This property is Off-Market
4701 Old Hickory Boulevard
Old Hickory, TN 37138 ·
73 Units · Multifamily For Sale
Hermitage Garden Apartments
|No. Units||73||Cap Rate||7.90%|
|Building Size||71,568 SF||No. Stories||2|
|Property Type||Multifamily||Year Built||1964|
|Property Sub-type||Garden/Low-Rise||Lot Size||3.30 AC|
|Property Use Type||Investment||Parking Ratio||1.34 / 1,000 SF|
|Listing ID: 18410059||Date Created: 10/20/2013||Last Updated: 04/22/2014|
Hermitage Garden is a well-maintained 73 unit, "Class C" Apartment. There are three two-story buildings of brick and concrete-board clap siding construction. The three buildings are 19,632, 24,864, and 27,072 respectively, for a total square footage of 71,568 square feet. There are 24 one-bedroom units and 49 two-bedroom units. Rents for the one-bedroom units currently average $580 per month. Rents for the two bedroom units currently average $651 per month. The one-bedroom units are approximately 720 SF and the two bedroom units are approximately 960 SF. This is a larger unit size than most newer apartment construction. This is appealing to tenants. Tenants also like the quieter, smaller size of the complex and the better, more selective tenant profile of Hermitage Garden.
The buildings have pitched roofs (all replaced in 2012 with forty-year architectural shingles), brick and concrete board siding exteriors, central hallways, wall air-conditioning and baseboard heat. There are covered and uncovered metal stairs that access the second floor. The landscaping is serviced by an automatic sprinkler system that can be programmed and controlled by the owner.
The Hermitage Garden Apartments are conveniently located in Davidson County, TN, in the Greater Nashville SMSA on the eastern side of Metro Nashville, and only a few blocks away from Andrew Jackson' s famous historic residence, with high visibility at 4701 Old Hickory Boulevard in Old Hickory, TN 37138. Old Hickory Boulevard is a major five-lane thoroughfare that links Interstate 65, north of Nashville, with Interstate 40, east of Nashville, through the sub-markets of Madison, Old Hickory, and Hermitage, Tennessee. There are between 26,000 and 29,000 cars per day that pass over this route. Within walking distance to many stores, such as Wal-Mart, Lowes, Home Depot, Walgreens, etc. All shopping Services stores and numerous restaurants as well as Summit Hospital are present in the general area.
- All windows were replaced with new energy-efficient vinyl double-pane windows.
- All the hallways were repainted and the hallway carpets were replaced in 2013.
- ¾ hardwood in the entry halls, kitchens and dining areas in some units
- All new roofs installed in 2012
- Parking Lot re-sealed and striped in 2013
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