Looking for insight into the Nashville MSA

[Victor Zeytin]

Hey everyone, I was looking for insight into the Nashville MSA. I'm looking at the southern part of this market not Nashville city itself. What are the current cap trading ranges for class B,C properties in Murfreesboro for example? It's a bit of a difficult situation these days because debt servicing has gone up quite a bit in the past few months and landlords are still trying to sell based on valuations from 3-4 months ago where the financing environment was completely different..

Thank you v much for your help

[Luka Milicevic]

@Victor Zeytin

Nashville proper- zero caps.

Mboro is between 2-3 caps. Mboro is the hottest sub market of Nashville right now. Last closing I saw was at a 2.8 cap in a C area.

I would say a good deal there right now would be a 4 cap in a C area, but that would be hard to come by. 

We have a lot of out of state money pouring into the market and a massive housing shortage right now. 

Long term investors are still very bullish on the Middle TN market as we have so many employers moving here.

Interest rates have stabilized prices, but prices have not started to come down yet. Perhaps in 2-3 months that might happen, but who knows? 

This is just the current environment that we are in...let me know if you have anymore questions.