Two-Unit Duplex with Existing
For Sale
$374,900
705 Neelys Bend Rd, Madison, TN 37115
Two residential units provide separate occupancy with established lease arrangements and flexibility for an owner-occupant or rental operator.
Property Size1,612 SF
Price / SF$232.57
Days on Market62
Property Features for 705 Neelys Bend Rd
General Information
Standard status
Active
Size
1,612 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1982
Listing Agency:
Synergy Realty Network, LLC
Listed By:
Tyler C. King
(615) 371-2424
Source:
Grayfoxrealty
Added: Aug 15
Changed: Oct 2
Last Checked: Oct 7 at 1:45PM
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 Synergy Realty Network, LLC
Investment Insights
Based on property information with market context.
This 1,612-square-foot duplex was built in 1982 and includes two separate residential units. One unit is leased through 5/21/27, while the other is occupied under a month-to-month arrangement, providing an established operating profile with differing lease terms. The property is being sold as-is.
The duplex is located at 705 Neelys Bend Rd in Madison, near Ellington Parkway, Rivergate, and downtown Nashville. Shopping, restaurants, parks, and major commuter routes are identified nearby, giving the property access to a range of everyday services and regional destinations.
The duplex is located at 705 Neelys Bend Rd in Madison, near Ellington Parkway, Rivergate, and downtown Nashville. Shopping, restaurants, parks, and major commuter routes are identified nearby, giving the property access to a range of everyday services and regional destinations.
Key Highlights
- 1,612‑square‑foot duplex with two separate residential units
- Built in 1982
- One unit leased through 5/21/27
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,439
Cap Rate
5.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$388,780
$388.8K
Cap Rate 7%
$277,700
$277.7K
Cap Rate 9%
$215,989
$216.0K
Market Conditions
NOI Build-Up for 1,612 SF
Gross rent
$29.6K $18.36/SF
− Vacancy
−$1.8K −$1.13/SF
EGI
$27.8K $17.23/SF
− OpEx
−$8.3K −$5.17/SF
NOI
$19.4K $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 Rate 5%
$388,780
Cap Rate 7%
$277,700
Cap Rate 9%
$215,989
Alternative Uses
Best Use
Multifamily LT 5
$277.7K
$243.0K – $324.0K
NOI $19,439 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$255.8K
$223.8K – $298.4K
NOI $17,906 @ 7.0% cap · market cap 4.78%
Theoretical Best
Warehouse
$1.95M
$1.71M – $2.28M
NOI $136,611 @ 7.0% cap · market cap 36.44%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
93
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 residential units provide separate occupancy with established lease arrangements and flexibility for an owner-occupant or rental operator.
Where is this duplex located?
The property is located at 705 Neelys Bend Rd Madison, TN.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 1,612‑square‑foot duplex with two separate residential units; Built in 1982; One unit leased through 5/21/27
