117 Cedarwood Dr - Apartments FOR SALE


Lebanon, TN 37087- Downtown Lebanon
$5,725,000 USD
615-973-5373
117 Cedarwood Dr, Lebanon, TN for Sale
$5,725,000 USD
Apartments - FOR SALE
1/64
null | 6.07% Cap Rate

117 Cedarwood Dr
Lebanon, TN 37087
Downtown Lebanon


HIGHLIGHTS

  • $585,000 spent on capital improvements over the last 36 months.
  • Improvements include new windows, unit renovations, exterior painting, exterior lighting, new signage, repaving, and landscaping
  • 17 of 40 units have been renovated, allowing the opportunity to capitalize on proven rent premiums
  • Rents are currently $145 below the market rate, offering immediate value-add potential
  • Ample green space throughout the property provides the opportunity to further enhance the community through the addition of outdoor amenities
  • All units are equipped with washer and dryer connections

OVERVIEW

Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/183951/the-reserve-at-lebanon Marcus & Millichap has been selected to exclusively market for sale The Reserve at Lebanon in Lebanon, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in the Nashville, TN MSA. The Reserve at Lebanon is a 40-unit multifamily community built in 1970, offering a mix of one- and two-bedroom floorplans with strong in-place occupancy and clear value-add upside. Ownership has invested approximately $585,000 over the past three years, including exterior improvements, unit renovations, and major system upgrades, with over 70% of HVAC units replaced and the roof replaced in 2018. With 17 units already renovated and rents currently below market, investors have the opportunity to continue interior upgrades and capture proven rent premiums. The property is individually metered and well amenitized, positioned in a growing Lebanon corridor within commuting distance to Nashville. Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing. At no point should tenants or staff be contacted regarding the sale of The Reserve at Lebanon.

FOR SALE DETAILS

PRICE

$5,725,000 USD

PRICE/SF

$194 USD /SF

# OF UNITS

40

PRICE/UNIT

$143,125

CAP RATE

6.07%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Reserve at Lebanon

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1970

PARKING SPACES

-

LAND DETAILS

LAND ACRES

3.33 AC

LAND SF

145,207 SF

ZONING

None

APN/PARCEL ID

081-043.01

ASK ABOUT THIS PROPERTY

Patrick CosgroveMarcus & MillichapMore Info
615-973-5373

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Patrick CosgroveMarcus & MillichapMore Info
615-973-5373

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.