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515 E Iris Dr

2,280 SF Office Building Nashville, TN 37204 $2,250,000 ($987/SF)

Investment Highlights

  • Corner Lot
  • Extra Parking
  • Wired Recording Studio
  • Walk to Restaurants/Nearby Businesses

Executive Summary

Unique find with ample parking! Neighboring East Iris Studios, in central Berry Hill near studios, restaurants, and businesses. Loaded recording studio ready to play. Studio was custom built by musicians for professional recording in early 2000's. Property includes 2 offices and kitchen separate from recording. Spaces include control, studio, iso booths, sound lock and more. Subtenant is on 30 day month to month with private entrance and uses approximately 250 SF, can be absorbed into new lease, ownership, or given notice. Property was previously Westlake Audio and The 515 Studio.

Financial Summary (Actual - 2023)

Annual Annual Per SF
Gross Rental Income $65,673 $13.13
Other Income - -
Vacancy Loss - -
Effective Gross Income $65,673 $13.13
Taxes - -
Operating Expenses - -
Total Expenses $3,258 $0.65
Net Operating Income $62,415 $12.48

Financial Summary (Actual - 2023)

Gross Rental Income
Annual $65,673
Annual Per SF $13.13
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual $65,673
Annual Per SF $13.13
Taxes
Annual -
Annual Per SF -
Operating Expenses
Annual -
Annual Per SF -
Total Expenses
Annual $3,258
Annual Per SF $0.65
Net Operating Income
Annual $62,415
Annual Per SF $12.48

Property Facts

Sale Type
Investment or Owner User
Sale Conditions
1031 Exchange
Property Type
Office
Property Subtype
Loft/Creative Space
Building Size
2,280 SF
Building Class
C
Year Built/Renovated
1941/2002
Price
$2,250,000
Price Per SF
$987
Tenancy
Single
Building Height
1 Story
Typical Floor Size
2,280 SF
Building FAR
0.23
Lot Size
0.23 AC
Zoning
4ZZ - Berry Hill Zoning allows for Commercial,Residential, and Mixed Use.
Parking
15 Spaces (6.58 Spaces per 1,000 SF Leased)

Amenities

  • Kitchen
  • Storage Space
  • Basement
  • Central Heating
  • High Ceilings
  • Hardwood Floors
  • Yard
  • Air Conditioning
  • Smoke Detector

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
118-07-0-184
Land Assessment
$180,360 (2024)
Improvements Assessment
$137,880 (2024)
Total Assessment
$318,240 (2024)
  • Listing ID: 33126232

  • Date on Market: 9/10/2024

  • Last Updated:

  • Address: 515 E Iris Dr, Nashville, TN 37204

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