For Sale
$925,000

11513 Aaron LnNunnelly, TN 37137

9-Unit Multifamily Investment Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
114
This stabilized multifamily investment property, located at 11513 Aaron Ln, Nunnelly, TN 37137, offers a compelling opportunity for income generation and future appreciation. The 7,056 square foot complex consists of nine units spread across five one-story buildings situated on a 4.28-acre lot. Built in 2001, the property boasts a 100% occupancy rate, generating a strong net operating income (NOI) of $69,900, resulting in a 7.56% cap rate. The asking price is $925,000, translating to $102,777.78 per unit and $131.09 per square foot. Each unit features separate water, electric, and trash meters, and each building has its own septic tank. Recent renovations include new flooring (tile and LVP), interior paint, bathroom updates, and the installation of four washer/dryer connections. All HVAC systems and roofs have been replaced within the last five years. The unit mix comprises five 2-bedroom/1-bathroom units, three 3-bedroom/1-bathroom units, and one 1-bedroom/1-bathroom unit. Currently, rents average approximately $822 per month, presenting significant upside potential given below-market rates and the property's proximity to Nashville (56 miles). The property is deeded as two separate properties, with two buildings on one parcel and three on another. An onsite laundry facility is available for tenant use. The owner pays water for one unit due to shared metering with the laundry room

Highlights

  • 9-unit multifamily property built in 2001.
  • Individual water and electric meters for each unit.
  • Onsite laundry facility for tenant use.
  • Tenants pay all utilities except for water in one unit (shared meter with laundry).
  • Unit mix: five 2-bedroom/1-bathroom, three 3-bedroom/1-bathroom, and one 1-bedroom/1-bathroom units.

Property Details for 11513 Aaron Ln

Property type
Apartment buildings
Square Feet
7,056 SF
Year Built
2001
Buildings
5
Stories
1
Lot Size (sq. ft)
186,437 SF
Units
9

Location Insight

City
Nunnelly
County
Hickman
State
Tennessee
Latitude
35.857201
Longitude
-87.472487
11513 Aaron Ln, Nunnelly, Tennessee

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11513 Aaron Ln
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