Midtown Business & Neighborhood Association Real Estate Report"
Written for Quarterly Newsletter

In Midtown, there are 72 acres of taxable land (excludes churches, municipal streets/sidewalks, and Vanderbilt University) with over 1,846,000 sq. ft. of taxable improvements (buildings). This translates to an average of 25,530 sq. ft. of improvements per acre. There are 214 properties (excluding churches and Vanderbilt University) in midtown translating to an average of 8,626 sq. ft. per property. These figures do not include properties on the north side of West End since those properties were not part of the MBAN boundary until June. They will be added in the next report.

Real estate market continues it's vibrant activities in Midtown. Thus far this year, there were at least four property sales. Lease transactions continue to be active in both retail and office sectors with handful of new retail businesses entering Midtown and several closings. Some of the new retail/restaurant businesses are highlighted with articles. FrankGrassanti Italian Restaurant, Atlanta Bread Company, Ben & Jerry's, Red Door Saloon, Mellow Mushroom, Executive Club, Zoe's Chicken, Baja Burrito, and the Tree House at South Street are all new additions to Midtown this year.

Midtown Composition

Restaurants 46
Retail 41
Total Retail/Restaurants 87

Hotel/Motel 5
Apartments (w/ more than 20 units) 6
Office Buildings (w/ more than 20,000 S.F.) 7

Inventory of Midtown Hotels

Name Address Phone Total Room Price Yr Blt/Remodeled

Lowes Vanderbilt Plaza 2100 West End Ave 320-1700 353 N/A 1984

Embassy Suite Hotel 1811 Broadway 320-8899 208 $109-$129 2001

Marriott Courtyard 1901 West End Ave 327-9900 223 $105-$115 1994/1998

Hampton Inn 1919 West End Ave 329-1144 171 $89-$149 1986

Days Inn, Vanderbilt 1800 West End Ave 327-0922 151 $80 19

Total Hotel Rooms: 1,106

Inventory of Office Buildings (Properties with over 20,000 sq. ft.)

Name of Building Address Total S.F. Yr Blt/Remodeled Available S.F. Price/S.F.

Orbison Building 1625 Broadway 36,000 1996 0 16.5

Midtown Plaza 1719 West End Ave 103,700 2000 12,000 17

Palmer Plaza 1801 West End Ave 243,056 1986 38,000 22

Centre Building 2014 Broadway 33,600 1982 0 15

Baker Building 106 21st Ave 102,400 1967 0 16.5

University Plaza 112 21st Ave 25,700 1985 0 15

Hudson Building 1701 West End Ave 20,976 1940 0 N/A
L
owes Vanderbilt Plaza 2100 West End Ave 128,500 1984 18,954 23.25

Total Office S.F.: 693,932

*Inventory of apartment buildings will appear in the next issue.

The Real Estate Investors Club of Nashville has monthly meetings at Knowles Senior Activity Center located at 1801 Broadway. Upcoming events include monthly meetings on August 12th and September 11th at 7 pm along with investment classes on September 11th. For more details, please call the REIN Hotline at (615)883-7346.

Interest rates and economic indicators affecting the overall real estate market as of July 30th 2002 are as follows:

Benchmark 10yr Treasury Note yield 4.571%
Prime Rate 4.75%
30 year fixed mortgage 5.99%
Jumbo Mortgage 6.21%
One year ARM 3.99%
Home Equity Loan 7.50%

CPI (Consumer Price Index) up 1.1% from June 2001