3441 Lebanon Pike Nashville, TN 37076

Property Details for 3441 Lebanon Pike

Property size

41,466 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

Jackson's Courtyard, a 41,466 square foot multi-tenant shopping center in Nashville, TN (37076), presents a compelling value-add investment opportunity. Priced at $8,708,496 ($210/SF), this NNN-leased property boasts a 6.65% cap rate and a current NOI of $579,115. The center enjoys 100% occupancy with below-market rents averaging $16.16 per square foot, offering significant upside potential. Recent leasing activity indicates market rents of approximately $20/SF, compared to the submarket average of $23.32/SF. The property benefits from a fully signalized access point on Lebanon Pike (34,802 AADT), ensuring high visibility and convenient access. Recent improvements include a resealed parking lot (August 2024), common area lighting upgrades (2021), and a roof with a warranty extending to 2033. The HVAC units are less than 10 years old. The property's location within the rapidly expanding Nashville metro area (1.99 million residents, growing by over 80 daily) and proximity to major employers like Vanderbilt University, HCA, and Nissan, further enhances its long-term value. The strong tenant base features annual rent escalations, with only one of seventeen tenants holding an option. This small-bay, unanchored strip center represents a highly sought-after asset class, offering a rare combination of below-market rents, significant upside potential, and a prime location in a booming market. The low cost per square foot (~$210/SF) compared to new construction costs (~$336/SF) provides an attractive entry point for investors. The compounding annual rent increases ensure consistent NOI growth.

Location Insight

City

Nashville

County

Davidson

State

Tennessee

Longitude

-86.6253

Latitude

36.1899