240 Rep. John Lewis WayNashville, TN 37219

Property Details for 240 Rep. John Lewis Way

Year built

1925

Lot size

0.07 AC

Property size (Sq ft)

12,600 SF

Property type

Apartment buildings

Description

This iconic 12-unit apartment building, located at 240 Rep. John Lewis Way N in Nashville, TN, presents a unique redevelopment opportunity. The 12,600 square foot building, constructed in 1925, sits on a 0.07-acre lot and boasts a prime Downtown Core zoning designation. Currently undergoing a complete remodel for short-term rentals and Airbnb stays, the renovation is slated for completion by September 2024. The four-story building will feature a unique layout with four bedrooms and four bathrooms on each floor, each bedroom showcasing a distinct design theme. Amenities will include a lobby with local art and a third-floor mezzanine. The basement offers potential for additional uses, such as storage or a speakeasy. The asking price is $17,600,000, with a price per square foot of $1,396.83 and a price per unit of $1,466,666.67. The property offers a 5.00% cap rate and a net operating income (NOI) of $880,017. Seller financing is available. This investment presents a rare chance to own a piece of Nashville history, perfectly positioned for lucrative short-term rental income. The property's APN is 093-02-3-045-00. This adaptive residential use allows for non-owner short-term rentals.

Location Insight

City

Nashville

County

Davidson

State

Tennessee

Latitude

36.1644

Longitude

-86.7807

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