Two-Unit Duplex with Fenced
For Sale
$475,000
616 Eastboro Dr, Nashville, TN 37209
Two-bedroom units include a vacant front residence and a rear unit leased to a long-term tenant.
Property Size1,500 SF
Price / SF$316.67
Days on Market11
Property Features for 616 Eastboro Dr
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1980
Listing Agency:
Wilson Group Real Estate
Listed By:
Alicia Griffith 6156429174 · License #317326
(615) 642-9174
Source:
Midtnhomefinders
Added: Sep 17
Changed: Sep 20
Last Checked: Sep 26 at 7:35AM
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 Wilson Group Real Estate
Investment Insights
Based on property information with market context.
Built in 1980, this 1,500-square-foot duplex contains two separate residences, each with two bedrooms and one bathroom. The front unit is vacant, while the rear unit is occupied by a tenant who has remained in place for many years. The arrangement provides an owner-occupant option alongside an existing tenancy.
Outdoor features include a small fenced area at the front unit, with room to enclose the front yard, and a larger fenced yard serving the rear unit. The rear residence also includes a covered patio. The property is located at 616 Eastboro Dr in Nashville’s Charlotte Park area, directly across from the entrance to the park.
Outdoor features include a small fenced area at the front unit, with room to enclose the front yard, and a larger fenced yard serving the rear unit. The rear residence also includes a covered patio. The property is located at 616 Eastboro Dr in Nashville’s Charlotte Park area, directly across from the entrance to the park.
Key Highlights
- 1,500‑square‑foot duplex built in 1980
- Two residences, each with 2 bedrooms and 1 bathroom
- Front unit is vacant; rear unit has a long‑term tenant
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
$17,039
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
3.59%
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%
$340,780
$340.8K
Cap Rate 7%
$243,414
$243.4K
Cap Rate 9%
$189,322
$189.3K
Market Conditions
NOI Build-Up for 1,500 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
$26.1K $17.40/SF
− Vacancy
−$1.8K −$1.17/SF
EGI
$24.3K $16.23/SF
− OpEx
−$7.3K −$4.87/SF
NOI
$17.0K $11.36/SF
Area
ZIP 37209
Vacancy
6.74%
Lease Rate
$17.40 /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%
$340,780
Cap Rate 7%
$243,414
Cap Rate 9%
$189,322
Alternative Uses
Best Use
Multifamily LT 5
$243.4K
$213.0K – $284.0K
NOI $17,039 @ 7.0% cap · market cap 3.59%
Second Best
Apartment 5plus
$223.4K
$195.4K – $260.6K
NOI $15,635 @ 7.0% cap · market cap 3.29%
Theoretical Best
Office A
$386.9K
$338.6K – $451.4K
NOI $27,086 @ 7.0% cap · market cap 5.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
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Business Placement
Demographics for 37209, TN
40,498
Population
21,421
Households
1.9
Avg Household Size
32
Median Age
57%
College-Educated
92%
High-School Grad
33.6 sq mi
ZIP Area
1,205
Density / Sq Mi
$75,810
Median Household Income
$48,965
Median Earnings
$1,580
Median Rent
$495,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two-bedroom units include a vacant front residence and a rear unit leased to a long-term tenant.
Where is this duplex located?
The property is located at 616 Eastboro Dr Nashville, TN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,500‑square‑foot duplex built in 1980; Two residences, each with 2 bedrooms and 1 bathroom; Front unit is vacant; rear unit has a long‑term tenant
