1211 Lee HwyCleveland, TN 37311
41-Unit Multifamily Value-Add Opportunity
Overview
- Added:
- Dec 11, 2024
- Days on market:
- 114
Highlights
- Exceptional 41-unit apartment building in Cleveland, TN, priced at $3,000,000.
- Offers a 9.80% cap rate with a current NOI of $293,941 and a pro-forma cap rate of 12.47% with a pro-forma NOI of $374,015.
- Recently renovated (2023) 15,056 sq ft complex on a 1.53-acre lot, including new roof, parking lot improvements, windows, PTAC units, and interior finishes.
- Unit mix: 16 one-bedroom/one-bathroom, 24 studios, and 1 two-bedroom/one-bathroom, plus office/leasing space; currently 100% occupied.
- Significant value-add potential through improved management and amenities (e.g., on-site laundry).
Property Details for 1211 Lee Hwy
- Property type
- Apartment buildings
- Square Feet
- 15,056 SF
- Year Built/Renovated
- 1972/2023
- Buildings
- 3
- Lot Size (sq. ft)
- 66,647 SF
- Units
- 41
Location Insight
- City
- Cleveland
- County
- Bradley
- State
- Tennessee
- Latitude
- 35.1544916
- Longitude
- -84.8917018
Nearby Similar for Sale
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