NASHVILLE, Tenn. (WKRN) – Nashville’s hot housing market is pushing property values sky high, but one recent sale has some scratching their heads.
Online listings show a mobile home at 1111 Spurgeon Ave. recently sold for $1.5 million.
Caris Porter, who rents in the Cumberland Heights Community across from the sold mobile home, couldn’t believe the property’s price tag.
“That’s absolutely insane,” she said.
However, there’s more to the sale than meets the eye. In actuality, the sale represents at least four parcels, according to Nashville’s property assessor. The new owner, 1110 Baptist Partners, bought roughly 1.23 acres of property in total.
“Odds are that the listing, or whatever web service that pulled that data, only pulled that one parcel but gave the total price,” said Ryan Turbeville of Ashton Real Estate Group. “With that amount of acreage, they could build 40-50 townhomes and either sell them or rent them out as short-term rentals.”
Turbeville said he sees this type of sale often, especially in mixed-use zoned areas and near a massive upcoming development.
“With the River North development finally starting up and Oracle announcing itself as the main anchor tenant, all of the neighborhoods surrounding that are going to develop,” Turbeville said, referring to the tech corporation. “How long that takes is anyone’s guess — probably 5-10 years before it spreads out.”
Unfortunately, sometimes such development means tenants like Porter could get pushed out.
I don’t know where I’m going to go if they do that,” she said. “This is all I can afford right now.”
Though the current plans are unclear for this lot, Turbeville said the property has potential.
“With mixed-use zoning, there are many different ways they could approach redeveloping this property, and it’s possible they don’t know what that plan is yet,” Turbeville said. “Sometimes developers will buy a property keep the existing tenant and keep generating revenue for a short period of time while they develop their larger plan for the property.”
WKRN reached out to both the seller and buyer of the property, but had yet to hear back as of Tuesday afternoon.