Five-Unit Townhome Apartment
New
For Sale
$1,290,000
903 S Main St, Springfield, TN 37172
Newly built townhome apartments offer modern finishes and walkable downtown access.
Property Size6,712 SF
Price / SF$192.19
Days on Market7
Property Features for 903 S Main St
General Information
Standard status
Active
Size
6,712 SF
Property subtype
Residential Income
Units
Unit Mix
5 x 2BR/2.5BA
Multifamily Units
5
Building Details
Year Built
2026
Listing Agency:
Burnett Real Estate Group Inc
Listed By:
Matthew Burnett 6155336550
(615) 973-9216
Source:
Homesmiddletn
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 21 at 7:26AM
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 Burnett Real Estate Group Inc
Investment Insights
Based on property information with market context.
Completed in 2026, this 6,712-square-foot apartment property comprises five townhomes. Each residence provides two bedrooms, two full bathrooms, and one half-bath, with an open main level designed around living and dining areas. Interior features include white cabinetry, tile backsplash, stainless steel appliances, kitchen islands with seating, upgraded staircases, hard-surface flooring, and neutral finishes.
The property is located at 903 S Main St in downtown Springfield, within walking distance of the Springfield Historic District, Springfield Capitol Theater, The Depot Bar & Grill, BS Brew Works, shopping, and dining. The layout and finish package support either short-term or long-term rental use as stated in the property information.
The property is located at 903 S Main St in downtown Springfield, within walking distance of the Springfield Historic District, Springfield Capitol Theater, The Depot Bar & Grill, BS Brew Works, shopping, and dining. The layout and finish package support either short-term or long-term rental use as stated in the property information.
Key Highlights
- Five townhomes totaling 6,712 square feet
- Each townhome includes 2 bedrooms, 2.5 bathrooms
- Constructed in 2026
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
$69,962
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
5.42%
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%
$1,399,240
$1.4M
Cap Rate 7%
$999,457
$999.5K
Cap Rate 9%
$777,356
$777.4K
Market Conditions
NOI Build-Up for 6,712 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
$136.9K $20.40/SF
− Vacancy
−$9.7K −$1.45/SF
EGI
$127.2K $18.95/SF
− OpEx
−$57.2K −$8.53/SF
NOI
$70.0K $10.42/SF
Area
Robertson County, TN
Vacancy
7.10%
Lease Rate
$20.40 /SF/Yr
Expense Ratio
45.00%
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%
$1,399,240
Cap Rate 7%
$999,457
Cap Rate 9%
$777,356
Alternative Uses
Best Use
Apartment 5plus
$999.5K
$874.5K – $1.17M
NOI $69,962 @ 7.0% cap · market cap 5.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.97M
$1.72M – $2.30M
NOI $137,730 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
907
Businesses Nearby
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Business Placement
Demographics for 37172, TN
31,851
Population
12,253
Households
2.6
Avg Household Size
39
Median Age
19%
College-Educated
86%
High-School Grad
179.8 sq mi
ZIP Area
177
Density / Sq Mi
$71,103
Median Household Income
$40,879
Median Earnings
$1,132
Median Rent
$282,000
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?
Apartment building - Newly built townhome apartments offer modern finishes and walkable downtown access.
Where is this apartment building located?
The property is located at 903 S Main St Springfield, TN.
What is the asking price?
The asking price for this property is $1,290,000.
What are key features of this property?
This property features: Five townhomes totaling 6,712 square feet; Each townhome includes 2 bedrooms, 2.5 bathrooms; Constructed in 2026
