For Sale
Call for price

2516 Pitts CtColumbia, TN 38401

97-Unit Apartment Complex, High ROI Potential

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 97-unit apartment community in Columbia, Tennessee presents a compelling investment opportunity. The property, built in 1980, comprises a desirable mix of three and four-bedroom townhomes, a unique offering in the Columbia market. Currently boasting 94.8% occupancy, this asset offers significant upside potential due to rents that are demonstrably 15% below market rates. Immediate revenue increases are achievable by adjusting rents to market levels. Extensive interior and exterior renovations have been completed, minimizing deferred maintenance and ensuring the property's modern appeal. The property's prime location, just 2.4 miles from downtown Columbia, provides residents with easy access to major employers and retail centers. Further enhancing its appeal is a highly favorable 35-year, fully amortizing HUD loan with a fixed interest rate of 3.05%, offering long-term financial stability and predictable cash flow. The combination of below-market rents, a strong unit mix, recent capital improvements, and an attractive financing structure makes this a rare opportunity for investors seeking substantial returns in a thriving Tennessee market. The property's operational efficiency and potential for market rate increases further solidify its position as a premier investment.

Highlights

  • Assumable loan at 3.05% interest, 35-year amortization.
  • Majority of units are 3 and 4-bedroom, creating an ideal unit mix.
  • Recent capital improvements and potential for operational efficiency gains.
  • Significant opportunity for rental rate increases.
  • Excellent location.

Property Details for 2516 Pitts Ct

Property type
Apartment buildings
Year Built
1980
Units
97

Location Insight

City
Columbia
County
Maury
State
Tennessee
Latitude
35.5871382
Longitude
-87.0456848
2516 Pitts Ct, Columbia, 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].
2516 Pitts Ct
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