404 Beech St went from vacant land (2024 county value $137,200) to a completed, 100%-leased income community, with the 2026 county appraisal at $3,130,500. All 19 units are occupied at $1,225/mo and a rent increase is scheduled by ownership. The property is offered for sale at $3,440,000 ($181K/door) — on-market or through a discreet 1031 disposition. The analysis below is built for a buyer to underwrite: figures are labeled actual, lender-underwritten, or estimate, and a full diligence package — operating statements, rent roll, and loan documents — is available to qualified buyers under confidentiality. Treat the pro-forma as a starting point for your own review, not a substitute for it.
Interior and exterior photography of the completed townhomes — brick exteriors, two-story floor plans, full kitchens with stainless appliances, and finished baths.
| Data Point | Montgomery County Record | Note |
|---|---|---|
| Owner of Record | Beech Street TN LLC — Springfield, TN | Out-of-area ownership |
| Parcel ID | 055H B 01200 000 | Single multifamily parcel |
| Units | 19 townhomes · 2BR / 2.5BA (Bldg 1: 9 · Bldg 2: 10) | Units 101–110, 201–209 |
| Living Area | 20,786 SF total · ~1,094 SF / unit | 2-story · 2BR / 2.5BA |
| Year Built | 2025 | New construction |
| Land | 1.21 deeded ac · 265.10 × 212.67 IRR | ~15.7 units / acre |
| Zoning | R-4 Multi-Family Residential | Density near maximized |
| Taxing District | 135 — Clarksville (city limits) | City permits / inspections |
| Construction | Common brick · slab on grade · split HVAC | Above-average millwork |
| Site Improvements | 12,696 SF driveway · 2 patios (1,530 + 1,700 SF) | |
| County Appraised (2026) | $3,130,500 | reappraised at completion — bldg $2,955,300 + misc $38,000 + land $137,200 |
| Assessed Taxable (40%) | $1,252,200 | Basis for the go-forward 2026 tax |
The APOD below normalizes the asset to stabilized operations per CCIM methodology — actual taxes and insurance, R&M normalized off the first-year lease-up, plus a 5% vacancy factor, third-party management, and a replacement reserve. The lender-underwritten column is the conservative basis a buyer or lender would value on; the owner-actual column reflects self-managed cash flow (no vacancy, management, or reserve line). In place today rents are $1,225/unit; ownership's newest leases move to $1,286/mo + a $45/mo water charge (RUBS). Full operating statements and the rent roll are available to qualified buyers under confidentiality.
| Line Item | Current (In-Place) | Pro Forma — New Leases |
|---|---|---|
| Income | ||
| Rent / unit / mo | $1,225 | $1,331 ($1,286 rent + $45 water) |
| Gross Potential Rent (19 × 12) | $279,300 | $303,468 |
| Less: Vacancy & credit loss (5%) | ($13,965) | ($15,173) |
| Effective Gross Income (EGI) | $265,335 | $288,295 |
| Operating Expenses (actual, normalized to stabilized) | ||
| Property Taxes reset* | ($39,000) | ($39,000) |
| Insurance (actual) | ($18,300) | ($18,300) |
| Utilities — owner (trash, common elec, water) | ($11,900) | ($6,000) |
| Repairs & Maintenance (normalized) | ($9,500) | ($9,500) |
| Administrative (CPA, software, phone) | ($4,500) | ($4,500) |
| Advertising | ($1,000) | ($1,000) |
| Management Fee (8% EGI) — self-managed today | ($21,227) | ($23,064) |
| Replacement Reserve (5% GPR) | ($13,965) | ($15,173) |
| Total Operating Expenses | ($119,392) | ($116,537) |
| NOI — Lender-Underwritten | ≈ $145,900 | ≈ $171,800 |
| NOI — Owner Actual (self-managed) † | ≈ $195,100 | ≈ $225,200 |
† Owner-actual reflects self-managed cash flow — no vacancy, third-party management, or reserve line. A buyer or lender should value on the lender-underwritten line above.
Slide the NOI (from lender-underwritten to owner-actual) and the cap rate — implied value, price per unit, and price per SF update live.
Ownership has set the renewal rate — as the 19 leases roll to the new terms, gross income steps up automatically. This is contracted upside, not a market assumption.
| Per Unit / Month | Current (In-Place) | New Leases | Change |
|---|---|---|---|
| Base rent | $1,225 | $1,286 | +$61 · +5.0% |
| Water charge (RUBS) | $0 | $45 | new |
| Effective / unit / mo | $1,225 | $1,331 | +$106 · +8.7% |
| Gross Potential Rent (19 × 12) | $279,300 | $303,468 | +$24,168 |
The in-place rent of $1,225 sits slightly below the Clarksville market for a 2-bedroom — despite this being 2025 new construction that should command a premium, not a discount. Ownership's scheduled $1,286 closes part of that gap; a full mark-to-market on new-construction 2BR townhomes points higher still. The scenarios below are drawn from current Clarksville rent surveys (public data, not an appraisal); CoStar's rent-comp set will refine them.
| Rent Scenario | $ / Unit / Mo | Annual GPR (×19×12) | vs. In-Place |
|---|---|---|---|
| In-place (today) | $1,225 | $279,300 | — |
| Owner's scheduled new lease | $1,286 +$45 water | $293,208 / $303,468 eff. | +$13,908 |
| Market estimate — conservative | ~$1,350 | ~$307,800 | +$28,500 |
| Market estimate — new-construction premium | ~$1,425 | ~$324,900 | +$45,600 |
All 19 townhomes are on 12-month leases at $1,225/mo with one-month ($1,225) security deposits. Because the weighted-average lease term remaining is ~4 months, 15 of the 19 leases (79%) reprice by year-end 2026 — meaning a buyer can capture the mark-to-market quickly rather than waiting on units locked below market for years. That near-term roll is the built-in upside: ownership's $1,286 + $45 water schedule is already in motion, and current Clarksville market rents point higher still (see Market Rent Potential).
| Unit | Building | Rent/mo | Deposit | Lease End | Status |
|---|---|---|---|---|---|
| 101 | 1 | $1,225 | $1,225 | Jul 2027 | Leased |
| 102 | 1 | $1,225 | $1,225 | Dec 2026 | Leased |
| 103 | 1 | $1,225 | $1,225 | Sep 2026 | Leased |
| 104 | 1 | $1,225 | $1,225 | Aug 2026 | Leased |
| 105 | 1 | $1,225 | $1,225 | Aug 2026 | Leased |
| 106 | 1 | $1,225 | $1,225 | Nov 2026 | Leased |
| 107 | 1 | $1,225 | $1,225 | Aug 2026 | Leased |
| 108 | 1 | $1,225 | $1,225 | Mar 2027 | Leased |
| 109 | 1 | $1,225 | $1,225 | Aug 2026 | Leased |
| 110 | 1 | $1,225 | $1,225 | Aug 2026 | Leased |
| 201 | 2 | $1,225 | $1,225 | Nov 2026 | Leased |
| 202 | 2 | $1,225 | $1,225 | Dec 2026 | Leased |
| 203 | 2 | $1,225 | $1,225 | Nov 2026 | Leased |
| 204 | 2 | $1,225 | $1,225 | Jan 2027 | Leased |
| 205 | 2 | $1,225 | $1,225 | Nov 2026 | Leased |
| 206 | 2 | $1,225 | $1,225 | Oct 2026 | Leased |
| 207 | 2 | $1,225 | $1,225 | Dec 2026 | Leased |
| 208 | 2 | $1,225 | $1,225 | Oct 2026 | Leased |
| 209 | 2 | $1,225 | $1,225 | Jul 2027 | Leased |
| 19 units | 1 (9) · 2 (10) | $23,275/mo | $23,275 | WALT ~4 mo | 100% |
Offered at $3,440,000 — $181,053 per door. New-construction $/unit comps in the submarket cluster at roughly $180K–$186K, so the price is well-supported on a per-door basis for a 2025-built, 100%-leased asset. The metrics below are shown at the asking price against the normalized pro-forma NOI; ownership's scheduled rent increases give a buyer additional room to grow the yield (see Market Rent Potential).
| Metric | At $3,440,000 |
|---|---|
| Price / Unit (÷19) | $181,053 |
| Price / SF (÷20,786) | $165.5 |
| vs. 2026 county appraised ($3,130,500) | +9.9% |
| Going-in cap — pro-forma NOI ($171,800) | ≈ 5.0% |
| New-construction comp range ($/unit) | $180K – $186K |
Clarksville / Montgomery County multifamily. New-construction asking $/unit clusters in the $180K–$186K range; recent closed sales run lower because that set skews to older, value-add product.
| Property | Units | Built | Price | $ / Unit | Cap |
|---|---|---|---|---|---|
| 329 Cedar Ct (best comp) | 10 | 2025 | $1,800,000 | $180,000 | — |
| 162 Jack Miller Blvd | 48 | 2020 | $8,950,000 | $186,458 | 5.25% |
| 160 Excell Rd | 26 | 2021 | $7,380,000 | $283,846 | — |
| 279B Harrier Ct (value-add) | 16 | 1992 | $2,350,000 | $146,875 | 6.98% |
| Market asking — avg / median (7 listings) | — | — | — | $175,818 / $180,000 | — |
| Closed sales 2022+ — avg / median (66) | — | — | — | $130,789 / $128,125 | — |
| 404 Beech (subject) @ $3.13M–$3.42M | 19 | 2025 | $3.13M–$3.42M | $164,763 – $180,000 | 5.0–5.5% |
The property is delivered with in-place, fixed-rate financing that may be assumable — a potential advantage over originating a new loan in today's rate environment. The asset is best suited to cash, 1031-exchange, or assumption buyers seeking a stabilized, new-construction income property. Complete loan documentation and financing terms are available to qualified buyers under confidentiality.
This trades cleanest to a cash, 1031-exchange, or assumption buyer — an unleveraged yield of ~5.5–6.0% on new, zero-deferred-maintenance, fully-leased product is competitive for a buyer seeking stable yield on a turnkey asset.
For a buyer thinking bigger than 19 units, the listing brokerage also represents a 152.86± acre contiguous land assemblage immediately north of this property — one of its two tracts fronts Beech Street itself. It's raw, developable ground in fast-growing northeast Clarksville (Ringgold area), offered as two tracts, together or separately.
| Tract | Acres | Zoning | Price |
|---|---|---|---|
| Tract 1 — Knox Ln | 50.19± | AG · paved road frontage | $499,900 |
| Tract 2 — Beech St | 102.67± | AG / R-1 | $1,990,000 |
| Combined assemblage | 152.86± | — | $2,489,900 |
| Date | Grantor → Grantee | Instrument | Price |
|---|---|---|---|
| 09/12/2024 | Beristain Properties LLC → Beech Street TN LLC | Correction | $0 |
| 08/09/2024 | Beristain Properties LLC → Beech Street LLC | Quitclaim | $0 |
| 02/14/2023 | Flourishing Families → Beristain Properties LLC | Acc. Deed | $69,500 |
| 06/12/2015 | Eckart, Ruth E → Flourishing Families | Quitclaim | $0 |
| 08/18/2014 | Nordmeyer → Federal National Mortgage Assn. | Foreclosure | $215,556 |
| 10/03/1988 | — → Nordmeyer, Francis R et ux Margo M | Warranty | $72,500 |