Remodeled Short-Term Rental
New
For Sale
$549,000
801 Franklin St, Clarksville, TN 37040
Historic firehouse character combines with furnished lodging and dual residential-commercial zoning in downtown Clarksville.
Property Size2,635 SF
Price / SF$208.35
Days on Market4
Property Features for 801 Franklin St
General Information
Standard status
Active
Size
2,635 SF
Property subtype
Commercial
Additional Details
Furnished
Yes
Amenities
fenced yard
walk-in crawl space
Building Details
Year Built
1921
Buildings
1
Construction
brick
Listing Agency:
RELIANT REALTY ERA POWERED
(615) 859-7150
Listed By:
CHANCE WALKER
Source:
Corcoran
Added: Aug 13
Changed: Aug 16
Last Checked: Aug 16 at 4:29AM
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 RELIANT REALTY ERA POWERED
Investment Insights
Based on property information with market context.
Built in 1921 as a firehouse, this 2,635-square-foot property has been fully remodeled and configured as a furnished short-term rental. The layout includes 4 bedrooms and 3 baths, with restored hardwood flooring, exposed brick, Dricore flooring in the kitchen and baths, dimmable lighting, and HVAC replaced in 2024. Furniture and decor are included, and the property accommodates up to 12 guests.
Dual residential and commercial zoning supports a range of potential directions, including continued short-term rental operation, boutique office use, restaurant use, or a mixed-use concept. The property includes on-site off-street parking, a fenced yard, and a large walk-in crawl space providing storage. Its downtown Clarksville setting places it steps from Austin Peay State University and FM Bank Arena, with the property positioned within the downtown corridor.
Dual residential and commercial zoning supports a range of potential directions, including continued short-term rental operation, boutique office use, restaurant use, or a mixed-use concept. The property includes on-site off-street parking, a fenced yard, and a large walk-in crawl space providing storage. Its downtown Clarksville setting places it steps from Austin Peay State University and FM Bank Arena, with the property positioned within the downtown corridor.
Key Highlights
- 2,635 SF remodeled firehouse property built in 1921
- 4 bedrooms, 3 baths, and sleeping capacity for 12
- Furniture and decor included with the short‑term rental operation
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
$24,901
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
4.54%
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%
$498,020
$498.0K
Cap Rate 7%
$355,729
$355.7K
Cap Rate 9%
$276,678
$276.7K
Market Conditions
NOI Build-Up for 2,635 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
$44.3K $16.80/SF
− Vacancy
−$4.4K −$1.68/SF
EGI
$39.8K $15.12/SF
− OpEx
−$14.9K −$5.67/SF
NOI
$24.9K $9.45/SF
Area
Clarksville, TN
Vacancy
10.00%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
37.50%
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%
$498,020
Cap Rate 7%
$355,729
Cap Rate 9%
$276,678
Alternative Uses
Best Use
Mixed Use
$355.7K
$311.3K – $415.0K
NOI $24,901 @ 7.0% cap · market cap 4.54%
Second Best
Apartment 5plus
$303.6K
$265.7K – $354.2K
NOI $21,252 @ 7.0% cap · market cap 3.87%
Theoretical Best
Office A
$442.3K
$387.0K – $516.0K
NOI $30,962 @ 7.0% cap · market cap 5.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
318
Businesses Nearby
Explore this area
Business Placement
Demographics for 37040, TN
60,382
Population
24,628
Households
2.5
Avg Household Size
31
Median Age
30%
College-Educated
94%
High-School Grad
92.8 sq mi
ZIP Area
651
Density / Sq Mi
$65,331
Median Household Income
$40,621
Median Earnings
$1,177
Median Rent
$242,400
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?
Short term rental property - Historic firehouse character combines with furnished lodging and dual residential-commercial zoning in downtown Clarksville.
Where is this short term rental property located?
The property is located at 801 Franklin St Clarksville, TN.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: 2,635 SF remodeled firehouse property built in 1921; 4 bedrooms, 3 baths, and sleeping capacity for 12; Furniture and decor included with the short‑term rental operation
