Turnkey All-Brick
For Sale
$375,000
721 Kent Dr, Lebanon, TN 37087
Fully renovated all-brick duplex with two 2-bedroom, 1-bath units and individual utility meters.
Property Size1,682 SF
Price / SF$222.95
Days on Market53
Property Features for 721 Kent Dr
General Information
Standard status
Active
Size
1,682 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
washer/dryer hookups
individual utility meters
Building Details
Year Built
1967
Construction
brick
Listing Agency:
Discover Realty & Auction, LLC
Listed By:
Lindsey Whitaker · License #320252
(615) 476-0285
Source:
Shearonsellsteam
Added: Jul 18
Changed: Sep 8
Last Checked: Sep 7 at 3:04PM
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 Discover Realty & Auction, LLC
Investment Insights
Based on property information with market context.
Turnkey, income-producing all-brick duplex with two fully updated residential units. Each unit offers 2 bedrooms and 1 full bathroom, with interior updates that include wood and laminate flooring. The property has durable, low-maintenance finishes and includes shared washer and dryer hookups, along with individual utility meters for each unit.
Significant capital improvements have been completed by the current owner, including a new roof in 2020 and brand-new HVAC systems in 2024 and 2025. Tenants are responsible for all utilities, including electricity, water, sewer, and lawn care.
This is a self-contained rental setup designed for straightforward operations, with a fully renovated duplex configuration and separate metering for each unit.
Significant capital improvements have been completed by the current owner, including a new roof in 2020 and brand-new HVAC systems in 2024 and 2025. Tenants are responsible for all utilities, including electricity, water, sewer, and lawn care.
This is a self-contained rental setup designed for straightforward operations, with a fully renovated duplex configuration and separate metering for each unit.
Key Highlights
- All‑brick duplex built in 1967 with two 2‑bedroom, 1‑bath units
- Fully renovated interiors with updated flooring including wood and laminate
- New roof in 2020 plus brand‑new HVAC systems in 2024 and 2025
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
$19,831
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
5.29%
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%
$396,620
$396.6K
Cap Rate 7%
$283,300
$283.3K
Cap Rate 9%
$220,344
$220.3K
Market Conditions
NOI Build-Up for 1,682 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
$30.1K $17.88/SF
− Vacancy
−$1.7K −$1.04/SF
EGI
$28.3K $16.84/SF
− OpEx
−$8.5K −$5.05/SF
NOI
$19.8K $11.79/SF
Area
Wilson County, TN
Vacancy
5.80%
Lease Rate
$17.88 /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%
$396,620
Cap Rate 7%
$283,300
Cap Rate 9%
$220,344
Alternative Uses
Best Use
Multifamily LT 5
$283.3K
$247.9K – $330.5K
NOI $19,831 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$263.1K
$230.2K – $307.0K
NOI $18,417 @ 7.0% cap · market cap 4.91%
Theoretical Best
Warehouse
$2.21M
$1.93M – $2.57M
NOI $154,395 @ 7.0% cap · market cap 41.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
137
Businesses Nearby
Explore this area
Business Placement
Demographics for 37087, TN
51,658
Population
21,800
Households
2.4
Avg Household Size
39
Median Age
29%
College-Educated
92%
High-School Grad
164.9 sq mi
ZIP Area
313
Density / Sq Mi
$80,978
Median Household Income
$43,253
Median Earnings
$1,134
Median Rent
$359,900
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 - Fully renovated all-brick duplex with two 2-bedroom, 1-bath units and individual utility meters.
Where is this duplex located?
The property is located at 721 Kent Dr Lebanon, TN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: All‑brick duplex built in 1967 with two 2‑bedroom, 1‑bath units; Fully renovated interiors with updated flooring including wood and laminate; New roof in 2020 plus brand‑new HVAC systems in 2024 and 2025
