24-Unit Apartment
New
For Sale
$1,875,000
961 Old Hickory Blvd, Jackson, TN 38305
North Jackson community with one-bedroom townhome layouts, washer and dryer hookups, and separately metered utilities.
Property Size15,960 SF
Days on Market4
Property Features for 961 Old Hickory Blvd
General Information
Standard status
Active
Size
15,960 SF
Property subtype
Multifamily
Units
Unit Mix
24 x 1BR
Multifamily Units
24
Amenities
washer and dryer hookups
24-unit townhome community consisting entirely of 1 bed / 1 bath floorplans with a functional two-story layout.
Rents are currently $105 below the market rate.
Townhome-style units offer increased privacy and separation of living and bedroom spaces compared to traditional apartment layouts.
Individually metered for water and electricity.
Majority of units have been renovated, providing upside through completion of the remaining unrenovated units.
Building Details
Building Size
15,960 SF
Units
24
Listed By:
Pat Cosgrove · License #License(s): TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: Sep 11
Last Checked: Sep 13 at 4:19AM
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 Pat Cosgrove
Investment Insights
Based on property information with market context.
Old Hickory Townhomes is a 24-unit apartment community in North Jackson, with every residence arranged as a one-bedroom townhome. Individual water and electric metering serves the units, and washer and dryer hookups are included. Interior renovations have been completed in a majority of the residences, providing updated in-unit features across much of the community.
Property-wide improvements include a metal roof and updated HVAC systems serving nearly the entire asset. The community is located at 961 Old Hickory Blvd in Jackson, Tennessee, within the North Jackson apartment submarket. The combination of townhome-style layouts, utility metering, recent building improvements, and ongoing interior updates defines the asset’s physical profile.
Property-wide improvements include a metal roof and updated HVAC systems serving nearly the entire asset. The community is located at 961 Old Hickory Blvd in Jackson, Tennessee, within the North Jackson apartment submarket. The combination of townhome-style layouts, utility metering, recent building improvements, and ongoing interior updates defines the asset’s physical profile.
Key Highlights
- 24‑unit townhome community in North Jackson
- All units feature one‑bedroom townhome floorplans
- Washer and dryer hookups in each residence
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
$82,465
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
4.40%
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%
$1,649,300
$1.6M
Cap Rate 7%
$1,178,071
$1.2M
Cap Rate 9%
$916,278
$916.3K
Market Conditions
NOI Build-Up for 15,960 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
$160.9K $10.08/SF
− Vacancy
−$10.9K −$0.69/SF
EGI
$149.9K $9.39/SF
− OpEx
−$67.5K −$4.23/SF
NOI
$82.5K $5.17/SF
Area
Madison County, TN
Vacancy
6.80%
Lease Rate
$10.08 /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%
$1,649,300
Cap Rate 7%
$1,178,071
Cap Rate 9%
$916,278
Alternative Uses
Best Use
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,465 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.29M
$2.88M – $3.83M
NOI $230,054 @ 7.0% cap · market cap 12.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
24
Residential units
Location Intelligence
Trade Area within ½ mile
330
Businesses Nearby
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Business Placement
Demographics for 38305, TN
52,686
Population
22,950
Households
2.3
Avg Household Size
40
Median Age
32%
College-Educated
94%
High-School Grad
128.0 sq mi
ZIP Area
412
Density / Sq Mi
$66,292
Median Household Income
$37,416
Median Earnings
$1,201
Median Rent
$221,200
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 - North Jackson community with one-bedroom townhome layouts, washer and dryer hookups, and separately metered utilities.
Where is this apartment building located?
The property is located at 961 Old Hickory Blvd Jackson, TN.
What is the asking price?
The asking price for this property is $1,875,000.
What are key features of this property?
This property features: 24‑unit townhome community in North Jackson; All units feature one‑bedroom townhome floorplans; Washer and dryer hookups in each residence
