303 S Poplar St - Apartments FOR SALE


Paris, TN 38242
$1,800,000 USD
615-260-2807
303 S Poplar St, Paris, TN for Sale
$1,800,000 USD
Apartments - FOR SALE
1/22
null | 5.38% Cap Rate

303 S Poplar St
Paris, TN 38242


HIGHLIGHTS

  • Three-Parcel Offering Providing Additional Rear Land
  • 93% Occupancy with Lease-Up Opportunity
  • 25 of 28 Units Recently Renovated (New Flooring, Cabinets, Appliances, Lighting, Paint, and Fixtures)
  • Extensive Interior & Exterior Improvements Completed
  • Diverse Unit Mix Featuring Studios, One-Bedroom, and Two-Bedroom Floor Plans

OVERVIEW

SVN | Accel Commercial Real Estate is pleased to present 303 Flats, a 28-unit multifamily investment opportunity located at 303 S. Poplar Street in Paris, Tennessee. This substantially renovated asset presents investors with the opportunity to acquire a well-positioned apartment community featuring immediate in-place cash flow, strong occupancy, and continued upside through lease-up and future rent growth. Situated on 0.784 acres, 303 Flats encompasses approximately 16,876 square feet, including 15,750 sf of residential space across 28 units. The property's diverse unit mix consists of (13) studio units, (10) one-bedroom/one-bathroom units, (4) two-bedroom/one-bathroom units, and (1) two-bedroom/one-and-one-half-bathroom unit. The remaining square footage includes an on-site office, maintenance area, and laundry facilities. Currently 93% occupied, the property offers investors an opportunity to increase occupancy and further enhance cash flow. Ownership has completed an extensive renovation program across 25 of the property's 28 units, investing in new flooring, cabinets, appliances, lighting fixtures, trim and baseboards, ceiling fans, bathroom vanities, and interior paint. Significant exterior and capital improvements include fresh exterior paint, a newly paved parking lot, and approximately $20,000 in foundation repairs, creating a highly attractive, low-maintenance investment opportunity with limited near-term capital expenditure requirements. The sale includes 3 parcels, including two land parcels located behind the existing building.

FOR SALE DETAILS

PRICE

$1,800,000 USD

PRICE/SF

$107 USD /SF

# OF UNITS

28

PRICE/UNIT

$64,286

CAP RATE

5.38%

% LEASED

93%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

303 Flats

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1940

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.78 AC

LAND SF

33,977 SF

ZONING

R-3H

APN/PARCEL ID

106A H 009.00,106A H 010.00,106A-H-013.00

ASK ABOUT THIS PROPERTY

Jana TrumanSVN | Accel Commercial Real EstateMore Info
615-260-2807

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Jana TrumanSVN | Accel Commercial Real EstateMore Info
615-260-2807

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