Commercial condos are tough to come by in Nashville today.
With the market on what seems to be an endless upswing, investors and business owners, alike, are rushing to get their hands on as much real estate as possible. The affordability of commercial condos, in comparison to standalone commercial buildings, lowers the barrier of entry for local businesses and startups.
We’ve begun to see an increase in for-sale commercial condos in the Nashville area - including one we sold at 1077 East Trinity Lane: The Edison. Why might there be an increase in new construction commercial condos?
Simple. As the urban core continues to grow, mixed-use developments are becoming more and more popular thanks to the walkability and live/work/play atmosphere they create. Not to mention the fact that increased density in the urban core helps drive down Nashville’s traffic issues. And when developers create a for-sale residential condo product, it makes sense to sell the ground floor commercial, as well.
The Cauble Group recently listed a 2,600 square foot condo for sale at The Volta, 4303 Gallatin Pike in Inglewood. On the interior, 14-foot ceilings, combined with abundant windows throughout, helped the suite appear even larger than its footprint.
The finishes were extraordinary: modern lighting fixtures and cabinetry, eight private offices, a full kitchen, two restrooms, polished concrete floors, automatic lighting, and security key fob access. Outside, the modern Bavarian elevations bring quite a bit of character to the building along with a rain garden buffering the entrances from Gallatin Pike.
Construction costs are typically lower on commercial condos since multiple units share common areas (parking lots, rain gardens, etc.), as opposed to standalone buildings. This unit at The Volta sold in 44 days from listing for $288 per square foot: $750,000 all-in. Demand for affordable office space in East Nashville is certainly on the rise.