For Sale
$845,900

311 Market StSomerville, TN 38068

16-Unit Multifamily Investment

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 16-unit apartment complex in Somerville, TN, boasting 100% occupancy. The property comprises three renovated one-story buildings, each featuring a mix of one-bedroom, one-bathroom units, totaling 16 units. Built in 1980 and completely renovated in 2023, the complex offers modern amenities including laminate flooring, updated appliances, and central heating and air conditioning. Each unit includes two assigned parking spaces, totaling 32 spaces across the complex. Situated on a one-acre lot at 311 W Market St, Somerville, TN 38068, this stabilized investment offers a strong NOI of $74,400 and an 8.80% cap rate. The asking price is $845,900, representing a price per unit of $52,868.75. The property is zoned residential and enjoys a prime location near Highway 64 and Highway 76, providing easy access to Memphis and Jackson. This turnkey investment offers immediate cash flow and significant potential for future growth. The property's excellent condition, high occupancy rate, and desirable location make it an attractive opportunity for discerning investors seeking a stable and profitable addition to their portfolio. The complex is conveniently located near downtown Somerville, offering tenants easy access to local amenities. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a thriving Tennessee market.

Highlights

  • 16-unit apartment complex in Somerville, TN with 100% occupancy.
  • Three renovated one-story buildings, each with a mix of one-bedroom, one-bathroom units.
  • Completely renovated in 2023 with modern amenities including laminate flooring and updated appliances.
  • 32 assigned parking spaces (two per unit).
  • Strong NOI of $74,400 and 8.80% cap rate; asking price $845,900 ($52,869 per unit).
  • Prime location near Highways 64 & 76, offering easy access to Memphis and Jackson; includes a one-acre lot.

Property Details for 311 Market St

Property type
Apartment buildings
Square Feet
750 SF
Class
C
Year Built/Renovated
1980/2023
Buildings
3
Stories
1
Units
16

Location Insight

City
Somerville
County
Fayette
State
Tennessee
Latitude
35.244328221596
Longitude
-89.353434042663
311 Market St, Somerville, Tennessee

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
311 Market St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message