Brand new "luxury" short-term rental town homes built around a beautiful Nashville River Walk & grandfathered in for short-term rental. These are high-end and gorgeous.
The purchase price per seller was $9,600,000, plus the buyer paid a 5% real estate commission.
Direct to & from the seller:
Hi Zou,
I am attaching some links to this email, including the blueprints, proformas and some local information about the surrounding areas. These townhomes are the last of the grandfathered-in short-term rental properties in the immediate area that can either be built or existing properties that can used for short-term rentals. This is money in the bank. Thank You,
BASICS:
Total of 9 townhomes. (There will be 8 for sale as of this date, as we are keeping one of them for ourselves.)
Address: Nashville, TN 37207, Hudson Row"
They are comprised of two buildings: a 5-unit building and a 4-unit building.
2010 sq ft
4 bedroom, 4 full bath, 2 car garage (i.e. a local trend I've seen incl. converting garage space to karaoke bar-type fun space, pool table space, party-room space.)
rooftop decks with views of downtown Nashville
hot tubs on roofs
under construction, estimated completion by end of August 2024
HOA documents have been recorded. Estimate of $150 monthly HOA dues.
listing price will be $1,200,000 each. The end units will be priced $15,000–$20,000 more each, and there will be 3 of those available, as the one Tim and I are keeping is also an end unit.
PROFORMAS:
see the proforma attachments to this email
an email attachment with important data re future bookings this year for a unit adjacent to ours (also 4 bed/4 bath)
BLUEPRINTS:
I attached both buildings of blueprints. This has the most recent revisions included.
COMPS:
This unit is 5 years old, next door to our project, has no rooftop decks, NO hot tub option, and therefore no views of downtown Nashville. It has been active on the market for 5 days.
These 3 units are all currently "Under Contract" and set to close soon. (They are on the same street as our project, just a ¼ mile down the road.)
(These 4 units closed from December2023 2023 to April 2024, just 2 months ago.)
These 10 units are in a project called "Ravenwood", and it is next door to our project, "Hudson Row". There is a side street adjacent to these; therefore, the listed addresses are found on Napoleon St. This is also the project that the STAY LOCAL email references with current AirBnB bookings through 2024.
These units are all either "Active" OR currently "Under Contract" and set to close soon. They are listed on "Brick Church Pike," but if you look at a map, you will see that they too are just ¼ mile from our project, as Brick Church Pike turns into Baptist World Center Dr. around the corner. It is worth noting that these units go DIRECTLY to an exit ramp on I-65, but they do have wonderful views of downtown Nashville. They also are structurally framed for hot tubs, but the hot tubs are NOT included.
SUMMARY OF COMPS:
All of these comps I have sent you give you a clear snapshot of what is going on around the area of our project. All of the townhomes I've sent you are STR (short-term rental) zoned and very similar in size to ours. This is because of the "River North" project that we are all around the corner from, which changes the landscape of Nashville, Tennessee. **Be sure to check out the links in all these listings for their own proformas. They have some from the same management companies that I do, and some are different. Each one may have a slightly different variation. Some of the companies are not allowing for any increase in revenue for having hot tubs, while others do. One of the most accurate indications is the EMAIL attachment I included here, showing the future revenue already booked for 2024, and this is for the property next door to ours.
River North: Everyone in Nashville has been eagerly anticipating the arrival of this project for about 6 years now. They are breaking ground on Phase 1 and it will indeed change the landscape of Nashville forever. Our project is literally around the corner from River North, just north of downtown, across the Cumberland River, where the Titans Football Stadium is, and adjacent to Top Golf on Cowan St, which will be the main artery through River North. It will include a new pedestrian bridge across the river, the new Titans Stadium, set to be completed by 2027, a myriad of other businesses and shops, including tech company giant Oracle, and a new riverfront destination similar to San Antonio, TX.
