Leased Duplex on Corner
For Sale
Contact for pricing
517 Woods Dr, Columbia, TN 38401
Well-maintained duplex with two leased units and off-street parking on a large corner lot.
Property Size1,625 SF
Price / SF$246.15
Days on Market102
Property Features for 517 Woods Dr
General Information
Standard status
Active
Size
1,625 SF
Property subtype
Multifamily
Occupancy
100%
Investment Type
Stabilized
Additional Details
Business Included
Yes
Multifamily Units
2
Building Details
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
United Country Columbia Realty & Auction
Listed By:
Jake Grizzard · License #TN
Source:
Crexi
Added: May 26
Changed: Aug 13
Last Checked: Sep 2 at 9:48PM
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.
517 Woods Dr is a well-maintained duplex situated on a large corner lot. The property consists of two separate units, and each side features a 2-bedroom, 1-bath layout with functional floor plans.
Both units are currently leased, providing immediate occupancy. Off-street parking is available for tenants, supporting convenient day-to-day access.
With the duplex in place and both sides occupied, the property is positioned for an investor seeking an income-producing residential income asset with low exterior maintenance requirements. Showings are available with 48 hours’ notice; please do not disturb tenants.
Both units are currently leased, providing immediate occupancy. Off-street parking is available for tenants, supporting convenient day-to-day access.
With the duplex in place and both sides occupied, the property is positioned for an investor seeking an income-producing residential income asset with low exterior maintenance requirements. Showings are available with 48 hours’ notice; please do not disturb tenants.
Key Highlights
- Well‑maintained duplex at 517 Woods Drive in Columbia, TN, on a large corner lot
- Both units currently leased, providing immediate income potential with no initial leasing needed
- Each side is a 2‑bedroom, 1‑bath layout with functional floor plans
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
$15,878
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
3.97%
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%
$317,560
$317.6K
Cap Rate 7%
$226,829
$226.8K
Cap Rate 9%
$176,422
$176.4K
Market Conditions
NOI Build-Up for 1,625 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
$23.0K $14.16/SF
− Vacancy
−$327 −$0.20/SF
EGI
$22.7K $13.96/SF
− OpEx
−$6.8K −$4.19/SF
NOI
$15.9K $9.77/SF
Area
Maury County, TN
Vacancy
1.42%
Lease Rate
$14.16 /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%
$317,560
Cap Rate 7%
$226,829
Cap Rate 9%
$176,422
Alternative Uses
Best Use
Multifamily LT 5
$226.8K
$198.5K – $264.6K
NOI $15,878 @ 7.0% cap · market cap 3.97%
Second Best
Apartment 5plus
$197.7K
$173.0K – $230.7K
NOI $13,839 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$476.4K
$416.8K – $555.8K
NOI $33,345 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
159
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with two leased units and off-street parking on a large corner lot.
Where is this duplex located?
The property is located at 517 Woods Dr Columbia, TN.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Well‑maintained duplex at 517 Woods Drive in Columbia, TN, on a large corner lot; Both units currently leased, providing immediate income potential with no initial leasing needed; Each side is a 2‑bedroom, 1‑bath layout with functional floor plans
