Renovated Duplex with
New
For Sale
$224,900
924 Woody Hills Dr, Clarksville, TN 37040
Fully leased duplex with renovated interiors and complete kitchen appliance packages in both units.
Property Size1,056 SF
Price / SF$212.97
Days on Market2
Property Features for 924 Woody Hills Dr
General Information
Standard status
Active
Size
1,056 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Year Built
1949
Tenancy
Multi
Listing Agency:
Blue Cord Realty, LLC
Listed By:
Samantha Kellett, Kelly Kellett · License #256542
(931) 320-7368
Source:
Grayfoxrealty
Added: Sep 6
Last Checked: Sep 7 at 1:10PM
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 Blue Cord Realty, LLC
Investment Insights
Based on property information with market context.
This 1,056-square-foot duplex was built in 1949 and renovated by the seller at the time of purchase. Both units are currently occupied and include a stove, refrigerator, and microwave, providing a consistent appliance package throughout the property.
Located at 924 Woody Hills Dr in Clarksville, the property offers an income-producing configuration with one unit scheduled to remain month-to-month. The duplex may also be purchased as part of a package with 928 and 930 Woody Hills Dr.
Located at 924 Woody Hills Dr in Clarksville, the property offers an income-producing configuration with one unit scheduled to remain month-to-month. The duplex may also be purchased as part of a package with 928 and 930 Woody Hills Dr.
Key Highlights
- Two‑unit duplex totaling 1,056 square feet
- Built in 1949 and renovated by the seller at purchase
- Both units currently leased and occupied
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
$9,538
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
4.24%
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%
$190,760
$190.8K
Cap Rate 7%
$136,257
$136.3K
Cap Rate 9%
$105,978
$106.0K
Market Conditions
NOI Build-Up for 1,056 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
$14.6K $13.80/SF
− Vacancy
−$947 −$0.90/SF
EGI
$13.6K $12.90/SF
− OpEx
−$4.1K −$3.87/SF
NOI
$9.5K $9.03/SF
Area
Clarksville, TN
Vacancy
6.50%
Lease Rate
$13.80 /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%
$190,760
Cap Rate 7%
$136,257
Cap Rate 9%
$105,978
Alternative Uses
Best Use
Multifamily LT 5
$136.3K
$119.2K – $159.0K
NOI $9,538 @ 7.0% cap · market cap 4.24%
Second Best
Apartment 5plus
$121.7K
$106.5K – $142.0K
NOI $8,517 @ 7.0% cap · market cap 3.79%
Theoretical Best
Office A
$177.3K
$155.1K – $206.8K
NOI $12,408 @ 7.0% cap · market cap 5.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
146
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?
Duplex - Fully leased duplex with renovated interiors and complete kitchen appliance packages in both units.
Where is this duplex located?
The property is located at 924 Woody Hills Dr Clarksville, TN.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Two‑unit duplex totaling 1,056 square feet; Built in 1949 and renovated by the seller at purchase; Both units currently leased and occupied
