2-Unit Brick
New
For Sale
$350,000
640 Bixler Ave, Madison, TN 37115
Two separately entered residences include appliances, refreshed interiors, and renovated full bathrooms.
Property Size1,672 SF
Price / SF$209.33
Days on Market2
Property Features for 640 Bixler Ave
General Information
Standard status
Active
Size
1,672 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Building Details
Year Built
1983
Buildings
1
Construction
all-brick
Listing Agency:
Green Property Brokers, Inc.
Listed By:
Kim McDonald · License #299081
(615) 397-3206
Source:
Fykesrealtygroup
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 22 at 3:30PM
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 Green Property Brokers, Inc.
Investment Insights
Based on property information with market context.
This all-brick duplex contains approximately 1,672 square feet and was built in 1983. Each residence provides two bedrooms, one full bathroom, a private entrance, and included appliances. Both bathrooms have been renovated. The unit at 640 Bixler Ave has new carpet, fresh interior paint, and refinished kitchen cabinetry, while the 642 side includes newer flooring following a recent vacancy.
The property is in Madison, Tennessee, near shopping, dining, major roadways, and downtown Nashville. Its two-unit configuration supports separate occupancy, with each side offering a distinct entrance and residential layout.
The property is in Madison, Tennessee, near shopping, dining, major roadways, and downtown Nashville. Its two-unit configuration supports separate occupancy, with each side offering a distinct entrance and residential layout.
Key Highlights
- Two‑unit all‑brick duplex with approximately 1,672 total square feet
- Each unit includes 2 bedrooms, 1 full bath, a private entrance, and appliances
- Both bathrooms have been renovated
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
$20,163
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
5.76%
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%
$403,260
$403.3K
Cap Rate 7%
$288,043
$288.0K
Cap Rate 9%
$224,033
$224.0K
Market Conditions
NOI Build-Up for 1,672 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
$30.7K $18.36/SF
− Vacancy
−$1.9K −$1.13/SF
EGI
$28.8K $17.23/SF
− OpEx
−$8.6K −$5.17/SF
NOI
$20.2K $12.06/SF
Area
Davidson County, TN
Vacancy
6.17%
Lease Rate
$18.36 /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%
$403,260
Cap Rate 7%
$288,043
Cap Rate 9%
$224,033
Alternative Uses
Best Use
Multifamily LT 5
$288.0K
$252.0K – $336.1K
NOI $20,163 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$265.3K
$232.2K – $309.5K
NOI $18,572 @ 7.0% cap · market cap 5.31%
Theoretical Best
Warehouse
$2.02M
$1.77M – $2.36M
NOI $141,695 @ 7.0% cap · market cap 40.48%
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
489
Businesses Nearby
Explore this area
Business Placement
Demographics for 37115, TN
39,821
Population
19,845
Households
2
Avg Household Size
37
Median Age
23%
College-Educated
82%
High-School Grad
21.5 sq mi
ZIP Area
1,852
Density / Sq Mi
$53,034
Median Household Income
$37,215
Median Earnings
$1,263
Median Rent
$271,100
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 separately entered residences include appliances, refreshed interiors, and renovated full bathrooms.
Where is this duplex located?
The property is located at 640 Bixler Ave Madison, TN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Two‑unit all‑brick duplex with approximately 1,672 total square feet; Each unit includes 2 bedrooms, 1 full bath, a private entrance, and appliances; Both bathrooms have been renovated
