Section 8 Multifamily
For Sale
$200,000
602 Dover Rd, Clarksville, TN 37042
Multifamily asset with Section 8-approved units offered in its current condition.
Property Size1,225 SF
Price / SF$163.27
Days on Market163
Property Features for 602 Dover Rd
General Information
Standard status
Active
Size
1,225 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$1,787
Listing Agency:
Benchmark Realty
(931) 281-6160
Listed By:
Teresa Ferguson
(931) 561-8501
Source:
Exprealty
Added: Mar 24
Changed: Aug 31
Last Checked: Aug 31 at 7:32PM
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
Investment Insights
Based on property information with market context.
This multifamily property includes Section 8-approved units and is offered for sale in as-is condition. The property is located at 602 Dover Rd in Clarksville, Tennessee, with proximity to Fort Campbell and Downtown Clarksville.
Key Highlights
- Section 8‑approved units
- Offered for sale as‑is
- Located at 602 Dover Rd, Clarksville, TN
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
$9,880
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
4.94%
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%
$197,600
$197.6K
Cap Rate 7%
$141,143
$141.1K
Cap Rate 9%
$109,778
$109.8K
Market Conditions
NOI Build-Up for 1,225 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
$19.1K $15.60/SF
− Vacancy
−$1.1K −$0.94/SF
EGI
$18.0K $14.66/SF
− OpEx
−$8.1K −$6.60/SF
NOI
$9.9K $8.07/SF
Area
Clarksville, TN
Vacancy
6.00%
Lease Rate
$15.60 /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%
$197,600
Cap Rate 7%
$141,143
Cap Rate 9%
$109,778
Alternative Uses
Best Use
Apartment 5plus
$141.1K
$123.5K – $164.7K
NOI $9,880 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$205.6K
$179.9K – $239.9K
NOI $14,394 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
127
Businesses Nearby
Explore this area
Business Placement
Demographics for 37042, TN
83,498
Population
35,433
Households
2.4
Avg Household Size
29
Median Age
26%
College-Educated
94%
High-School Grad
56.9 sq mi
ZIP Area
1,467
Density / Sq Mi
$66,435
Median Household Income
$38,716
Median Earnings
$1,196
Median Rent
$220,700
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?
Multifamily property - Multifamily asset with Section 8-approved units offered in its current condition.
Where is this multifamily property located?
The property is located at 602 Dover Rd Clarksville, TN.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Section 8‑approved units; Offered for sale as‑is; Located at 602 Dover Rd, Clarksville, TN
