Off Market: 2.8 Acre Apartment Development Site | $27,000/unit

Update:  This property is available but Off Market

Beau Beach, MBA CCIM presents:

$1,098,000 price reduction to ensure a timely sale!

This 2.8 acre parcel is ripe for a high density apartment development.  The property is currently home to a motel.  Located in an Opportunity Zone.

This prime real estate is located on the desirable Murfreesboro Pike corridor.  Traffic counts exceed 22,000 vehicles per day.  Murfreesboro Pike runs adjacent to the highly trafficked I-24/I-40 interstates.

Two miles and less than 10 minutes from downtown Nashville on a straight route with no need for highway driving.  Less than a mile from Trevecca University.  Two miles from The Gulch which is one of Nashville’s fastest growing neighborhoods.  Just four miles from the massive Nashville Yards development which will be home to more than 3.5 million square feet of office space – including Amazon’s new Nashville HQ.

Murfreesboro Pike provides spectacular amenities to future apartment residents.

Superb access to I-65 and I-24/I-40…plus a short drive to downtown and the Nashville International Airport…make this a unique and incredibly attractive development opportunity.

Existing motel on the property can provide income while the redevelopment project is being designed and approved.

Conceptual Site Plan

We hired an architect to create a site plan that complies with all zoning restrictions.  They’ve presented 354 apartment units (10% studio, 80% one bedroom, 10% two bedroom).  The apartment building would reach six stories.  Apartment sizes range from 400 SF – 600 SF.  They designed a standalone parking structure with 332 parking spaces (297 spaces required).  The parking garage roof will also provide 3,600 SF of outdoor amenity space.  Lastly, they call for a 3 story, 13,500 SF amenity building that fronts Murfreesboro Pike.

This design will likely require Type 1A concrete block and precast plank construction.  Conceptual Site Plan available by request.

Zoning

The property is zoned CS (Commercial Services) with two overlays…OV-AIR (Airport Overlay District) and OV-UZO (Urban Zoning Overlay District).  CS Zoning permits apartment development with conditions.  No density or floor area ratio applies to new residential construction.

The property is located in an Urban Services District which qualifies it for Metro’s “Adaptive Residential Provision”.  This provision encourages adaptive reuse of commercial areas within the Urban Services District by creating a “by-right” planning phase for high density mixed-use or residential development.    This expedites the zoning approval process.  Click here for the zoning table which shows all permitted uses under the CS current zoning.

Priced $20/SF less than comparable properties to ensure a timely sale!

Priced at just $27,218/Potential Unit!

Don’t procrastinate…this site is too attractive to last long.  We’ll prepare your offer and pay $500 of your legal fees.

LOCATION DESCRIPTION

Nashville is the capital and most populous city of the U.S. state of Tennessee. The city is the county seat of Davidson County and is located on the Cumberland River. The city’s population ranks 24th in the U.S. According to 2018 estimates from the U.S. Census Bureau, the total consolidated city-county population stood at 692,587.

Located in northern Middle Tennessee, Nashville is the major city of the largest metropolitan area in Tennessee. The 2018 population of the Nashville-Davidson–Murfreesboro–Columbia combined statistical area, a larger trade area, was 2,057,416.

Since 1963, Nashville has had a consolidated city-county government, which includes six smaller municipalities in a two-tier system.

Nashville is a center for the music, healthcare, publishing, private prison, banking, and transportation industries. It is home to numerous colleges and universities, such as Tennessee State University, Vanderbilt University, Belmont University, Fisk University, and Lipscomb University.

Entities with headquarters in the city include Asurion, Bridgestone Americas, Captain D’s, CoreCivic, Dollar General, Hospital Corporation of America, LifeWay Christian Resources, Logan’s Roadhouse, and Ryman Hospitality Properties.