NASHVILLE, Tenn. (WKRN) — The city’s red hot housing market is pushing properties to sky-high values, causing gentrification of the east bank of the Cumberland River.
Online listings show a mobile home off Baptist World Center Drive, listed as 1111 Spurgeon Ave., recently sold for $1.5 million.
However — there’s more to the sale than meets the eye.
Nashville’s property assessor says, at the very least, the sale represents about four parcels. In total, the new owner, “1110 Baptist Partners,” bought roughly 1.23 acres of property.
Even so, Caris Porter, who rents in the Cumberland Heights Community across from the pictured mobile home cannot believe the property’s price tag.
“That’s absolutely insane,” Porter said.
Times are changing and yes, $1.5 million for 1.23 acres of property is a lot of money, but it makes a whole lot more sense than one mobile home sitting on a quarter acre going for $1.5 million.
“Odds are that the listing, or whatever web service that pulled that data, only pulled that one parcel but gave the total price,” Ryan Turbeville said, director of commercial real estate for Ashton Real Estate Group of RE/MAX Advantage. “With that amount of acreage, they could build 40-50 townhomes and either sell them or rent them out as short-term rentals.”
Turbeville says he sees these things happen often, especially in mixed-use zoned areas near huge plays like River North.
“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. “How long that takes is anyone’s guess — probably 5-10 years before it spreads out.”
Unfortunately, sometimes that development means current tenants, like Porter, 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 says the property has potential.
“I’m a big believer that the Trinity Lane, Baptist World Center, and Brick Church Pike areas are all going to benefit greatly from Oracle and River North,” Turbeville said. “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. 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.”
News 2 reached out to both the seller and buyer of the property and, as of Tuesday afternoon, have yet to hear back.