Commercially Zoned Downtown
For Sale
Contact for pricing
Pending
1510 S Main St, Columbia, TN 38401
Commercially zoned duplex, renovated side rented, fixer-upper potential.
Property Size1,457 SF
Days on Market827
Property Features for 1510 S Main St
General Information
Standard status
Pending
Size
1,457 SF
Class
A
Property subtype
Multifamily
Zoning
Com Duplex
Occupancy
50%
Building Details
Year Renovated
1900
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Crye-Leike Columbia
(615) 428-9968
Listed By:
Jimmy "D" Dugger · License #255175
Source:
Crexi
Added: May 21, 2024
Changed: Aug 13
Last Checked: Aug 24 at 6:57AM
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 Crye-Leike Columbia
Investment Insights
Based on property information with market context.
This commercially zoned duplex is located in the downtown area. One side of the duplex has been completely renovated and is currently rented. The other side is a fixer-upper, presenting an investment opportunity. The renovated unit features real hardwood floors and spacious living areas. The property offers an opportunity for transformation as an investment. The location provides convenient access to churches, schools, and downtown shopping. This income-producing duplex offers the potential for cash flow. The unfinished side is ready for a total renovation. This property is suitable for investors looking for a project to generate income. The property size is 1457 square feet.
Key Highlights
- Commercially Zoned Duplex in Downtown Area
- One Side (A) is Completely Renovated and Currently Rented
- Other Side (B) is a Fixer‑Upper: Opportunity for Renovation and Increased Value
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
$14,237
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
6.56%
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%
$284,740
$284.7K
Cap Rate 7%
$203,386
$203.4K
Cap Rate 9%
$158,189
$158.2K
Market Conditions
NOI Build-Up for 1,457 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
$20.6K $14.16/SF
− Vacancy
−$293 −$0.20/SF
EGI
$20.3K $13.96/SF
− OpEx
−$6.1K −$4.19/SF
NOI
$14.2K $9.77/SF
Area
Maury County, TN
Vacancy
1.42%
Lease Rate
$14.16 /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%
$284,740
Cap Rate 7%
$203,386
Cap Rate 9%
$158,189
Alternative Uses
Best Use
Multifamily LT 5
$203.4K
$178.0K – $237.3K
NOI $14,237 @ 7.0% cap · market cap 6.56%
Second Best
Apartment 5plus
$177.3K
$155.1K – $206.8K
NOI $12,408 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$427.1K
$373.7K – $498.3K
NOI $29,898 @ 7.0% cap · market cap 13.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
401
Businesses Nearby
Explore this area
Business Placement
Demographics for 38401, TN
63,075
Population
28,470
Households
2.2
Avg Household Size
40
Median Age
24%
College-Educated
92%
High-School Grad
296.7 sq mi
ZIP Area
213
Density / Sq Mi
$69,467
Median Household Income
$42,314
Median Earnings
$1,084
Median Rent
$295,200
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 - Commercially zoned duplex, renovated side rented, fixer-upper potential.
Where is this duplex located?
The property is located at 1510 S Main St Columbia, TN.
What is the asking price?
The asking price for this property is $217,000.
What are key features of this property?
This property features: Commercially Zoned Duplex in Downtown Area; One Side (A) is Completely Renovated and Currently Rented; Other Side (B) is a Fixer‑Upper: Opportunity for Renovation and Increased Value
