For Sale
$3,000,000

1211 Lee HwyCleveland, TN 37311

41-Unit Multifamily Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 41-unit apartment building in Cleveland, Tennessee presents a compelling value-add investment opportunity. Priced at $3,000,000, this property boasts a current NOI of $293,941 and a 9.80% cap rate, with a pro-forma NOI of $374,015 and a pro-forma cap rate of 12.47%. The 15,056 square foot complex sits on a 1.53-acre lot and comprises three buildings, recently renovated in 2023. The renovation included a new roof, repaved and painted parking lots, new windows, updated PTAC units, electrical and plumbing upgrades, sheetrock, flooring, and interior finishes in most units. The unit mix includes sixteen 1-bedroom/1-bathroom units, twenty-four studio units, and one 2-bedroom/1-bathroom unit, plus an additional office and leasing space. Currently, the property has full occupancy, offering immediate cash flow and significant upside potential. The existing rent roll shows potential for increased revenue through improved management practices. Further value-add opportunities exist, such as installing on-site laundry facilities to enhance tenant amenities and boost income. This property offers a rare chance to acquire a stabilized asset with substantial room for growth and immediate return on investment. The property was built in 1972 and offers a price per unit of $73,170.73.

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
1211 Lee Hwy, Cleveland, Tennessee

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1211 Lee Hwy
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