Quadplex with New
For Sale
$299,950
477 Ellenwood Drive, Nashville, TN 37211
Four-unit residential property with completed exterior improvements and a cul-de-sac setting near shopping and restaurants.
Property Size1,106 SF
Price / SF$271.20
Days on Market13
Property Features for 477 Ellenwood Drive
General Information
Standard status
Active
Size
1,106 SF
Property subtype
Multi-family
Building Details
Year Built
1983
Listing Agency:
BENCHMARK REALTY, LLC
(615) 484-9994
Listed By:
Brianna Morant · License #310643
(615) 484-9994
Source:
Benchmarkrealtytn
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 30 at 5:28PM
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 BENCHMARK REALTY, LLC
Investment Insights
Based on property information with market context.
Built in 1983, this four-unit residential property is positioned at the end of a cul-de-sac in Nashville’s Nippers Corner/Brentwood area. The property has received several substantial improvements, including a new roof, replacement windows, exterior balconies, and exterior stairs.
The location provides access to shopping, restaurants, and everyday conveniences in the surrounding Brentwood and Nippers Corner area. The property is configured as a quadplex and offers rental income from its multiple residential units.
The location provides access to shopping, restaurants, and everyday conveniences in the surrounding Brentwood and Nippers Corner area. The property is configured as a quadplex and offers rental income from its multiple residential units.
Key Highlights
- Four‑unit quadplex built in 1983
- New roof and replacement windows
- Exterior balconies and stairs have been improved
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
$11,697
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
3.90%
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%
$233,940
$233.9K
Cap Rate 7%
$167,100
$167.1K
Cap Rate 9%
$129,967
$130.0K
Market Conditions
NOI Build-Up for 1,106 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
$17.9K $16.20/SF
− Vacancy
−$1.2K −$1.09/SF
EGI
$16.7K $15.11/SF
− OpEx
−$5.0K −$4.53/SF
NOI
$11.7K $10.58/SF
Area
ZIP 37211
Vacancy
6.74%
Lease Rate
$16.20 /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%
$233,940
Cap Rate 7%
$167,100
Cap Rate 9%
$129,967
Alternative Uses
Best Use
Multifamily LT 5
$167.1K
$146.2K – $195.0K
NOI $11,697 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$145.3K
$127.2K – $169.5K
NOI $10,172 @ 7.0% cap · market cap 3.39%
Theoretical Best
Office A
$324.2K
$283.7K – $378.3K
NOI $22,695 @ 7.0% cap · market cap 7.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
105
Businesses Nearby
Explore this area
Business Placement
Demographics for 37211, TN
81,830
Population
34,650
Households
2.4
Avg Household Size
33
Median Age
43%
College-Educated
86%
High-School Grad
21.7 sq mi
ZIP Area
3,771
Density / Sq Mi
$69,936
Median Household Income
$42,270
Median Earnings
$1,444
Median Rent
$374,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with completed exterior improvements and a cul-de-sac setting near shopping and restaurants.
Where is this quadplex located?
The property is located at 477 Ellenwood Drive Nashville, TN.
What is the asking price?
The asking price for this property is $299,950.
What are key features of this property?
This property features: Four‑unit quadplex built in 1983; New roof and replacement windows; Exterior balconies and stairs have been improved
