Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in four commercial and residential zoned parcels in Nashville, Tennessee. Three of the four parcels are zoned CS (Commercial Service) which is intended for a wide range of commercial service related uses including low density manufacturing and storage facilities. The CS zoning allows for Adaptive Residential development allowing non-owner occupied short term rentals. The remaining parcel is zoned RS5, which is a single family residential zoning that is intended for medium density residential, requiring a minimum 5,000 square foot lot and intended for single family dwellings. The zoning on the four parcels has been grandfathered in to allow multi-family development, the only property on Douglas Avenue allowing for this type of development. As a result, the offering presents excellent upside, giving the prospective buyer the possibility to develop a wide variety of multi-family or single-family residential developments. Possible developments include a 13 unit single-family residential development with 3-story units ranging in size from 1,850 to 2,120 square feet or a 47 unit, 3-story, multi-family project. Currently, market sale comparables for multi-family product range from $750K to $1M per unit.

The subject property is strategically located on the corner of Douglas Ave. and Jones Ave. averaging a combined 17,000 vehicles passing by daily. The site benefits from nearby direct on/off ramp access to Ellington Highway (State Highway 6, U.S Highway 31E) with 60,800 vehicles per day and one of the most traveled highways in the Nashville MSA. The four pads are situated on a busy residential/commercial corridor, featuring a variety of national/credit tenants nearby. The site is less than three miles from downtown Nashville with a variety of restaurants, music, nightlife, history and art attractions. The 5-mile trade area is supported by a population of over 214,000 and 330,000 daytime employees. Residents with 3 miles of the subject property boast an affluent average household income of $93,472.

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