Four-Unit Multifamily
For Sale
$650,000
604 Cory Dr, Clarksville, TN 37040
Zoned MULTI and fully leased, with attached garages serving three-bedroom units.
Property Size4,856 SF
Days on Market16
Property Features for 604 Cory Dr
General Information
Standard status
Active
Size
4,856 SF
Total Parking Spaces
1
Property subtype
Residential Income
Zoning
MULTI
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$7,811
Building Details
Building Size
4,856 SF
Year Built
2007
Stories
2
Units
4
Tenancy
Multi
Abandoned
No
Listing Agency:
Compass RE
(615) 707-0321
Listed By:
Ethan Lanagan
(615) 707-0321
Source:
Firstrealty
Added: Jul 22
Changed: Aug 2
Last Checked: Aug 6 at 1:10PM
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 Compass RE
Investment Insights
Based on property information with market context.
This four-unit multifamily property was built in 2007 and is currently fully leased. One unit is occupied under a month-to-month arrangement, providing lease-term flexibility while the remaining units continue under their existing leases. The property includes three-bedroom units with attached garages, supporting practical residential functionality for occupants.
Recent physical updates include a roof that is only a few years old and replacement of several HVAC units. The property is located in Clarksville, Tennessee, minutes from Fort Campbell, and is zoned MULTI. Its four-unit configuration offers an established residential income property with a mix of current leases and one shorter-term occupancy arrangement.
Recent physical updates include a roof that is only a few years old and replacement of several HVAC units. The property is located in Clarksville, Tennessee, minutes from Fort Campbell, and is zoned MULTI. Its four-unit configuration offers an established residential income property with a mix of current leases and one shorter-term occupancy arrangement.
Key Highlights
- Four‑unit multifamily property built in 2007
- All 4 units are currently leased
- 1 unit is occupied on a month‑to‑month term
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
$43,860
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
6.75%
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%
$877,200
$877.2K
Cap Rate 7%
$626,571
$626.6K
Cap Rate 9%
$487,333
$487.3K
Market Conditions
NOI Build-Up for 4,856 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
$67.0K $13.80/SF
− Vacancy
−$4.4K −$0.90/SF
EGI
$62.7K $12.90/SF
− OpEx
−$18.8K −$3.87/SF
NOI
$43.9K $9.03/SF
Area
Clarksville, TN
Vacancy
6.50%
Lease Rate
$13.80 /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%
$877,200
Cap Rate 7%
$626,571
Cap Rate 9%
$487,333
Alternative Uses
Best Use
Multifamily LT 5
$626.6K
$548.3K – $731.0K
NOI $43,860 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$559.5K
$489.6K – $652.8K
NOI $39,165 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$815.1K
$713.3K – $951.0K
NOI $57,060 @ 7.0% cap · market cap 8.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
103
Businesses Nearby
Explore this area
Business Placement
Demographics for 37040, TN
60,382
Population
24,628
Households
2.5
Avg Household Size
31
Median Age
30%
College-Educated
94%
High-School Grad
92.8 sq mi
ZIP Area
651
Density / Sq Mi
$65,331
Median Household Income
$40,621
Median Earnings
$1,177
Median Rent
$242,400
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?
Quadplex - Zoned MULTI and fully leased, with attached garages serving three-bedroom units.
Where is this quadplex located?
The property is located at 604 Cory Dr Clarksville, TN.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Four‑unit multifamily property built in 2007; All 4 units are currently leased; 1 unit is occupied on a month‑to‑month term
