1484 Milligan Hwy - Apartments FOR SALE


Johnson City, TN 37601
$2,110,000 USD
615-973-5373
1484 Milligan Hwy, Johnson City, TN for Sale
$2,110,000 USD
Apartments - FOR SALE
1/31
null | 6.38% Cap Rate

1484 Milligan Hwy
Johnson City, TN 37601


HIGHLIGHTS

  • Strong occupancy supported by consistent leasing demand and multiple recent move-ins
  • In the past 36-months current ownership has spent $104,164 in capital expenditures
  • Recent capital expenditures consist of new signage, unit renovations, and replacing the roof (2025)
  • All units include washer and dryer connections with many units already containing machines
  • Slab construction with copper and PVC water lines
  • Copper wiring used throughout the property

OVERVIEW

Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/302624/west-haven-apartments Marcus & Millichap has been selected to exclusively market for sale the West Haven Apartments. This offering provides investors with a rare opportunity to acquire a value-add multifamily property in the highly sought-after Tri-Cities region of Tennessee. West Haven Apartments is a 24 unit multifamily asset in Johnson City offering stable in place cash flow supported by strong occupancy and steady leasing demand. Ownership has invested over $100,000 in recent capital improvements, including a new roof, unit renovations, and exterior upgrades, reducing near term capital requirements. All units feature tenant paid utilities, driving efficient operations and expense control. Consistent unit upgrades and in unit washer and dryer hookups support tenant retention while providing a clear path for continued rent growth. 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 West Haven Apartments.

FOR SALE DETAILS

PRICE

$2,110,000 USD

PRICE/SF

$105 USD /SF

# OF UNITS

24

PRICE/UNIT

$87,917

CAP RATE

6.38%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

West Haven Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1993

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2 AC

LAND SF

87,120 SF

ZONING

-

APN/PARCEL ID

055-020.00,055L-A-027.00

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.