Brick Duplex with Separate
For Sale
$199,900
3223 Curtis Street, Nashville, TN 37218
Two vacant residences provide immediate flexibility for leasing one or both units.
Property Size1,125 SF
Lot Size0.33 Acres
Price / SF$177.69
Days on Market20
Property Features for 3223 Curtis Street
General Information
Standard status
Active
Size
1,125 SF
Lot size
0.33 Acres
Property subtype
Multi-family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1968
Buildings
1
Construction
brick
Listed By:
Steve Jolly
(615) 519-0983
Source:
Benchmarkrealtytn
Added: Sep 8
Changed: Sep 26
Last Checked: Sep 26 at 9:33AM
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 Steve Jolly
Investment Insights
Based on property information with market context.
Built in 1968, this all-brick duplex contains two vacant residences, each configured with two bedrooms and one bathroom. Separate electric and water meters serve the units, allowing each residence to maintain its own utility service. The property offers a practical existing income-property configuration while ownership evaluates future plans.
Located at 3223 Curtis Street in Nashville, the property sits on an 80-by-190-foot lot measuring approximately one-third of an acre. Utilities are already on site, and there is no HOA. Any development or redevelopment potential should be independently confirmed with Metro Codes.
Located at 3223 Curtis Street in Nashville, the property sits on an 80-by-190-foot lot measuring approximately one-third of an acre. Utilities are already on site, and there is no HOA. Any development or redevelopment potential should be independently confirmed with Metro Codes.
Key Highlights
- Two‑unit duplex with two bedrooms and one bathroom per unit
- All‑brick construction dating to 1968
- Separate electric and water meters for each unit
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
$12,779
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
6.39%
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%
$255,580
$255.6K
Cap Rate 7%
$182,557
$182.6K
Cap Rate 9%
$141,989
$142.0K
Market Conditions
NOI Build-Up for 1,125 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
$19.6K $17.40/SF
− Vacancy
−$1.3K −$1.17/SF
EGI
$18.3K $16.23/SF
− OpEx
−$5.5K −$4.87/SF
NOI
$12.8K $11.36/SF
Area
Nashville, TN
Vacancy
6.74%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$255,580
Cap Rate 7%
$182,557
Cap Rate 9%
$141,989
Alternative Uses
Best Use
Multifamily LT 5
$182.6K
$159.7K – $213.0K
NOI $12,779 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$167.5K
$146.6K – $195.4K
NOI $11,726 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$286.4K
$250.6K – $334.1K
NOI $20,048 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Explore this area
Business Placement
Demographics for 37218, TN
14,875
Population
6,497
Households
2.3
Avg Household Size
42
Median Age
29%
College-Educated
92%
High-School Grad
39.0 sq mi
ZIP Area
381
Density / Sq Mi
$59,073
Median Household Income
$38,726
Median Earnings
$1,368
Median Rent
$295,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two vacant residences provide immediate flexibility for leasing one or both units.
Where is this duplex located?
The property is located at 3223 Curtis Street Nashville, TN.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Two‑unit duplex with two bedrooms and one bathroom per unit; All‑brick construction dating to 1968; Separate electric and water meters for each unit
