Renovated Two-Home Multifamily
New
For Sale
$429,000
404 Green Acres Dr, Columbia, TN 38401
Two detached residences offer separate utilities and flexible living or rental arrangements on one parcel.
Property Size1,780 SF
Price / SF$241.01
Days on Market3
Property Features for 404 Green Acres Dr
General Information
Standard status
Active
Size
1,780 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Building Details
Year Built
1940
Buildings
2
Listing Agency:
United Country - Columbia Realty & Auction
Listed By:
Tammy Body · License #317947
(931) 698-8418
Source:
Fykesrealtygroup
Added: Sep 21
Last Checked: Sep 22 at 9:13PM
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 United Country - Columbia Realty & Auction
Investment Insights
Based on property information with market context.
This multifamily property includes two detached residences totaling 1,780 square feet on a single lot. The larger 1,180-square-foot home has hardwood flooring, Hardy board siding, replacement windows, updated fixtures, refreshed countertops, and renovated bathroom vanities. A second 600-square-foot residence adds a new roof, HVAC unit, exterior siding, windows, fixtures, and bathroom vanity. Both homes have been substantially updated, and each has its own utility service.
Built in 1940, the property is located at 404 Green Acres Dr in Columbia, Tennessee. A gravel driveway serves the homes. The two-building layout supports separate household occupancy and provides flexibility for multigenerational use or rental operations, subject to applicable requirements.
Built in 1940, the property is located at 404 Green Acres Dr in Columbia, Tennessee. A gravel driveway serves the homes. The two-building layout supports separate household occupancy and provides flexibility for multigenerational use or rental operations, subject to applicable requirements.
Key Highlights
- Two detached homes on one lot totaling 1,780 sq ft
- Main residence measures 1,180 sq ft
- Second residence measures 600 sq ft
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
$15,159
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
3.53%
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%
$303,180
$303.2K
Cap Rate 7%
$216,557
$216.6K
Cap Rate 9%
$168,433
$168.4K
Market Conditions
NOI Build-Up for 1,780 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
$28.0K $15.72/SF
− Vacancy
−$420 −$0.24/SF
EGI
$27.6K $15.48/SF
− OpEx
−$12.4K −$6.97/SF
NOI
$15.2K $8.52/SF
Area
Maury County, TN
Vacancy
1.50%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
45.00%
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%
$303,180
Cap Rate 7%
$216,557
Cap Rate 9%
$168,433
Alternative Uses
Best Use
Apartment 5plus
$216.6K
$189.5K – $252.7K
NOI $15,159 @ 7.0% cap · market cap 3.53%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$521.8K
$456.6K – $608.8K
NOI $36,526 @ 7.0% cap · market cap 8.51%
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
592
Businesses Nearby
Explore this area
Business Placement
Demographics for 38401, TN
63,075
Population
28,470
Households
2.2
Avg Household Size
40
Median Age
24%
College-Educated
92%
High-School Grad
296.7 sq mi
ZIP Area
213
Density / Sq Mi
$69,467
Median Household Income
$42,314
Median Earnings
$1,084
Median Rent
$295,200
Median Home Value
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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?
Multifamily property - Two detached residences offer separate utilities and flexible living or rental arrangements on one parcel.
Where is this multifamily property located?
The property is located at 404 Green Acres Dr Columbia, TN.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: Two detached homes on one lot totaling 1,780 sq ft; Main residence measures 1,180 sq ft; Second residence measures 600 sq ft
