407 N College St - Apartments FOR SALE


Tullahoma, TN 37388
$4,300,000 USD
404-345-8145
407 N College St, Tullahoma, TN for Sale
$4,300,000 USD
Apartments - FOR SALE
1/13
null | 6.1% Cap Rate

407 N College St
Tullahoma, TN 37388


HIGHLIGHTS

  • Turnkey property with value add component
  • Fully implemented RUBS
  • Large unit sqft compared to like properties

OVERVIEW

The Landings at Red Rock, situated in Tullahoma, TN, is a turnkey multifamily opportunity. It comprises 40 units, consisting of 32 one bedroom and 8 two bedroom apartments. The property was first renovated in 2020 and since 2020, the owner has upgraded 39 of the 40 units, replaced all three roofs with brand new rubber membrane roofing and installed 40 new HVAC systems. It also has a simple value add opportunity by adding in unit W/D to the two bedroom units and plenty of space to add a laundry room and storage space for tenants in the 5800sqft basement of B building. The property manager expects a $75 to $100 increase to market rents with the addition of the onsite laundry. Please contact the listing broker for detailed information and questions. Fannie/Freddie SBL debt quote from Walker&Dunlop available on request.

FOR SALE DETAILS

PRICE

$4,300,000 USD

PRICE/SF

$139 USD /SF

# OF UNITS

32

PRICE/UNIT

$134,375

CAP RATE

6.1%

% LEASED

92%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Landings at Red Rock

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1964

PARKING SPACES

-

LAND DETAILS

LAND ACRES

3.1 AC

LAND SF

135,147 SF

ZONING

R3

APN/PARCEL ID

124F-H-006.01

ASK ABOUT THIS PROPERTY

Landon HoffmanResidential Investment Advisors, Inc.More Info
404-345-8145

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Landon HoffmanResidential Investment Advisors, Inc.More Info
404-345-8145

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