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Lola Animashaun

lolatherealtor@gmail.com +1(931) 225-9416

Listed by Kunal Patel • SVN Accel Commercial Real Estate

$ 2,535,000

Est. payment | -/mo

16,258 SqFt

Save

$ 2,535,000

Est. payment | -/mo

Save

16,258 SqFt

Key Details

Property Type Multi-Family

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 No

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.

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

Others

Senior Community false

Special Listing Condition Standard

NEARBY SCHOOL & BUSINESS

1216 Lewis St Nashville, TN 37210