407 N College St - Apartments FOR SALE


Tullahoma, TN 37388
$4,200,000 USD
931-408-9713
407 N College St, Tullahoma, TN for Sale
$4,200,000 USD
Apartments - FOR SALE
1/12
null | 6.31% Cap Rate

407 N College St
Tullahoma, TN 37388


HIGHLIGHTS

  • this is a turnkey property with value add component
  • Fully implemented RUBS use for allocating utility costs to tenants without submetering each unit
  • Large unit sq ft compared to like properties for competitive marketing.

OVERVIEW

The Landings at Red Rock, situated in Tullahoma, TN, is a turnkey multifamily opportunity. It comprises 40 units, consisting of 32 one bedroom and 8 two bedroom apartments. The property was first renovated in 2020 and since 2020, the owner has upgraded 39 of the 40 units, replaced all three roofs with brand new rubber membrane roofing and installed 40 new HVAC systems. On top of that, seller has just added a brand new laundry room complete with card operated washers and dryers in the 5800 square foot basement below the B building. The property manager expects a $75 to $100 increase to market rents with the addition of the onsite laundry. There's plenty of left over space in the basement to add something like rentable storage space to further increase potential income as well as plenty of open grass space to add amenities to the property and increase tenant satisfaction and retention. Please contact the listing broker for detailed information and questions.

FOR SALE DETAILS

PRICE

$4,200,000 USD

PRICE/SF

$136 USD /SF

# OF UNITS

40

PRICE/UNIT

$105,000

CAP RATE

6.31%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Landings at Red Rock

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1964

PARKING SPACES

-

LAND DETAILS

LAND ACRES

3.1 AC

LAND SF

135,147 SF

ZONING

R3

APN/PARCEL ID

124F-H-006.01

ASK ABOUT THIS PROPERTY

Landon HoffmanResidential Investment AdvisorsMore Info
931-408-9713

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

Landon HoffmanResidential Investment AdvisorsMore Info
931-408-9713

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