542 Ashe Ave - Apartments FOR SALE


New Johnsonville, TN 37134
$1,879,000 USD
615-973-5373
542 Ashe Ave, New Johnsonville, TN for Sale
$1,879,000 USD
Apartments - FOR SALE
1/35
null | 6.52% Cap Rate

542 Ashe Ave
New Johnsonville, TN 37134


HIGHLIGHTS

  • $341,520 invested in capital improvements over the past three years
  • Approximately 21 of the 24 units renovated at roughly $5,000 per unit
  • Renovations include unit turns, appliance replacement, and system upgrades
  • Building C features in-unit washer and dryer setups with ability to add to Buildings A and B
  • Individually metered for water and electricity
  • Modernized plumbing with a mix of copper, PVC, and PEX. Electrical systems include ROMEX wiring and standard breaker panels.

OVERVIEW

Deal Room and Financials: https://www.marcusmillichap.com/properties/301618/lakeside-manor-apartments Marcus & Millichap has been selected to exclusively market the sale of Lakeside Manor Apartments in New Johnsonville, Tennessee. This offering provides investors the opportunity to acquire a value-add multifamily asset in a low-density, workforce-oriented market with limited competing supply. Lakeside Manor is a 24-unit, garden-style multifamily asset located on 1.56 acres in New Johnsonville, Tennessee. The property is comprised entirely of 2-bedroom / 1-bath units at 780 square feet and serves a stable, workforce-oriented renter base. Approximately $341,520 has been invested into the asset over the past three years, with the majority of units already renovated, positioning the property for durable cash flow with remaining upside through completion of the renovation program and in-unit washer and dryer installations. 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 Lakeside Manor.

FOR SALE DETAILS

PRICE

$1,879,000 USD

PRICE/SF

$100 USD /SF

# OF UNITS

24

PRICE/UNIT

$78,292

CAP RATE

6.52%

% LEASED

92%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lakeside Manor Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1969

PARKING SPACES

41

LAND DETAILS

LAND ACRES

1.56 AC

LAND SF

67,954 SF

ZONING

Commercial

APN/PARCEL ID

043091G C 01800C001

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.