2600 Spangler DrHumboldt, TN 38343

Property Details for 2600 Spangler Dr

Year built

1989

Lot size

5.00 AC

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional value-add investment opportunity presents a 45-unit apartment building situated on a 5-acre lot in Humboldt, Tennessee. The property, Autumnwood Hills, boasts six two-story buildings constructed in 1989, offering a total of 37,625 net rentable square feet. Currently generating a Net Operating Income (NOI) of $193,041, a pro-forma NOI of $259,006 is projected, indicating significant upside potential. The property features individually metered water and electric utilities, a mix of fuse and breaker panels, and plumbing systems utilizing PVC and galvanized piping. Recent capital improvements include roof replacements in 2017, full renovations to 19 units and the office/laundry facility, updated signage, parking lot sealing and striping, enhanced security measures (cameras and lighting), building pressure washing, stair and gutter repairs, and the replacement of six HVAC units. Rents are currently $172 below market rate, presenting a compelling opportunity for value enhancement. The property is located at 2600 Spangler Dr, Humboldt, TN 38343, in Gibson County. This offering presents a rare opportunity for investors seeking a strong return on investment in a growing market.

Location Insight

City

Humboldt

County

Gibson

State

Tennessee

Latitude

35.8412

Longitude

-88.9003

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