5-Unit Apartment
For Sale
$849,830
5608 Highway 48 N, Dickson, TN 37055
Five-unit income property with duplex and single-family configurations.
Property Size3,700 SF
Price / SF$229.68
Days on Market25
Property Features for 5608 Highway 48 N
General Information
Standard status
Active
Size
3,700 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
5
Building Details
Year Built
1987
Buildings
3
Listing Agency:
The Realty Association
(615) 385-9010
Listed By:
Julie Hasley Coone
Source:
Grayfoxrealty
Added: Aug 6
Changed: Aug 30
Last Checked: Aug 25 at 4:46AM
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 The Realty Association
Investment Insights
Based on property information with market context.
This 5-unit multifamily property includes two front duplex buildings and a separate single-family home. The duplex units each offer two bedrooms and one bathroom, while the house provides two bedrooms and one bathroom. The property contains 3,700 square feet and was built in 1987.
Residents pay their own electric utility bills, while the owner covers water service for all units. The property is described as well maintained, and an existing maintenance professional familiar with the apartments is willing to continue working for the new owner.
Residents pay their own electric utility bills, while the owner covers water service for all units. The property is described as well maintained, and an existing maintenance professional familiar with the apartments is willing to continue working for the new owner.
Key Highlights
- Five‑unit multifamily property with two duplex buildings and one single‑family home
- 3,700 square feet on a property built in 1987
- Duplex units feature two bedrooms and one bathroom each
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
$38,567
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
4.54%
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%
$771,340
$771.3K
Cap Rate 7%
$550,957
$551.0K
Cap Rate 9%
$428,522
$428.5K
Market Conditions
NOI Build-Up for 3,700 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
$75.5K $20.40/SF
− Vacancy
−$5.4K −$1.45/SF
EGI
$70.1K $18.95/SF
− OpEx
−$31.6K −$8.53/SF
NOI
$38.6K $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%
$771,340
Cap Rate 7%
$550,957
Cap Rate 9%
$428,522
Alternative Uses
Best Use
Apartment 5plus
$551.0K
$482.1K – $642.8K
NOI $38,567 @ 7.0% cap · market cap 4.54%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.08M
$949.1K – $1.27M
NOI $75,924 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
5
Businesses Nearby
Explore this area
Business Placement
Demographics for 37055, TN
29,319
Population
12,160
Households
2.4
Avg Household Size
40
Median Age
20%
College-Educated
91%
High-School Grad
201.7 sq mi
ZIP Area
145
Density / Sq Mi
$69,283
Median Household Income
$41,808
Median Earnings
$1,034
Median Rent
$258,200
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?
Apartment building - Five-unit income property with duplex and single-family configurations.
Where is this apartment building located?
The property is located at 5608 Highway 48 N Dickson, TN.
What is the asking price?
The asking price for this property is $849,830.
What are key features of this property?
This property features: Five‑unit multifamily property with two duplex buildings and one single‑family home; 3,700 square feet on a property built in 1987; Duplex units feature two bedrooms and one bathroom each
