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151 Covington Ln 6 Unit Apartment Building $789,900 ($131,650/Unit) 8.18% Cap Rate Dickson, TN 37055
Executive Summary
STABILIZED MIXED-USE | COMMERCIAL ZONING | CASH FLOWING
Currently generating ~$7,900/month gross income with 5 of 6 income streams occupied.
Income breakdown:
4 renovated 2BR / 1.5BA apartments at $1,600 each ($6,400 total)
2,700 sq ft warehouse/commercial space leased at $1,500
Separate garage/storage unit vacant with ~$389 monthly potential
At full occupancy gross reaches ~$8,289/month, exceeding the 1% rule at the current $789,900 price and supporting strong 8–10%+ cap rates.
Tenants pay all utilities (individually metered)
Situated on 5.1 acres with commercial zoning and no HOA, the property offers a rare mixed-use combination of residential apartments, commercial warehouse space, and expansion land in a quiet setting just minutes from Dickson and about 1 hour west of Nashville.
Recent infrastructure improvements include a septic system upgrade with new tank and field lines to support the property's multi-unit capacity.
Majority of HVAC systems replaced within the past 5 years.
Turnkey investment with proven rents.
Appliances convey.
---
VALUE-ADD OPPORTUNITIES
Rent the garage/storage unit (~$389/mo potential)
Utilize the unfinished basement areas for storage or finish for extra living space
Add RV pads with utilities
Develop storage units or contractor yards (commercial zoning)
Clear additional land for cabins, glamping, or additional structures
Currently generating ~$7,900/month gross income with 5 of 6 income streams occupied.
Income breakdown:
4 renovated 2BR / 1.5BA apartments at $1,600 each ($6,400 total)
2,700 sq ft warehouse/commercial space leased at $1,500
Separate garage/storage unit vacant with ~$389 monthly potential
At full occupancy gross reaches ~$8,289/month, exceeding the 1% rule at the current $789,900 price and supporting strong 8–10%+ cap rates.
Tenants pay all utilities (individually metered)
Situated on 5.1 acres with commercial zoning and no HOA, the property offers a rare mixed-use combination of residential apartments, commercial warehouse space, and expansion land in a quiet setting just minutes from Dickson and about 1 hour west of Nashville.
Recent infrastructure improvements include a septic system upgrade with new tank and field lines to support the property's multi-unit capacity.
Majority of HVAC systems replaced within the past 5 years.
Turnkey investment with proven rents.
Appliances convey.
---
VALUE-ADD OPPORTUNITIES
Rent the garage/storage unit (~$389/mo potential)
Utilize the unfinished basement areas for storage or finish for extra living space
Add RV pads with utilities
Develop storage units or contractor yards (commercial zoning)
Clear additional land for cabins, glamping, or additional structures
Property Facts
| Price | $789,900 | Building Class | C |
| Price Per Unit | $131,650 | Lot Size | 5.10 AC |
| Sale Type | Investment | Building Size | 6,951 SF |
| Cap Rate | 8.18% | Average Occupancy | 0% |
| No. Units | 6 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1986/2024 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | commercial - Dual residential and commercial zoning | ||
| Price | $789,900 |
| Price Per Unit | $131,650 |
| Sale Type | Investment |
| Cap Rate | 8.18% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 5.10 AC |
| Building Size | 6,951 SF |
| Average Occupancy | 0% |
| No. Stories | 1 |
| Year Built/Renovated | 1986/2024 |
| Opportunity Zone |
Yes |
| Zoning | commercial - Dual residential and commercial zoning |
Amenities
Unit Amenities
- Kitchen
- Basement
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $925.00 | 350 - 2,520 |
| 2+1 | 4 | $1,700 | 1,372 |
1 1
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 022121 02502 | Improvements Assessment | $263,560 |
| Land Assessment | $33,080 | Total Assessment | $296,640 |
Property Taxes
Parcel Number
022121 02502
Land Assessment
$33,080
Improvements Assessment
$263,560
Total Assessment
$296,640
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151 Covington Ln
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