16-Unit Multifamily
For Sale
$2,043,000
1049 Martha Glass Dr, Jefferson City, TN 37760
16-unit multifamily portfolio across five buildings with individually metered water and electricity.
Property Size16,617 SF
Days on Market49
Property Features for 1049 Martha Glass Dr
General Information
Standard status
Active
Size
16,617 SF
Property subtype
Multifamily
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Additional Details
Cap Rate
6.34%
Multifamily Units
16
Amenities
Rare opportunity to acquire a 16-unit multifamily portfolio across five buildings in Jefferson City, Tennessee.
Current rents are $208 below the market rate.
Individually metered for water and electric, reducing operating expense burden.
Opportunity to increase revenue through continued rent growth and operational efficiencies.
Well-positioned workforce housing asset in a market with limited multifamily inventory.
Building Details
Building Size
16,617 SF
Year Built
1997
Units
16
Listed By:
Pat Cosgrove · License #License(s): TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: Jul 24
Changed: Sep 2
Last Checked: Sep 9 at 5:29AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Pat Cosgrove
Investment Insights
Based on property information with market context.
Offered for sale, the Jefferson City multifamily portfolio totals 16 units across five buildings and five parcels in Jefferson City, Tennessee. The property was constructed between 1996 and 1997 and includes individually metered water and electricity, designed to help reduce the operating expense burden.
The portfolio is located within East Tennessee’s Lakeway region with convenient access to Highway 11E and the Morristown and Knoxville employment centers.
Current rents average approximately $155 below market, providing an opportunity for revenue growth through future rent increases while maintaining occupancy. Offers are to be submitted as a non-binding Letter of Intent outlining key terms, including asset pricing, due diligence and closing timeline, earnest money deposit, debt/equity structure, and qualification to close. The purchase terms require all cash to be paid at closing, and tenants or staff should not be contacted regarding the sale.
The portfolio is located within East Tennessee’s Lakeway region with convenient access to Highway 11E and the Morristown and Knoxville employment centers.
Current rents average approximately $155 below market, providing an opportunity for revenue growth through future rent increases while maintaining occupancy. Offers are to be submitted as a non-binding Letter of Intent outlining key terms, including asset pricing, due diligence and closing timeline, earnest money deposit, debt/equity structure, and qualification to close. The purchase terms require all cash to be paid at closing, and tenants or staff should not be contacted regarding the sale.
Key Highlights
- 16‑unit multifamily portfolio across five buildings and five parcels in Jefferson City, TN
- Rents average approximately $155 below market, offering room for future rent growth
- Built between 1996 and 1997, with a newer vintage asset profile
Property Analytics
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Current Use
Lease Details
16
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
358
Businesses Nearby
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Business Placement
Demographics for 37760, TN
13,726
Population
5,798
Households
2.4
Avg Household Size
39
Median Age
30%
College-Educated
91%
High-School Grad
40.7 sq mi
ZIP Area
337
Density / Sq Mi
$61,626
Median Household Income
$32,262
Median Earnings
$844
Median Rent
$233,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - 16-unit multifamily portfolio across five buildings with individually metered water and electricity.
Where is this apartment building located?
The property is located at 1049 Martha Glass Dr Jefferson City, TN.
What is the asking price?
The asking price for this property is $2,043,000.
What are key features of this property?
This property features: 16‑unit multifamily portfolio across five buildings and five parcels in Jefferson City, TN; Rents average approximately $155 below market, offering room for future rent growth; Built between 1996 and 1997, with a newer vintage asset profile
