48-Unit Apartment Complex Portfolio

111 n 21st street, La Follette, TN

$1,450,000

Price

44,982 sqft

Building Size

2.41 acres

Lot Area

Overview
Building Size
44,982 sqft
Lot Area
2.41 acres
Occupancy
100%
Units
48
Description

SVN | Wood Properties is pleased to present the sale of a 48-unit, 6-building, apartment complex portfolio in LaFollette, Tennessee. Each unit includes two bedrooms, one bathroom, washer and dryer hookups, and spacious living areas. The buildings are located within a five minute drive of one another, allowing for efficient maintenance and upkeep. The portfolio maintains a low average vacancy rate of approximately two percent, creating an instant cash-flowing asset for the new investor to take advantage of. In addition, the properties were built by, and have been managed by, the current owners and have never been on the market. The owners have completed several recent renovations on multiple units, driving down operating expenses and future capital expenditures, thus offering increased net operating income for a future owner. Apart from one complex, the owner is responsible for paying the utilities. However, there are individual electric meters and sub-meters could be installed in order for tenants to pay utilities. It is important to note that two of the complexes fall under the USDA program, which is a program whereby the federal government provides rental payments to owners of USDA complexes on behalf of low-income tenants unable to pay their full rent.

The high-performing portfolio is comprised of complexes throughout Campbell County in La Follette, Tennessee. The properties are conveniently located near local and national retailers, quality schools, and major area employers.

Highlights
  • 100% occupancy rate as of 6/30/2020
  • Opportunity to acquire a strong stabilized cap rate in a high-demand East Tennessee market
  • Never been on the market
  • High average square footage
  • Staggered lease expirations
  • Actively self-managed for over 25 years

Location