Flex Industrial
For Sale
Contact for pricing
2949 Armory Drive, Nashville, TN 37204
Multi-tenant flex/industrial building offered for sale or lease with space divisible for two tenants.
Property Size27,720 SF
Price / SF$261.54
Days on Market110
Property Features for 2949 Armory Drive
General Information
Standard status
Active
Size
27,720 SF
Property subtype
Industrial
Site & Location
Neighborhood
South Nashville
Listing Agency:
Charles Hawkins Co.
Listed By:
Jake Morris · License #353235
(678) 209-4851
Source:
Crexi
Added: Jul 7
Changed: Oct 14
Last Checked: Oct 23 at 4:14AM
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.
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Investment Insights
Based on property information with market context.
A 27,720-square-foot flex/industrial building available for sale or lease. The property is divisible to provide suites of 12,740 SF and 14,980 SF. The building is currently configured for two tenants, with the ability to be converted back to a single-tenant layout if desired.
The property is located in the Sidco Drive/Powell Ave corridor near 100 Oaks, offering convenient access within a well-established commercial area.
Lease rates are listed on the offering materials as $18/SF NNN for 12,740 SF and $17.25/SF NNN for the full 27,720 SF, with additional lease option(s) described for the split configuration.
The property is located in the Sidco Drive/Powell Ave corridor near 100 Oaks, offering convenient access within a well-established commercial area.
Lease rates are listed on the offering materials as $18/SF NNN for 12,740 SF and $17.25/SF NNN for the full 27,720 SF, with additional lease option(s) described for the split configuration.
Key Highlights
- Multi‑tenant flex/industrial building totaling 27,720 SF, offered for sale or lease
- Lease options include 12,740 SF and 14,980 SF (divisible to two tenants)
- Asking lease rate: $17.25/SF NNN for 27,720 SF (also listed: $18/SF NNN for space)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$267,027
Cap Rate
3.68%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,340,540
$5.3M
Cap Rate 7%
$3,814,671
$3.8M
Cap Rate 9%
$2,966,967
$3.0M
Market Conditions
NOI Build-Up for 27,720 SF
Gross rent
$432.4K $15.60/SF
− Vacancy
−$21.6K −$0.78/SF
EGI
$410.8K $14.82/SF
− OpEx
−$143.8K −$5.19/SF
NOI
$267.0K $9.63/SF
Area
Nashville, TN
Vacancy
5.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,340,540
Cap Rate 7%
$3,814,671
Cap Rate 9%
$2,966,967
Alternative Uses
Best Use
Flex RnD
$3.81M
$3.34M – $4.45M
NOI $267,027 @ 7.0% cap · market cap 3.68%
Second Best
Industrial
$2.55M
$2.23M – $2.98M
NOI $178,528 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$7.06M
$6.17M – $8.23M
NOI $493,970 @ 7.0% cap · market cap 6.81%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Nashville, TN
Similar Off Market Nearby
- Five Star Breaktime Solutions- Nashville — 440 Allied Dr, Nashville, TN 37211
- Chef Penelope's Catering — 2920 Sidco Dr, Nashville, TN 37204
- Firehouse Subs Berry Hill — 708 Thompson Ln, Nashville, TN 37204
- Lahacienda Food Services Warehouse — 2639 Grandview Ave, Nashville, TN 37211
- Bacon & Caviar Gourmet Catering — 2702 Nolensville Pk, Nashville, TN 37211
Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant flex/industrial building offered for sale or lease with space divisible for two tenants.
Where is this flex space located?
The property is located at 2949 Armory Drive Nashville, TN.
What is the asking price?
The asking price for this property is $7,250,000.
What are key features of this property?
This property features: Multi‑tenant flex/industrial building totaling 27,720 SF, offered for sale or lease; Lease options include 12,740 SF and 14,980 SF (divisible to two tenants); Asking lease rate: $17.25/SF NNN for 27,720 SF (also listed: $18/SF NNN for space)
