4905 Highway 58 - Apartments FOR SALE


Chattanooga, TN 37416- Kings Point-Lake Vista
$4,550,000 USD
404-445-1091
4905 Highway 58, Chattanooga, TN for Sale
$4,550,000 USD
Apartments - FOR SALE
1/3
null | Request Cap Rate

4905 Highway 58
Chattanooga, TN 37416
Kings Point-Lake Vista


HIGHLIGHTS

  • The Beverly Apartments are present to the market with over 25% rental upside.
  • This 49-unit complex retains stabilized occupancy and collections.
  • Significant capital improvements were made to the property leaving little to no deferred maintenance for a new owner.
  • An additional 2.04 acres of land have already been zoned to add 40 more units.
  • There are in-unit washer and dryer hookups and attic storage, plus fenced-in patios.
  • There is a leasing office on-site and a storage shed.

OVERVIEW

Matthews Real Estate Investment Services is pleased to present this offering of Beverly Apartments, located in Chattanooga, TN. This property features a diverse selection of renovated studio, one-bedroom, and two-bedroom floor plans, offering in-unit washer/dryer hookup, attic storage, and private patio fencing. Ideally positioned off Hwy 58, Beverly Apartments boasts unparalleled connectivity, just 6 miles from Chattanooga Metropolitan Airport and less than 10 miles from downtown Chattanooga. Residents will appreciate the convenience of nearby amenities, including Starbucks, Food City, Chattanooga State Community College, and Booker T. Washington Park. Beverly Apartments is an attractive rental option for professionals and families alike, seeking comfort and convenience in one of Chattanooga’s most promising neighborhoods. The opportunity comes with multiple value paths for new ownership. The first would be to capitalize on the rental upside of over 25%, available through renovating the remaining interiors. The second would be taking advantage of the additional 2 acres of land already zoned for an additional 40 units to increase the scale to nearly 100 units, allowing for full-time on-site staff and further operational efficiency. Broker of Record: Hutt Cooke, License No. 263667 (TN), (866) 889-0550 Matthews Real Estate Investment Services, Inc. 1600 West End, Ste. 1500 Nashville, TN 37203

FOR SALE DETAILS

PRICE

$4,550,000 USD

PRICE/SF

$125 USD /SF

# OF UNITS

48

PRICE/UNIT

$94,792

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Beverly Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1984

PARKING SPACES

-

LAND DETAILS

LAND ACRES

4.5 AC

LAND SF

196,020 SF

ZONING

MF

APN/PARCEL ID

120O-H-025

ASK ABOUT THIS PROPERTY

Austin GrahamMatthews Real Estate Investment ServicesMore Info
404-445-1091

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Austin GrahamMatthews Real Estate Investment ServicesMore Info
404-445-1091

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