Mixed-Use Building in Old
For Sale
$975,000
521 Old Hickory Blvd, Old Hickory, TN 37138
Three-story commercial property with office, retail, and residential units.
Property Size5,543 SF
Lot Size0.27 Acres
Price / SF$175.90
Days on Market536
Property Features for 521 Old Hickory Blvd
General Information
Standard status
Active
Size
5,543 SF
Lot size
0.27 Acres
Property subtype
Commercial
Building Details
Year Built
1930
Listing Agency:
KELLER WILLIAMS REALTY
(615) 425-3600
Listed By:
ALEC BAHMED · License #358430
Source:
Corcoran
Added: Feb 20, 2025
Changed: Aug 9
Last Checked: Aug 9 at 8:06PM
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 KELLER WILLIAMS REALTY
Investment Insights
Based on property information with market context.
The Rhodes Building, situated at 521 Old Hickory Boulevard in Tennessee, is a well-maintained commercial property featuring a mix of office, retail, and residential spaces. This three-story building, which includes a loft and basement, provides approximately 5,543 square feet of space. The layout comprises four commercial units, two residential units, and three additional storage spaces located at the rear of the property. Constructed with solid brick, the property is positioned in a growing market. Old Hickory, Tennessee, is a historic community located along the Cumberland River with a notable industrial history. Named after President Andrew Jackson, the area maintains a resilient character. It offers a stable market for investors, with established neighborhoods, proximity to Nashville, and access to major transportation routes. Key landmarks in the area include Andrew Jackson’s Hermitage and the Old Hickory Lock and Dam. Outdoor amenities are available, such as parks, boating, and fishing opportunities along the river. The local economy is supported by small businesses, restaurants, and retail shops. Long-term tenants are in place with flexibility to stay or vacate.
Key Highlights
- Mix of commercial, residential, and storage units provides diverse income streams.
- Strategic location in Old Hickory, TN, offers proximity to Nashville and major transportation routes.
- Solid brick construction ensures durability and long‑term value.
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
$66,350
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
6.81%
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%
$1,327,000
$1.3M
Cap Rate 7%
$947,857
$947.9K
Cap Rate 9%
$737,222
$737.2K
Market Conditions
NOI Build-Up for 5,543 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
$99.8K $18.00/SF
− Vacancy
−$5.0K −$0.90/SF
EGI
$94.8K $17.10/SF
− OpEx
−$28.4K −$5.13/SF
NOI
$66.3K $11.97/SF
Area
Davidson County, TN
Vacancy
5.00%
Lease Rate
$18.00 /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%
$1,327,000
Cap Rate 7%
$947,857
Cap Rate 9%
$737,222
Alternative Uses
Best Use
Mixed Use
$1.40M
$1.22M – $1.63M
NOI $97,695 @ 7.0% cap · market cap 10.02%
Second Best
Office B
$1.32M
$1.16M – $1.55M
NOI $92,740 @ 7.0% cap · market cap 9.51%
Theoretical Best
Warehouse
$6.71M
$5.87M – $7.83M
NOI $469,748 @ 7.0% cap · market cap 48.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
260
Businesses Nearby
Explore this area
Business Placement
Demographics for 37138, TN
23,631
Population
9,905
Households
2.4
Avg Household Size
43
Median Age
40%
College-Educated
94%
High-School Grad
17.9 sq mi
ZIP Area
1,320
Density / Sq Mi
$87,450
Median Household Income
$54,738
Median Earnings
$1,427
Median Rent
$347,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Three-story commercial property with office, retail, and residential units.
Where is this mixed-use property located?
The property is located at 521 Old Hickory Blvd Old Hickory, TN.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Mix of commercial, residential, and storage units provides diverse income streams.; Strategic location in Old Hickory, TN, offers proximity to Nashville and major transportation routes.; Solid brick construction ensures durability and long‑term value.
