1509 High School DrUnion City, TN 38261

Property Details for 1509 High School Dr

Year built

1968

Lot size

8.03 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional value-add multifamily investment opportunity presents 64 units in Union City, TN, comprising an apartment complex and 8 duplexes across the street, totaling 8.03 acres. The property boasts a strong current NOI of $342,343, with a pro-forma NOI projected at $370,756, yielding an 8.61% cap rate and a pro-forma cap rate of 9.33%. The asking price is $3,975,000, translating to $62,109.38 per unit. Built in 1968, the property consists of 14 buildings, each two stories high, and features 32 fully renovated units, along with a fully renovated office and laundry facility. Significant recent improvements include roof replacements (duplexes 2014-2016, 8-plexes 2018), parking lot sealing and striping, enhanced security cameras, gutter and downspout repairs, HVAC unit replacements, and the addition of amenities such as picnic tables, a bike rack, and a swing set. The duplex units offer washer/dryer connections. Water and electric are individually metered for most units, with units 1-24 utilizing three separate meters. Plumbing consists of a mix of PVC and galvanized piping. Current rents are $84 below market rate, presenting a significant opportunity for increased revenue. This property offers a rare chance to acquire a well-located, value-add asset with substantial upside potential. All cash purchase required.

Location Insight

City

Union City

County

Obion

State

Tennessee

Latitude

36.4182

Longitude

-89.0391

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