407 College StTullahoma, TN 37388

Property Details for 407 College St

Year built

1964

Property size (Sq ft)

30,896 SF

Property type

Apartment buildings

Description

This exceptional 40-unit apartment building presents a compelling value-add investment opportunity in Tullahoma, Tennessee. The property, known as The Landings at Red Rock, boasts 30,896 square feet of space, with 28,496 square feet net rentable. Currently operating at 92.5% occupancy, the property generates a strong NOI of $262,220, with a pro-forma NOI projected at $317,970. The asking price is $4,300,000, representing a current cap rate of 6.10% and a pro-forma cap rate of 7.39%. The building, constructed in 1964 and extensively renovated in 2023, features three two-story buildings and comprises 32 one-bedroom and 8 two-bedroom units. All three roofs have been replaced with new rubber membrane roofing, and 40 new HVAC systems have been installed. The property is zoned R3 and offers a significant value-add component through the potential addition of in-unit washer/dryer hookups in the two-bedroom units, along with a tenant laundry room and storage space in the basement of Building B. Market rent increases of $75-$100 per unit are anticipated with these improvements. This turnkey property benefits from a stable employment base in the area and has RUBS already instituted. Detailed financial information is available upon request. The price per unit is $107,500, and the price per square foot is $139.18.

Location Insight

City

Tullahoma

County

Coffee

State

Tennessee

Latitude

35.3715

Longitude

-86.2047

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