Bellevue Office Condominium For
For Sale
$967,680
7982 Coley Davis Rd 101 & 201, Nashville, TN 37221
Leased medical office condo in Bellevue with yearly escalation.
Property Size2,960 SF
Price / SF$326.92
Days on Market179
Property Features for 7982 Coley Davis Rd 101 & 201
General Information
Standard status
Active
Size
2,960 SF
Building Details
Year Built
2005
Listing Agency:
Keller Williams Realty Nashville/Franklin
Listed By:
Alex Delgado · License #284580
(615) 778-1818
Source:
Fykesrealtygroup
Added: Mar 26
Changed: Sep 15
Last Checked: Sep 20 at 9:43AM
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 Keller Williams Realty Nashville/Franklin
Investment Insights
Based on property information with market context.
These architecturally attractive office condominium units are located in a desirable Bellevue (West Nashville) location. Each unit includes a private outdoor patio space for exclusive use. Situated in Harpeth Springs Business Park, the first-floor suite features one large office, one large meeting room, two large offices, three smaller offices, a bathroom, a storage room, a reception desk with granite counter, and a waiting area. The second-floor suite includes two large offices, two large offices, a large meeting room, a reception area, a kitchen, and three storage closets. The base rent is $24.45 NNN with 3% yearly escalation. CAM fees are $450 per month per unit, or $3.65 per sq ft, and include property and casualty insurance, flood insurance, and community maintenance. The tax proration is $251 per month per unit, or $2.04 per sq ft. The property is being offered for sale, yielding a minimum 7.5% cap rate. The property is NNN leased for 65 months for medical use.
Key Highlights
- NNN Leased Investment with 65 Months Remaining
- Enjoy a 7.5% Minimum Cap Rate
- 3% Yearly Rental Escalation
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
$49,524
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
5.12%
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%
$990,480
$990.5K
Cap Rate 7%
$707,486
$707.5K
Cap Rate 9%
$550,267
$550.3K
Market Conditions
NOI Build-Up for 2,960 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
$78.1K $26.40/SF
− Vacancy
−$12.1K −$4.09/SF
EGI
$66.0K $22.31/SF
− OpEx
−$16.5K −$5.58/SF
NOI
$49.5K $16.73/SF
Area
ZIP 37221
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$990,480
Cap Rate 7%
$707,486
Cap Rate 9%
$550,267
Alternative Uses
Best Use
Office B
$707.5K
$619.1K – $825.4K
NOI $49,524 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$994.6K
$870.2K – $1.16M
NOI $69,619 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
158
Businesses Nearby
Explore this area
Business Placement
Demographics for 37221, TN
42,312
Population
20,323
Households
2.1
Avg Household Size
39
Median Age
62%
College-Educated
97%
High-School Grad
49.3 sq mi
ZIP Area
858
Density / Sq Mi
$99,083
Median Household Income
$58,191
Median Earnings
$1,778
Median Rent
$432,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Nashville, TN
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Frequently Asked Questions
What type of property is this?
Office units - Leased medical office condo in Bellevue with yearly escalation.
Where is this office units located?
The property is located at 7982 Coley Davis Rd 101 & 201 Nashville, TN.
What is the asking price?
The asking price for this property is $967,680.
What are key features of this property?
This property features: NNN Leased Investment with 65 Months Remaining; Enjoy a 7.5% Minimum Cap Rate; 3% Yearly Rental Escalation
