115-117 28th Ave North. Nashville TN
Off Market

Price: $5,600,000

Available Square Footage: 8,242 sf
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615.790.5099

tom@lochcompany.com

Description

Purchase 115 28th Ave North and 117 28th Ave North, for $5,600,000. Or separately for $2,800,000.  Excellent Mid Town location with two free-standing buildings, zero lot line, value-added and expandable with a combined square footage of +- 8242 sq. ft. Gross income – $21,750 monthly. Zoned MUI-A. Mixed-use intensive.  High-intensity mixture of residential, retail, and office uses. Insurance costs are about $4500 per building each year. Yearly expenses for both buildings average about $34,250.  That includes property taxes and insurance and maintenance.

117 28th Ave is 4500 sq. ft., 3-story building. Overlooking centennial park. Ceramic floors, new windows, new walls well insulated, all new electricals, four electric meters, new roofing, painted inside and out, Parking spots marked, and ample street parking.  This building is fully sprinkled.  The lot size is 120X50, and more area can be constructed right to the edge of the property line and or go higher.   The Building was completely remodeled and updated with new plumbing, electrical, HVAC, roof, and buildout.  The entire building is sprinkled for multi-use.  The current total gross rental income is $10,500 per month. Restaurant on the first floor, 1500 sq. ft. paying $4000 monthly.  New large 960 sq. ft. deck for outdoor seating. The restaurant uses the basement for its walk In cooler and the lines for the draft beer etc. Rent will increase to $5000 on June 1, 2024, and then to $6000 from June 1st, 2026, to May 31, 2031. 10-year lease.  2nd floor has one apartment with 1500 sq. ft. of living area, #200 and #201.  Four bedrooms, two baths with two kitchens. They are leased at $4000 per month.  3rd floor is an owner-occupied law office with a large conference room, three offices, a kitchen, and a brand-new bathroom. This unit pays $2500 monthly—2022 property taxes: $11,857.58. Insurance costs $4500+-.  Gross Income: $126,000.00. Expenses: $18,858.  Maintenance: $2500.00  NOI:  = $107,142. Cap Rate: 3.8%.
115 28th Ave. 3742 sq. Ft. Permitted Short Term Rental. Brand new remodel from top to bottom, electricals, Plumbing, HVAC, roof, windows.  The parking area is unique, and the entire front has been concreted. Three floors #101, #201, and #301. The second and third floors are one unit with two kitchens and separate entrances.  A Charlotte-based company has rented the entire building for $11,250.00 monthly with escalations, a five-year contract with escalation each year. #101 is a 4 BED 3.5 BATH, #201 is a 3 BED 3 BATH and a Large roofed terrace, and #301 is a 3 Bed 3 Bath. Lot size: 120 x51′.  2022 property taxes: $11,476.21.  Insurance costs $4500+-. Maintenance $2500.00.  Total Expenses: $18,467.21.  NOI: $116,532.79. Cap Rate: 4.2%

Details

Online:

Property Type: Building

Sub Type: Multifamily

Price: 5,600,000

Square Feet Available: 8,242 sf

Parking Spaces: 13

Sprinklers: yes

Sale Status: Off Market

Tax: $$11,476.21 & $11,857.58

Sale Type: Sale

Cap Rate: 4

Tax ID: 10402035300, 10402035200

Building Square Feet: 8,242 sf

Class: B

Construction Type: Frame

Zoning: MUI-A

Terms

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117 28th, 3rd Floor Plans
117 28th, 2nd Floor Plans

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