Vacant Duplex with
For Sale
$329,900
640 Rowan Dr, Nashville, TN 37207
Two residential units provide a 2/1 and 1/1 configuration with kitchen appliances and laundry equipment in each unit.
Property Size1,397 SF
Days on Market13
Property Features for 640 Rowan Dr
General Information
Standard status
Active
Size
1,397 SF
Property subtype
Residential Income
Zoning
R-10
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,280
Amenities
kitchen appliances
washer/dryer
Building Details
Building Size
1,397 SF
Year Built
1950
Buildings
1
Stories
1
Units
2
Listing Agency:
Blue Skies Realty, LLC
(615) 554-0901
Listed By:
Sarah Evans
(615) 554-0901
Source:
Spotlightproperties
Added: Jul 26
Changed: Aug 5
Last Checked: Aug 6 at 12:28PM
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 Blue Skies Realty, LLC
Investment Insights
Based on property information with market context.
This vacant duplex contains two residential units: one with a 2/1 layout and the other with a 1/1 layout. Both units include kitchen appliances and a washer and dryer. The property is being offered in its current as-is condition and was built in 1950.
Zoned R-10, the property is located at 640 Rowan Dr in Nashville, Tennessee. The existing two-unit configuration provides a clear physical layout for review by an investor or owner-occupant seeking a residential income property.
Zoned R-10, the property is located at 640 Rowan Dr in Nashville, Tennessee. The existing two-unit configuration provides a clear physical layout for review by an investor or owner-occupant seeking a residential income property.
Key Highlights
- Two‑unit duplex with one 2/1 unit and one 1/1 unit
- Kitchen appliances included in both units
- Washer and dryer provided in each unit
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
$15,869
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
4.81%
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%
$317,380
$317.4K
Cap Rate 7%
$226,700
$226.7K
Cap Rate 9%
$176,322
$176.3K
Market Conditions
NOI Build-Up for 1,397 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
$24.3K $17.40/SF
− Vacancy
−$1.6K −$1.17/SF
EGI
$22.7K $16.23/SF
− OpEx
−$6.8K −$4.87/SF
NOI
$15.9K $11.36/SF
Area
ZIP 37207
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%
$317,380
Cap Rate 7%
$226,700
Cap Rate 9%
$176,322
Alternative Uses
Best Use
Multifamily LT 5
$226.7K
$198.4K – $264.5K
NOI $15,869 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$208.0K
$182.0K – $242.7K
NOI $14,561 @ 7.0% cap · market cap 4.41%
Theoretical Best
Office A
$399.7K
$349.7K – $466.3K
NOI $27,979 @ 7.0% cap · market cap 8.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
113
Businesses Nearby
Explore this area
Business Placement
Demographics for 37207, TN
38,719
Population
18,698
Households
2.1
Avg Household Size
34
Median Age
33%
College-Educated
88%
High-School Grad
19.3 sq mi
ZIP Area
2,006
Density / Sq Mi
$60,102
Median Household Income
$38,115
Median Earnings
$1,200
Median Rent
$332,500
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?
Duplex - Two residential units provide a 2/1 and 1/1 configuration with kitchen appliances and laundry equipment in each unit.
Where is this duplex located?
The property is located at 640 Rowan Dr Nashville, TN.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two‑unit duplex with one 2/1 unit and one 1/1 unit; Kitchen appliances included in both units; Washer and dryer provided in each unit
