500 Cumberland AveJasper, TN 37347
- Residential income properties
- 2.77 AC
Property Details for 500 Cumberland Ave
- Year built
- 1983
- Lot size
- 2.77 AC
- Property type
- Residential income properties
- Property subtype
- Multifamily properties
Description
This exceptional value-add opportunity presents a 29-unit apartment building situated on approximately 2.77 to 3.02 acres in Jasper, Tennessee, within the Chattanooga MSA. The property, comprised of six, two-story buildings, boasts a total net rentable area of 22,955 square feet and features individually metered water and electric for each unit (hot water is on a master meter with a monthly fee). Built in 1983, the property has undergone significant improvements in the past 36 months, including $37,772 in capital expenditures. These renovations encompass new paint, flooring, cabinets, countertops, appliances, bathroom vanities, toilets, tub refinishing, and light fixtures. Approximately half of the HVAC units have been replaced since 2019, and all building roofs (except for one small building) are less than 5 years old. The buildings are constructed on slabs with copper piping. The property currently generates a NOI of $182,159, with a pro-forma NOI of $251,404, representing a 6.80% cap rate and a pro-forma cap rate of 9.38%, respectively. The asking price is $2,680,000, translating to a price per unit of $92,413.79. The property is conveniently located at 500 Cumberland Ave and 401 Elm Ave, Jasper, TN 37347, a 31-minute drive from downtown Chattanooga. This is a rare opportunity to acquire a well-maintained, value-add multifamily asset in a growing market. All cash purchase is required.
Location Insight
- City
- Jasper
- County
- Marion
- State
- Tennessee
- Latitude
- 35.0788
- Longitude
- -85.6343
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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].