607 Locust StSpringfield, TN 37172

Property Details for 607 Locust St

Year built

1974

Lot size

0.09 AC

Property size (Sq ft)

2,726 SF

Property type

Office properties

Property subtype

Other office properties

APN

074080J B 02000

APU

074080JB02000

Description

This exceptional 5,550 square foot commercial building is situated in Springfield's Historic District, just one block from the town square. The property boasts a lucrative mixed-use configuration, currently housing a thriving law firm and a day spa. The building offers significant income potential with a fully renovated, 1,200 square foot, two-bedroom, one-bathroom apartment on the second floor, renting for $1,300 per month. This apartment features a separate entrance, providing privacy and convenience for the tenant. The ground floor comprises approximately 2,330 square feet dedicated to the law firm, featuring seven private offices (each approximately 16' x 14'), a conference room, a kitchen, and a bathroom. Adjacent to the law firm is a 1,980 square foot day spa, complete with a lobby, three private treatment rooms, a laundry room, and a bathroom. The property includes a convenient parking lot with space for twelve vehicles. This unique opportunity combines the benefits of a prime location in a historic district with the consistent income generated by multiple tenants, making it an attractive investment for discerning buyers. The 0.22-acre lot provides ample space for the building and parking. This property is ready for immediate occupancy and offers a strong return on investment.

• CAP approach

  CAP return

  Valuation

  6%

  $470,922

  6.5%

  $434,697

  7%

  $403,648

• Comparable approach

  Method

  Valuation

  Relative Method

  $234,654

  Geo Method

  $234,654

• Alternative Use

  Use

  Valuation

  Residential

  $539,025

  Hospitality

  $493,744

  Educational

  $410,789

  Medical

  $424,917

  Retail

  $639,005

Location Insight

City

Springfield

County

Robertson

State

Tennessee

Latitude

36.5082

Longitude

-86.8866

CBSA code

34980

CBSA name

NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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