Hawkins Co.
Listed By:
Jake Morris · License #353235
(678) 209-4851
Source:
Crexi
Added: Sep 14
Changed: Sep 19
Last Checked: Sep 22 at 6:36PM
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 Charles Hawkins Co.
Investment Insights
Based on property information with market context.
This industrial warehouse contains approximately 14,980 SF, including approximately 2,275 SF of office area. The building is equipped with LED lighting, suspended warehouse heat, and clear heights ranging from 13 feet to 16 feet. A 12-foot by 14-foot drive-in door supports material movement, while 30-foot by 45-foot column spacing provides a functional interior layout.
Electrical service includes 225 Amps at 240 V with 3 Phase Power. The property is situated along Armory Drive in Nashville’s Sidco Drive/Powell Avenue corridor, near 100 Oaks.
Electrical service includes 225 Amps at 240 V with 3 Phase Power. The property is situated along Armory Drive in Nashville’s Sidco Drive/Powell Avenue corridor, near 100 Oaks.
Key Highlights
- ±14,980 SF industrial building with ±2,275 SF of office space
- 13'-16' clear height throughout the warehouse areas
- 12' x 14' drive‑in door
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
$117,151
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
2.82%
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%
$2,343,020
$2.3M
Cap Rate 7%
$1,673,586
$1.7M
Cap Rate 9%
$1,301,678
$1.3M
Market Conditions
NOI Build-Up for 14,980 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
$143.4K $9.57/SF
− Vacancy
−$5.5K −$0.37/SF
EGI
$137.8K $9.20/SF
− OpEx
−$20.7K −$1.38/SF
NOI
$117.2K $7.82/SF
Area
Nashville, TN
Vacancy
3.86%
Lease Rate
$9.57 /SF/Yr
Expense Ratio
15.00%
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%
$2,343,020
Cap Rate 7%
$1,673,586
Cap Rate 9%
$1,301,678
Alternative Uses
Best Use
Warehouse
$1.67M
$1.46M – $1.95M
NOI $117,151 @ 7.0% cap · market cap 2.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.81M
$3.34M – $4.45M
NOI $266,944 @ 7.0% cap · market cap 6.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
885
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Nashville, TN
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Similar Off Market Nearby
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- Big And Small Storage Solutions — Nashville, TN 37204
- Life Storage - Nashville — 4326 Kenilwood Dr, Nashville, TN 37204
- Designers Warehouse Services — Foster Creighton Dr, Nashville, TN 37204
Frequently Asked Questions
What type of property is this?
Warehouse - Industrial facility with dedicated office space, warehouse heating, LED lighting, and three-phase electrical service.
Where is this warehouse located?
The property is located at 2945 Armory Drive Nashville, TN.
What is the asking price?
The asking price for this property is $4,150,000.
What are key features of this property?
This property features: ±14,980 SF industrial building with ±2,275 SF of office space; 13'-16' clear height throughout the warehouse areas; 12' x 14' drive‑in door
