Sold: Office + Warehouse Buildings on .87 Acres Zoned Mixed-Use

Update: This property sold for $2,850,000.

Beau Beach, MBA CCIM presents:

Valuable East Nashville location. This quickly gentrifying neighborhood has become popular for short term home rentals…get in now before prices get too high.

Extremely convenient location. Access to I-65 is just one mile away at East Trinity Lane. Less than one mile to Dickerson Pike and Ellington Parkway. 1.4 miles to Gallatin Pike. 4 miles to world famous Broadway.

This is a two parcel assemblage of 1523 and 1531 Jones Avenue.

1523 Jones Avenue

1523 Jones is a .61 acre (28,474 SF) parcel with a 7,295 SF office building that was constructed in 1962 and remodeled in 2014. This building was substantially remodeled by the seller to offer 7 private offices, conference room, two reception areas, kitchen, full restroom with shower, 3 half baths, washer/dryer, print room, and interior storage. Gates lead to substantial exterior storage behind the building. Two overhead doors in rear. One leads to covered exterior storage. The other is used as a loading dock. Newer rubber roof and updated HVAC. Finishes were tastefully done. Move-in ready. Building could be two tenant. Floor plans available in the Property Information Package (link below).

1531 Jones Avenue

1531 Jones is a .26 acre (12,229 SF) parcel with a 3,945 SF former grocery store that was built in 1955 and is now used as a warehouse. Newer rubber roof, updated HVAC, kitchenette, restroom, shower. Building could be two tenant. Click here for a simple video tour.

The buildings have been occupied by seller, a successful and reputable commercial roofing company, since 2012. Both building fronts received new brick veneers, doors, and windows. No floodplain. Pole signage. 24 parking spaces with ability to add more in rear lot. No known deferred maintenance. Seller requires a minimum 3 month leaseback.

Mixed Use Zoning

Both parcels are zoned Mixed Use Neighborhood (MUN-A) which is intended for a low intensity mixture of residential, retail and office uses. Permitted uses include:

- - Multifamily apartments
  - Short term rentals
  - Office
  - Medical office
  - Bar or nightclub
  - Beer and cigarette market
  - Business services
  - Grocery store
  - Personal care services
  - Restaurants
  - Retail

Pricing Guidance

These comparable properties will provide buyers with pricing guidance:

On the same block, the warehouse at 850 Cherokee Avenue recently sold for $300/SF of building or $59/SF of land.

.6 miles away, the warehouse on 1.05 acres at 315 E. Trinity Lane is under contract with an asking price of $724/SF of building or $68/SF of land.

.9 miles away, the retail corner at 2201 Dickerson Pike is under contract with an asking price of $1,530/SF of building or $70/SF of land.

Don’t miss this opportunity. To increase your chance of winning this property, we will prepare your offer.

East Nashville Neighborhood

East Nashville is an area east of downtown Nashville across the Cumberland River. The area is mostly residential and mixed-use areas with businesses lining the main boulevards.

East Nashville has a quirky vibe and a buzzing food and nightlife scene. The Five Points area is known for its street art, upbeat bars and trendy fine-dining restaurants, while nearby Fatherland Street is the place to go for offbeat shops. In leafy Shelby Park, the Greenway is a paved tree-lined path winding along the Cumberland River. Nissan Stadium fills with crowds for Titans football home games.

East Nashville is an area of creative and artistic flair. It has a trendy progressive atmosphere and after ten plus years of a slow and steady rise, the neighborhood has managed to keep its eclectic, artsy vibe while welcoming a diverse mix of newcomers.

Like it attracted many in the late 19th century, it continues to attract young urban professionals and liberal minds because of the easy-going environment and quaint neighborhood qualities. There are many coffee shops and art galleries interwoven within the neighborhoods making it a biker’s or walkers’ paradise.

The Tomato Art Fest is a popular summer festival in East Nashville specifically at the Five Points, where Woodland, Clearview and 11th streets intersect. There are many other festivals and fairs throughout the year also.

Nashville

Residential redevelopment has taken hold of the outer neighborhoods and has significantly brought up home prices and more young people are calling it home.

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.