Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    510 Merritt Ave Nashville, TN 37203

    • Strip malls
    • 41,985 SF
    • 2.20 lot acres
    For Lease
    View listing
    Last Sale
    Dec 30, 2021
    $18,750,000
    Value Estimations
    $19,310,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US80-3274602
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Peacock Alley / (Bike/Boat/Book/etc) Store / Home Decor Store
    • Visual Comfort & Co. / (Bike/Boat/Book/etc) Store / Hardware & Home Improvement
    • Nashville Design Collective / Interior Design / Home Decor Store
    • Francois & Co. Nashville Showroom / Kitchen & Bath Showroom / Hardware & Home Improvement
    • Renaissance Tile & Bath / Hardware & Home Improvement / Carpet & Flooring Store

    Property Details for 510 Merritt Ave

    Year built
    1972
    Lot size
    2.20 lot acres
    Property size
    41,985 SF
    Zone code
    IWD
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    105-07-0-122-00
    APU
    10507012200

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $19,720,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $20,027,000
      Market price range: $8.91M - $35.7M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $22,225,000
      Current use
      AUTO REPAIR, GARAGE
      $25,450,000
      Change: +15% Conversion: Difficult
      WAREHOUSE, STORAGE
      $22,425,000
      Change: +1% Conversion: Difficult
      RETAIL STORES
      $19,415,000
      Change: -13% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Nashville
    County
    Davidson
    State
    Tennessee
    Longitude
    -86.7677
    Latitude
    36.1402
    CBSA code
    34980
    CBSA name
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $175,583
    $2,683,280
    $2,712,640
    $5,395,920
    -
    $6,708,200
    $6,781,600
    $13,489,800

    Comparable in this City

    • Value Estimation
      $1,720,000
      10,695 SF

      2408 Elliston Pl

      SHOPPING CENTER, STRIP CENTER • 10,695 SF
      2408 Elliston Pl, Nashville, TN 37203
      View Details
    • Value Estimation
      $3,495,000
      14,181 SF

      1517 Church St

      SHOPPING CENTER, STRIP CENTER • 14,181 SF
      1517 Church St, Nashville, TN 37203-3004
      View Details
    • Value Estimation
      $2,965,000
      16,837 SF

      400 11th S Ave

      SHOPPING CENTER, STRIP CENTER • 16,837 SF
      400 11th S Ave, Nashville, TN 37203-4161
      View Details
    • Value Estimation by Request
      186,567 SF

      500 Broadway

      SHOPPING CENTER, STRIP CENTER • 186,567 SF
      500 Broadway, Nashville, TN 37203-3969
      View Details
    • Value Estimation
      $9,625,000
      46,650 SF

      2304 End Ave

      SHOPPING CENTER, STRIP CENTER • 46,650 SF
      2304 End Ave, Nashville, TN 37203-1708
      View Details
    • Value Estimation
      $825,000
      5,618 SF

      2809 End Ave

      SHOPPING CENTER, STRIP CENTER • 5,618 SF
      2809 End Ave, Nashville, TN 37203
      View Details

    Similar Nearby for Sale

    • $2,000,000
      3,500 SF

      West End Retail Building For Sale

      Prime West End location, high visibility.
      1912 Church St, Nashville, TN 37203
      View Details
    • $6,500,000
      9,961 SF

      Discover Southern Ground, a Legendary Landmark in the Heart of Nashville's Historic Music Row

      Discover Southern Ground, a Legendary Landmark in the Heart of Nashville's Historic Music Row
      114 17th Ave S, Nashville, TN 37203
      View Details
    • $2,000,000
      5,002 SF

      Free-Standing Building in West End

      5,000 SF building in West End near Vanderbilt University.
      1912 Church St, Nashville, TN 37203
      View Details
    • $5,900,000
      6,302 SF

      Nashville Mixed-Use Redevelopment Opportunity

      Prime Midtown Nashville location, 6,302 SF, high growth area.
      1811 Charlotte Ave, Nashville, TN 37203
      View Details
    • $4,900,000
      5,400 SF

      A Rare Opportunity to Own a Commercial Retail Building

      A Rare Opportunity to Own a Commercial Retail Building
      1811 Division St, Nashville, TN 37203
      View Details
    • $7,500,000
      0.35 Acres

      SoBro Land: Prime Development Site

      Nashville Commercial Land: 0.35 Acres
      520 Lafayette St, Nashville, TN 37203
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      200 SF

      Nashville Commercial Kitchen Space

      Turnkey ghost kitchen, 200 sq ft, prime location.
      614 18Th Ave, Nashville, TN 37203
      View Details
    • Contact for pricing
      2,077 SF

      Nashville SoBro Retail Space

      Prime 2,077 SF Retail, SoBro Nashville
      410 Rep. John Lewis Way, Nashville, TN 37203
      View Details
    • Contact for pricing
      5,527 SF

      Retail or Medical Office Space

      Prime location on high traffic West End Avenue corridor.
      2304 W End Ave, Nashville, TN 37203
      View Details
    • Contact for pricing
      1,973 SF

      Mixed-Use Development Retail Space

      Retail space in high-density mixed-use development.
      622 Merritt Ave, Nashville, TN 37203
      View Details
    • Contact for pricing

      Retail Space Near Vanderbilt University

      Retail space in high-traffic area near Vanderbilt University.
      905 20Th Ave South, Nashville, TN 37203
      View Details
    • $35 SF/Yr

      Retail Space in Parke West

      Vibrant West End location with high visibility and accessibility.
      110 Murphy Ct, Nashville, TN 37203
      View Details
    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.
    510 Merritt Ave
    Nashville, TN 37203
    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

    Google sign-in failed. Please try again or use another login method.