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 Market62
Property Features for 2949 Armory Drive
General Information
Standard status
Active
Size
27,720 SF
Property subtype
Industrial
Listing Agency:
Charles Hawkins Co.
Listed By:
Jake Morris · License #353235
(678) 209-4851
Source:
Crexi
Added: Jul 7
Changed: Aug 27
Last Checked: Sep 4 at 5:04AM
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.
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 = 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
$267,027
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
3.68%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Industrial in Nashville, TN
Questions? Ask Rey
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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)
