Two-Story Office
For Sale
$1,295,000
321 Billingsly Ct, Franklin, TN 37067
Flexible office layout supports a combined operation or two separately occupied suites.
Property Size2,720 SF
Price / SF$476.10
Days on Market101
Property Features for 321 Billingsly Ct
General Information
Standard status
Active
Size
2,720 SF
Property subtype
Commercial
Building Details
Year Built
2005
Listing Agency:
REALTY ONE GROUP MUSIC CITY
(615) 636-8244
Listed By:
DONNA MABRY · License #340168
Source:
Corcoran
Added: May 21
Changed: Aug 29
Last Checked: May 26 at 9:21AM
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 REALTY ONE GROUP MUSIC CITY
Investment Insights
Based on property information with market context.
This 2,720-square-foot office building includes two levels that can function together or as separate upstairs and downstairs units. The first floor contains a reception and waiting area, four offices, a kitchen, bathroom, and maintenance room. The second floor offers another reception and waiting area, four offices, a kitchen, and bathroom. The property is currently operating as a doctor's office, and a rear exit opens to a courtyard.
Located at 321 Billingsly Court in Franklin, the property is 0.6 miles from I-65. A roof replacement was completed in 2025. The configuration provides flexibility for an owner-user or separate occupancy of the two floors, subject to applicable requirements.
Located at 321 Billingsly Court in Franklin, the property is 0.6 miles from I-65. A roof replacement was completed in 2025. The configuration provides flexibility for an owner-user or separate occupancy of the two floors, subject to applicable requirements.
Key Highlights
- 2,720‑square‑foot office building with two floors
- Two independent units can operate separately or as one combined office
- Each floor includes four offices, a kitchen, bathroom, and reception/waiting area
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
$45,508
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
3.51%
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%
$910,160
$910.2K
Cap Rate 7%
$650,114
$650.1K
Cap Rate 9%
$505,644
$505.6K
Market Conditions
NOI Build-Up for 2,720 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
$71.8K $26.40/SF
− Vacancy
−$11.1K −$4.09/SF
EGI
$60.7K $22.31/SF
− OpEx
−$15.2K −$5.58/SF
NOI
$45.5K $16.73/SF
Area
Williamson County, TN
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$910,160
Cap Rate 7%
$650,114
Cap Rate 9%
$505,644
Alternative Uses
Best Use
Office B
$650.1K
$568.9K – $758.5K
NOI $45,508 @ 7.0% cap · market cap 3.51%
Second Best
Healthcare Medical
$537.6K
$470.4K – $627.2K
NOI $37,631 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$797.3K
$697.7K – $930.2K
NOI $55,814 @ 7.0% cap · market cap 4.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,198
Businesses Nearby
Explore this area
Business Placement
Demographics for 37067, TN
31,465
Population
14,087
Households
2.2
Avg Household Size
38
Median Age
67%
College-Educated
97%
High-School Grad
32.5 sq mi
ZIP Area
968
Density / Sq Mi
$110,202
Median Household Income
$63,824
Median Earnings
$1,860
Median Rent
$686,200
Median Home Value
Market
Vacancy Rate% for Office 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?
Office building - Flexible office layout supports a combined operation or two separately occupied suites.
Where is this office building located?
The property is located at 321 Billingsly Ct Franklin, TN.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: 2,720‑square‑foot office building with two floors; Two independent units can operate separately or as one combined office; Each floor includes four offices, a kitchen, bathroom, and reception/waiting area
