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Additional details
Listed by Kunal Patel • SVN Accel Commercial Real Estate
$2,535,000
Est. payment /mo
16,258 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Pending
Purchase Type For Sale
Square Footage 16,258 sqft
Price per Sqft $155
Subdivision Old Fairgrounds
MLS Listing ID 3226347
HOA Y/N false
Year Built 1969
Annual Tax Amount $28,383
Lot Dimensions 145 X 191
Property Description
SVN | Accel Commercial Real Estate is pleased to present Chestnut Flats — a 39-unit, high-upside value-add multifamily opportunity located at 1216–1220 Lewis Street in Nashville, Tennessee. Positioned in the rapidly transforming Chestnut Hill submarket within the 37210 zip code, the property offers investors a rare opportunity to acquire a partially offline asset with significant operational and physical upside just minutes from Downtown Nashville. Originally constructed in 1959 and 1969, Chestnut Flats consists of two buildings situated on 0.66 acres, providing a manageable scale for repositioning in one of the city's most active infill corridors.
With 19 of 39 units currently offline, the property presents a true “basis play” with immediate value creation through renovation and lease-up. This level of vacancy allows a new owner to execute a phased or full-scale repositioning strategy without significant disruption to in-place tenants — a scenario rarely available in today's supply-constrained Nashville market. All units are subject to MDHA affordability restrictions (50% and 120% AMI) through July 2029, offering a clear runway for stabilized workforce housing cash flow in the near term, with the potential for long-term strategic repositioning upon expiration. Investors can capitalize on strong rental demand in the urban core while implementing interior and exterior upgrades to drive rents within the allowable thresholds.
Chestnut Flats is ideally suited for experienced value-add and distressed asset investors seeking:
- A discount-to-replacement-cost acquisition
- Renovation with meaningful upside
- Lease-up opportunity in a high-demand submarket
- Proximity to Downtown, WeHo, and major employment hubs
Surrounded by ongoing redevelopment, adaptive reuse projects, and continued population growth, the property benefits from its location within one of Nashville's most rapidly appreciating urban corridors.
With 19 of 39 units currently offline, the property presents a true “basis play” with immediate value creation through renovation and lease-up. This level of vacancy allows a new owner to execute a phased or full-scale repositioning strategy without significant disruption to in-place tenants — a scenario rarely available in today's supply-constrained Nashville market. All units are subject to MDHA affordability restrictions (50% and 120% AMI) through July 2029, offering a clear runway for stabilized workforce housing cash flow in the near term, with the potential for long-term strategic repositioning upon expiration. Investors can capitalize on strong rental demand in the urban core while implementing interior and exterior upgrades to drive rents within the allowable thresholds.
Chestnut Flats is ideally suited for experienced value-add and distressed asset investors seeking:
- A discount-to-replacement-cost acquisition
- Renovation with meaningful upside
- Lease-up opportunity in a high-demand submarket
- Proximity to Downtown, WeHo, and major employment hubs
Surrounded by ongoing redevelopment, adaptive reuse projects, and continued population growth, the property benefits from its location within one of Nashville's most rapidly appreciating urban corridors.
Location
State TN
County Davidson County
Zoning Iwd, Ovly
Interior
Heating Central
Cooling Central Air
Flooring Bamboo
Fireplace N
Exterior
Utilities Available Water Available
View Y/N false
Private Pool false
Building
Story 2
Sewer Public Sewer
Water Public
Structure Type ICFs (Insulated Concrete Forms)
New Construction false
Schools
Elementary Schools John B. Whitsitt Elementary
Middle Schools Cameron College Preparatory
High Schools Glencliff High School
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Nearby School & Business
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