Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Land in Berry Hill Opportunity Title is generated by Realmo AI

    630 W Iris Dr, Nashville, TN 37204

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Land available in the heart of Berry Hill, Nashville.

    Type:Land
    Added:
    Oct 23, 2024
    Days on Market:
    592
    Last Refresh:
    May 12 at 9:57 pm

    Property Features for 630 W Iris Dr

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Greg Mabey

    Listing agent Greg Mabey License #TN 249300

    Listing office Liberty Realty & Auction

    Listing date Oct 23, 2024

    Source Crexi

    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 Liberty Realty & Auction

    HighLights

    • Opportunity to build in Berry Hill.
    • Approved for redevelopment as part of a +\/- $250 million dollar project.
    • NOO STR's allowed.
    • Easy access to major interstate.
    • Located in Berry Hill district 6.
    • Columbine park area location.

    Overview

    This property presents an opportunity to build in the heart of Berry Hill. A development project was approved on January 8, 2024, to redevelop the Columbine park area. The project is valued at approximately $250 million. The property offers easy access to the major interstate. Non-owner occupied short-term rentals are not allowed. Additional approved uses in district 6 can be found on the berryhilltn.org website.
    Property Profile Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Nashville
    County
    Davidson
    State
    Tennessee
    Longitude
    -86.768875
    Latitude
    36.11576

    Nearby Similar for Sale

    • $3,199,000

      Entitled Development Opportunity Near Retail

      Approved site for 53 multi-family units near retail.
      0 Charlotte Pike, Nashville, TN 37209
      View Details
    • $1,490,000
      1,092 SF

      Berry Hill Freestanding Commercial Asset

      Freestanding building in high-demand area with flexible use potential.
      2831 Columbine Pl, Nashville, TN 37204
      View Details
    • $705,000
      1,669 SF

      Donelson Commercial Space Opportunity

      1669 sq ft commercial building in thriving Nashville business corridor.
      2898 Elm Hill Pike, Nashville, TN 37214
      View Details
    • $739,900

      Renovated Plaza Near Nashville Zoo

      Freestanding plaza with multiple income streams near Nashville Zoo.
      408 Elysian Fields Rd, NASHVILLE, TN, 37211-4211
      View Details
    • $2,200,000
      5,920 SF

      Bellevue Office Condominiums For Sale

      Professional office condominiums in West Nashville's Harpeth Springs Business Park.
      7984 Coley Davis Rd, Nashville, TN 37221
      View Details
    • $5,290,000
      12,962 SF

      Nashville Flex-Use Facility with Bungalow

      Versatile property with bungalow and flex-use facility, ample parking.
      2606 Westwood Dr, Nashville, TN 37204
      View Details
    • $200,000

      Nashville Land Parcel For Sale

      1.91-acre land parcel near Nashville with development potential.
      3717 Homeland Dr, Nashville, TN 37218
      View Details
    • $1,800,000
      4,300 SF

      Berry Hill Mixed-Use Opportunity

      Two adjacent parcels in Nashville's growing creative district.
      2686 Fessey Ct, Nashville, TN 37204
      View Details
    • $1,800,000
      4,300 SF

      Berry Hill Mixed-Use Opportunity

      Two adjacent parcels in Nashville's growing creative district.
      2686 Fessey Ct, Nashville, TN 37204
      View Details
    • $3,599,999
      6,506 SF

      Midtown Corner Lot Opportunity

      Restored historic building in Nashville's Midtown district.
      311 22nd Ave N, Nashville, TN 37203
      View Details
    • $800,000
      7,888 SF

      Nashville Redevelopment Opportunity

      Prime commercial land for redevelopment near Germantown and Downtown Nashville.
      1814 Dr Db Todd Jr Blvd, Nashville, TN 37208
      View Details
    • $4,500,000
      49,000 SF

      Two Flex/Office Buildings Portfolio

      Two well-maintained flex/office buildings in Nashville, Tennessee.
      444 Metroplex Drive, Nashville, TN 37211
      View Details

    FAQs

    What type of property is this?
    Land - Land available in the heart of Berry Hill, Nashville.
    Where is this land located?
    The property is located at 630 W Iris Dr Nashville, TN.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: Opportunity to build in Berry Hill.; Approved for redevelopment as part of a +\/- $250 million dollar project.; NOO STR's allowed.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Greg Mabey
    Real Estate License ID: TN 249300
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    630 W Iris Dr, Nashville, TN 37204
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!