Listing Agency: The Realty Association Show Phone

Listed By: Julie Hasley Coone Show Phone

Source: Exprealty

Added: Jun 24 Changed: Aug 9 Last Checked: Aug 9 at 10:34AM

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Investment Insights

Based on property information with market context.

This 6,400-square-foot apartment property in Vanleer includes 10 units: 9 with one bedroom and one bathroom, plus 1 with two bedrooms and one bathroom. The unit mix provides compact residential accommodations within a small-town multifamily setting, with long-term tenancy in place.

Weekly rentals are currently offered, and utilities provided include water and electric, with gas water heaters noted. Occupancy is reported at 100%. The property is located at 4819 Highway 49 W in Vanleer, Tennessee. The resident profile is divided between Housing Authority participation and private tenancy, with 40% attributed to the Housing Authority and 60% private.

Key Highlights

• 10‑unit apartment property totaling 6,400 square feet
• Unit mix includes 9 one‑bedroom, one‑bath units and 1 two‑bedroom, one‑bath unit
• 100% occupancy reported

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

$66,710

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

5.45%

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%

$1,334,200 $1.3M

Cap Rate 7%

$953,000 $953.0K

Cap Rate 9%

$741,222 $741.2K

Market Conditions

NOI Build-Up for 6,400 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

$130.6K $20.40/SF

− Vacancy

−$9.3K −$1.45/SF

EGI

$121.3K $18.95/SF

− OpEx

−$54.6K −$8.53/SF

NOI

$66.7K $10.42/SF

Area

Dickson County, TN

Vacancy

7.10%

Lease Rate

$20.40 /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%

$1,334,200

Cap Rate 7%

$953,000

Cap Rate 9%

$741,222

Alternative Uses

Best Use

Apartment 5plus

$953.0K

$833.9K – $1.11M (±1% cap)

NOI $66,710 @ 7.0% cap · market cap 5.45%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.88M

$1.64M – $2.19M (±1% cap)

NOI $131,328 @ 7.0% cap · market cap 10.72%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Apartment buildings

Suggested Use

Top Pick Electrical Service Furniture & Home Goods Grocery & Convenience Store (Bike/Boat/Book/etc) Store Auto Repair Shop Computer & Electronic Repair

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

10

Residential units

100%

Occupancy

Location Intelligence

Trade Area within ½ mile

46

Businesses Nearby

Explore this area Business Placement

Demographics for 37181, TN

1,509

Population

748

Households

2

Avg Household Size

43

Median Age

15%

College-Educated

81%

High-School Grad

52.3 sq mi

ZIP Area

29

Density / Sq Mi

$64,583

Median Household Income

$33,579

Median Earnings

$722

Median Rent

$172,900

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully occupied small-town property with one- and two-bedroom units and utilities currently provided.

Where is this apartment building located?

The property is located at 4819 Highway 49 W Vanleer, TN.

What is the asking price?

The asking price for this property is $1,225,000.

What are key features of this property?

This property features: 10‑unit apartment property totaling 6,400 square feet; Unit mix includes 9 one‑bedroom, one‑bath units and 1 two‑bedroom, one‑bath unit; 100% occupancy reported