3201 Orleans Dr Nashville, TN 37212

Property Details for 3201 Orleans Dr

Year built

1935

Lot size

0.36 lot acres

Property size

5,043 SF

Property type

Residential income homes

Description

This charming, two-unit duplex in Nashville, TN, presents a compelling investment opportunity. Built in 1935 and renovated in 2010, the property boasts 5,043 square feet on a 0.36-acre lot, offering ample space and potential. Currently generating a $100,000 annual net operating income (NOI) with a 5.05% cap rate, the property features two units, each with its own unique appeal. One unit is currently vacant, while the other has a lease in place until August 31, 2025. The asking price is $1,980,000, or $990,000 per unit, with a price per square foot of $392.62. The property includes six parking spaces and is zoned R1 Duplex. While the property has historically been used for both short-term and long-term rentals, with short-term rental potential of $15,000 per month during peak season, a detached carriage house on the property will require demolition. The sale is AS-IS, with furnishings negotiable. The property features three separate electric meters and is conveniently located near Love Circle, West End Avenue, and Vanderbilt University. The property is currently operating under a valid short-term rental permit. Two sets of washer/dryer units will remain with the property. The seller pays all utilities. The property's location and income potential make it an attractive investment for discerning buyers. Occupancy is expected by October 31, 2024.