615 Brown Ave Cleveland, TN 37311

Property Details for 615 Brown Ave

Year built

1996

Property size

47,336 SF

Property type

Commercial real estate

Description

This exceptional 56-unit apartment building, known as WASHINGTON COMMONS, presents a compelling investment opportunity in Cleveland, Tennessee. Located at 615 Brown Ave NW, 37311, this two-story property boasts a substantial 47,336 square feet and was constructed in 1996. The property currently generates a strong Net Operating Income (NOI) of $536,682, translating to an attractive 7.35% capitalization rate. The asking price for this multifamily asset is $7,250,000. The unit mix includes a variety of one, two, and three-bedroom floor plans, catering to a diverse renter base. Its prime location just outside of downtown Cleveland offers convenient access to major commuting routes, enhancing its appeal. The property's attractive rental rates and high demand contribute to its strong financial performance. Further upside potential exists, with an estimated $100 per unit rental increase possible. This well-maintained property represents a solid investment opportunity in a growing market. The property's strong cash flow and potential for appreciation make it an ideal addition to any investment portfolio. This is a rare opportunity to acquire a well-positioned, income-producing multifamily asset in a desirable Tennessee location.