Property Overview
Price/Rent PSF $ 10,050,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 68,269
Date Available 08/05/2019
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Nashville is a large city in the state of Tennessee, notably known as the center for the music industry, earning it the nickname “Music City.” Not only is Nashville known for its incredible music scene, but it’s also a center for the healthcare, banking and tourism industries, bringing in $116.8B of gross metro product. In addition, the city is home to a large number of colleges and universities. Already a health care capital, the Nashville area is establishing itself as a health care information technology hub.

The current 10-county Nashville Economic Market includes a population of 1.8 million and is the largest metropolitan area. Nashville has become a destination for upwardly mobile career starters who are young, single and educated. The net migration as of 2017 to Nashville was about 5,280 according to Forbes. The median household income is about $63,939 which is about 25% higher than the amount in Tennessee, according to the US Census. About 90.5% of residents in the area have graduated high school.

Fairview is a city located within the Williamson County and part of the Nashville metropolitan area. The city has an estimated 2018 population of 8,999, an increase of 15.6% since 2010. Though Fairview is a small town, it is still part of the Nashville MSA, harboring a variety of residents and visitors. According to NeighborhoodScout, Fairview’s residents work in sales jobs (16.96%), office and administrative support (13.13%), and management occupations (10.50%). Not only this, Fairview High School was listed as one of the top 1,000 schools in the United States, according to Newsweek magazine.

This 30 home single-family residential investment portfolio in Fairview is located within the Nashville metropolitan area. Nashville is the capital and most populous city in the state of Tennessee, continuing to show strong signs of economic & population growth. Rents grew another 4.1% YOY from March 2018-2019. This portfolio offers an investor immediate cash flow & value add with significant rental increases. The Developer / Builder quickly leased up these homes, leaving room for the buyer to push the returns on these new-build homes. These homes are designed for families and nestled into one of the best school districts in the Williamson County, walking distance to the brand new Westwood Elementary School.

All homes at Fairview Station Homes include quality design upgrades such as granite countertops, vinyl-plank flooring, recessed lighting, ceiling fans, over-sized soaking tubs, and two-car garages. This purpose Build For Rent subdivision was completed near the end of 2018 with an average & spacious size of 2,276 square feet per home. There are a variety of floor plan options for potential residents offering two 3-bed, 2.5-bath home; one 4-bed, 1.5-bath homes; and 27 4-bed, 2.5-bath homes ranging from 2,203 to 2,448 livable square feet. Rental rates began at $1800 during construction and now the new owner has the ability to raise rents north of $2100 in the immediate submarket, significantly bringing increased cash flow to the bottom line over the years.

This 30 home SFR investment portfolio is listed at only $147 per square foot, compared to the median list price of $193 per square foot in the greater Nashville market. Nashville home values have gone up 5.5% YOY from April 2018-2019 and rent growth is expected to hold strong climbing another 9% through 2022 according to John Burns Real Estate Consulting.