3700 Cherryton Dr - Apartments FOR SALE


Chattanooga, TN 37411- Brainerd
$2,625,000 USD
615-973-5373
3700 Cherryton Dr, Chattanooga, TN for Sale
$2,625,000 USD
Apartments - FOR SALE
1/72
null | 6.41% Cap Rate

3700 Cherryton Dr
Chattanooga, TN 37411
Brainerd


HIGHLIGHTS

  • Rents are currently $129 below market rate
  • More than $250,000 spent on capital improvements in the last 36-months
  • New roofs in 2022 and 2023
  • 12-Minute (6.6 mile) drive from downtown Chattanooga
  • Opportunity to build 11 additional units on-site utilizing 7 existing water meters from a previous structure

OVERVIEW

Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/169218/the-view-at-midtown Marcus & Millichap has been selected to exclusively market for sale The View at Midtown in Chattanooga, TN. This offering will allow a potential investor to purchase a rare value-add opportunity located in the scenic city of Chattanooga, TN. The View at Midtown offers a prime investment just 12 minutes from downtown Chattanooga, with significant upside potential through the opportunity to build 11 additional units on-site, utilizing existing infrastructure, including 7 water meters from a previous structure. More than $250,000 in recent capital improvements have enhanced the property, including new roofs (2022-2023), updated windows, modernized A/C units, and select washer/dryer connections. Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing. AT NO POINT SHOULD TENANTS OR STAFF BE CONTACTED REGARDING THE SALE OF THE VIEW AT MIDTOWN.

FOR SALE DETAILS

PRICE

$2,625,000 USD

PRICE/SF

$151 USD /SF

# OF UNITS

23

PRICE/UNIT

$114,130

CAP RATE

6.41%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The View at Midtown

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1971

PARKING SPACES

-

LAND DETAILS

LAND ACRES

1.47 AC

LAND SF

64,033 SF

ZONING

R3

APN/PARCEL ID

157A-F-024

ASK ABOUT THIS PROPERTY

Patrick CosgroveMarcus & MillichapMore Info
615-973-5373

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Patrick CosgroveMarcus & MillichapMore Info
615-973-5373

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.