Value-Add Multifamily Apartment
For Sale
$2,750,000
155 Jack Miller Blvd, Clarksville, TN 37042
26-unit multifamily property built in 1992 offering 2-bedroom, 1-bath floor plans in Clarksville, TN.
Property Size20,800 SF
Days on Market112
Property Features for 155 Jack Miller Blvd
General Information
Standard status
Active
Size
20,800 SF
Property subtype
Multifamily
Additional Details
Cap Rate
6.01%
Multifamily Units
26
Amenities
26-unit multifamily community located minutes from Fort Campbell in one of Clarksville's strongest rental corridors
All units feature highly desirable 2-bedroom, 1-bathroom floor plans designed for practical everyday living
Current leasing strategies and strong occupancy trends provide an opportunity for continued revenue growth and operational upside
Value-add potential through rental growth, operational efficiencies, and future amenity additions such as a dog park, playground, or outdoor gathering spaces
Building Details
Building Size
20,800 SF
Year Built
1992
Units
26
Listed By:
Pat Cosgrove · License #License(s): TN: 341774
(615) 997-2853
Source:
Marcusmillichap
Added: May 18
Changed: Sep 4
Last Checked: Sep 5 at 3:57AM
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.
Jack Miller Flats is a 26-unit multifamily apartment community built in 1992. The property features 2-bedroom, 1-bathroom floor plans designed for everyday living, supporting long-term tenant appeal. This offering is presented as a value-add investment with potential for operational improvements, rental growth, and future amenity enhancements.
The community is located minutes from Fort Campbell in one of Clarksville’s strongest rental corridors, with convenient access to major employment centers, shopping, dining, and commuter routes. The ownership provides stable in-place income with additional opportunity tied to improvements and growth in the Clarksville/Fort Campbell market.
The sale is being marketed by Marcus & Millichap, with offers to be submitted via a non-binding Letter of Intent outlining key terms and conditions. The stated purchase structure requires all cash to be paid at closing. Tenants or staff should not be contacted regarding the sale at any point.
The community is located minutes from Fort Campbell in one of Clarksville’s strongest rental corridors, with convenient access to major employment centers, shopping, dining, and commuter routes. The ownership provides stable in-place income with additional opportunity tied to improvements and growth in the Clarksville/Fort Campbell market.
The sale is being marketed by Marcus & Millichap, with offers to be submitted via a non-binding Letter of Intent outlining key terms and conditions. The stated purchase structure requires all cash to be paid at closing. Tenants or staff should not be contacted regarding the sale at any point.
Key Highlights
- 26‑unit multifamily community in Clarksville, TN.
- Built in 1992.
- Unit mix features 2‑bedroom, 1‑bath floor plans.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$167,756
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,355,120
$3.4M
Cap Rate 7%
$2,396,514
$2.4M
Cap Rate 9%
$1,863,956
$1.9M
Market Conditions
NOI Build-Up for 20,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$324.5K $15.60/SF
− Vacancy
−$19.5K −$0.94/SF
EGI
$305.0K $14.66/SF
− OpEx
−$137.3K −$6.60/SF
NOI
$167.8K $8.07/SF
Area
Clarksville, TN
Vacancy
6.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,355,120
Cap Rate 7%
$2,396,514
Cap Rate 9%
$1,863,956
Alternative Uses
Best Use
Apartment 5plus
$2.40M
$2.10M – $2.80M
NOI $167,756 @ 7.0% cap · market cap 6.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.49M
$3.06M – $4.07M
NOI $244,408 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26
Residential units
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Explore this area
Business Placement
Demographics for 37042, TN
83,498
Population
35,433
Households
2.4
Avg Household Size
29
Median Age
26%
College-Educated
94%
High-School Grad
56.9 sq mi
ZIP Area
1,467
Density / Sq Mi
$66,435
Median Household Income
$38,716
Median Earnings
$1,196
Median Rent
$220,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - 26-unit multifamily property built in 1992 offering 2-bedroom, 1-bath floor plans in Clarksville, TN.
Where is this apartment building located?
The property is located at 155 Jack Miller Blvd Clarksville, TN.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: 26‑unit multifamily community in Clarksville, TN.; Built in 1992.; Unit mix features 2‑bedroom, 1‑bath floor plans.
