1211 Lee HwyCleveland, TN 37311

Property Details for 1211 Lee Hwy

Year built

1944

Lot size

1.00 AC

Property size (Sq ft)

8,000 SF

Zone code

CH

Property type

Hospitality properties

Property subtype

Motels

APN

057B K 002.00 000

APU

057BK00200000

Description

This exceptional 41-unit apartment building in Cleveland, Tennessee presents a compelling value-add investment opportunity. Priced at $3,000,000, this property boasts a current NOI of $293,941 and a 9.80% cap rate, with a pro-forma NOI of $374,015 and a pro-forma cap rate of 12.47%. The 15,056 square foot complex sits on a 1.53-acre lot and comprises three buildings, recently renovated in 2023. The renovation included a new roof, repaved and painted parking lots, new windows, updated PTAC units, electrical and plumbing upgrades, sheetrock, flooring, and interior finishes in most units. The unit mix includes sixteen 1-bedroom/1-bathroom units, twenty-four studio units, and one 2-bedroom/1-bathroom unit, plus an additional office and leasing space. Currently, the property has full occupancy, offering immediate cash flow and significant upside potential. The existing rent roll shows potential for increased revenue through improved management practices. Further value-add opportunities exist, such as installing on-site laundry facilities to enhance tenant amenities and boost income. This property offers a rare chance to acquire a stabilized asset with substantial room for growth and immediate return on investment. The property was built in 1972 and offers a price per unit of $73,170.73.

• CAP approach

  CAP return

  Valuation

  6%

  $1,921,870

  6.5%

  $1,774,034

  7%

  $1,647,317

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,062,332

  Geo Method

  $3,667,128

• Alternative Use

  Use

  Valuation

  Residential

  $1,936,729

  Hospitality

  $1,774,034

  Educational

  $1,475,975

  Medical

  $1,526,736

  Retail

  $2,295,961

Location Insight

City

Cleveland

County

Bradley

State

Tennessee

Latitude

35.1544

Longitude

-84.891

CBSA code

17420

CBSA name

CLEVELAND, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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