855 Brown AveCleveland, TN 37311

Property Details for 855 Brown Ave

Year built

1996

Lot size

0.27 AC

Property size (Sq ft)

5,856 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents an 8-unit apartment building located at 855 Brown Avenue NW in Cleveland, Tennessee. The property, built in 1996, boasts a total of 5,856 square feet across two stories, encompassing a mix of four two-bedroom and four one-bedroom units. Each unit features convenient amenities such as two parking spaces and separate utility meters. The building is situated on a 0.27-acre lot (APN: 049K H 003.00 000) and is zoned for multi-family use. Currently generating a NOI of $77,425, resulting in a 6.91% cap rate, this property offers a compelling return on investment. The asking price is $1,120,000, translating to $140,000 per unit and $191.26 per square foot. Its central location near downtown Cleveland, restaurants, and shopping, coupled with its proximity to I-75, makes it highly attractive. Cleveland's strong manufacturing sector, ranked 5th best in the U.S., further enhances the property's appeal, creating high demand for employee housing. All city utilities are connected. This is a rare opportunity to acquire a well-maintained, income-producing asset in a thriving Tennessee market. The property is classified as a Class B multifamily building.

Location Insight

City

Cleveland

County

Bradley

State

Tennessee

Latitude

35.1672

Longitude

-84.8797

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