2215 Buffalo Trl - Apartments FOR SALE


Morristown, TN 37814
$1,350,000 USD
615-973-5373
2215 Buffalo Trl, Morristown, TN for Sale
$1,350,000 USD
Apartments - FOR SALE
1/53
null | 7.23% Cap Rate

2215 Buffalo Trl
Morristown, TN 37814


HIGHLIGHTS

  • Located in Morristown, TN, a growing Lakeway region city with strong manufacturing and logistics industries supporting long-term rental demand.
  • Opportunity to increase rents through interior upgrades and enhanced amenities.
  • One unit is currently offline, presenting immediate value-add potential through renovation and lease-up.
  • Current ownership has invested $60,000 in capital improvements over the past 36 months.
  • Positioned near major employers and industrial parks, ensuring a consistent tenant base and occupancy stability.

OVERVIEW

Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/197249/buffalo-trail-apartments Marcus & Millichap has been selected to exclusively market for sale the Buffalo Trail Apartments in Morristown, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in Northeast Tennessee. Buffalo Trail Apartments is a 17-unit community in Morristown, TN, offering a mix of one- and two-bedroom floor plans with strong value-add potential. The property benefits from proximity to major employers and industrial parks, ensuring stable rental demand, and provides convenient access to US-11E and I-81 for connectivity to Knoxville and Johnson City. Recent capital improvements of $60,000 reduce near-term maintenance risk, while opportunities remain to increase rents through interior upgrades and amenity enhancements. Classic 1935 architecture, individual utility metering, and a manageable property size further enhance operational efficiency and long-term upside. 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 Buffalo Trail Apartments.

FOR SALE DETAILS

PRICE

$1,350,000 USD

PRICE/SF

$142 USD /SF

# OF UNITS

17

PRICE/UNIT

$79,412

CAP RATE

7.23%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Buffalo Trail Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1935

PARKING SPACES

18

LAND DETAILS

LAND ACRES

1.95 AC

LAND SF

84,942 SF

ZONING

R-2

APN/PARCEL ID

025-019.00

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.