Iconic East Nashville Building Up for Sale
A unique, three-story commercial building, famously known for its vibrant octopus mural in East Nashville, has been officially listed for sale. This announcement has grabbed the attention of realty enthusiasts and potential buyers, considering the property’s strategic location near Five Points and an assortment of tenants it currently houses.
A Nashville Landmark
The property, located at 604 Gallatin Ave, exhibits an architectural quirk with its one-of-a-kind octopus mural, making it a recognisable fixture in the East Nashville landscape. Constructed in 1978, the building encompasses nearly 61,860 square feet and sits on a generous 1.41-acre plot. Its proximity to the popular Five Points adds to its appeal for potential investors.
Casting a Wide Net
The building, as per the marketing material, boasts an occupancy rate of around 85%. It entertains a diverse group of tenants, including retailers, offices, and restaurants. Current occupants range from Cigar shop Smokers Abby, vintage fashion store Star Struck Vintage, to a popular watering hole- The Office. The diversity of tenants testifies to the building’s flexibility and potential for consistent rental income.
The Path to Sale
Carter Dawson and Chris Dawson currently own the building, whom records indicate paid $3,537,500 for it back in 2013. The husband and wife duo have not disclosed an asking price for the sale. They have engaged the services of Jon Petty and Jeremy Coward, experienced brokers from Southeast Venture, to give the transaction the expertise it demands.
Commenting on this development, Petty communicated their pride on handling this unique property. “We expect the property to command a lot of attention as these types of assets do not come on the market often,” he added, reflecting the high hopes placed on this sale.
Notable Past Developments
Worth noting is that the Dawsons are no strangers to high-profile real estate projects. They developed a mixed-use neo-art deco building called The Eastland, which is located in the vicinity. The property was sold for a remarkable $9.9 million in 2019, underlining the potential value that the present building could command.
Anticipating High Demand
With its eclectic mix of office, retail, and restaurant spaces, combined with its strategic location and high occupancy rate, this East Nashville building is expected to generate substantial interest from investors. Its distinctive octopus mural aside, this iconic building potentially offers a lucrative, long-term investment opportunity in the heart of a vibrant neighborhood. Potential buyers, real estate enthusiasts, and Nashville natives alike are eager to see who will take the reigns of this East Nashville gem.
