2505 Merry Oaks DrNashville, TN 37214

Property Details for 2505 Merry Oaks Dr

Year built

1957

Lot size

1.40 AC

Property type

Apartment buildings

Description

This exceptional value-add multifamily investment opportunity presents a rare chance to acquire the 16-unit Merry Oaks Apartments in Nashville, Tennessee. Located on a 1.4-acre lot at 2505 Merry Oaks Dr, Nashville, TN 37214, this Class B property boasts 8,000 square feet of net rentable space, spread across two, two-story buildings. Built in 1957, the property features 16 one-bedroom units, each with individually metered water and electric, and includes all electrical appliances. The property offers 32 surface parking spaces (2 per unit). Recent improvements include all windows replaced in 2022. The property benefits from a convenient location in the Donelson neighborhood, offering a suburban feel with easy access to parks, recreational facilities, good schools, and major highways (I-40, I-24, and Briley Parkway). Its proximity to downtown Nashville (8.4 miles) and Nashville International Airport (3.3 miles) further enhances its appeal. The current Net Operating Income (NOI) is $89,105, with a pro-forma NOI of $114,747, resulting in a current cap rate of 5.40% and a pro-forma cap rate of 6.95%. The asking price is $1,650,000, representing a price per unit of $103,125. The property is zoned CL and features a community area with a pavilion. The building's construction includes a brick and vinyl exterior, concrete slab foundation, wood frame construction, and cinderblock interior walls. The property includes pad-mounted central heat and air HVAC systems. Current rents are below market, presenting a significant opportunity for value enhancement.

Location Insight

City

Nashville

County

Davidson

State

Tennessee

Latitude

36.1545

Longitude

-86.683

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