Multifamily Apartment
For Sale
Contact for pricing
3300 Boones Creek Village Court, Jonesborough, TN 37659
89-unit multifamily community with approved plans to add 15 units in Boone’s Creek corridor.
Property Size87,584 SF
Price / SF$176.97
Days on Market99
Property Features for 3300 Boones Creek Village Court
General Information
Standard status
Active
Size
87,584 SF
Property subtype
Multifamily
Occupancy
98%
Investment Type
Stabilized
Net Operating Income
$914,354
Additional Details
Multifamily Units
89
Building Details
Year Built
2011
Buildings
10
Units
89
Tenancy
Multi
Listing Agency:
Prime Net Lease
Listed By:
Paul Matusik · License #CA 01351021
(800) 948-1250
Source:
Crexi
Added: Jul 9
Changed: Oct 13
Last Checked: Oct 14 at 10:38PM
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 Prime Net Lease
Investment Insights
Based on property information with market context.
Boone's Creek Village Apartments is a relatively new 89-unit multifamily community in Jonesborough, Tennessee. The property also includes approved, in-place development plans for an additional 15 units, creating an expansion opportunity for a future owner.
The site is located within the Boone's Creek corridor of Jonesborough and is described as providing convenient access to Interstate 26, downtown Johnson City, and downtown Jonesborough. The area is supported by major regional employers including East Tennessee State University, Ballad Health, and the James H. Quillen VA Medical Center.
This offering combines a stabilized, newer construction apartment asset with the potential to increase overall unit count through the existing approved development plans.
The site is located within the Boone's Creek corridor of Jonesborough and is described as providing convenient access to Interstate 26, downtown Johnson City, and downtown Jonesborough. The area is supported by major regional employers including East Tennessee State University, Ballad Health, and the James H. Quillen VA Medical Center.
This offering combines a stabilized, newer construction apartment asset with the potential to increase overall unit count through the existing approved development plans.
Key Highlights
- 89‑unit multifamily community built in 2011 in the Boone’s Creek corridor of Jonesborough, Tennessee
- Approved in‑place plans to add 15 additional units, creating an on‑site expansion opportunity
- Value‑add opportunity combines a newer, stabilized apartment community with an embedded development component
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$495,115
Cap Rate
3.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,902,300
$9.9M
Cap Rate 7%
$7,073,071
$7.1M
Cap Rate 9%
$5,501,278
$5.5M
Market Conditions
NOI Build-Up for 87,584 SF
Gross rent
$966.9K $11.04/SF
− Vacancy
−$66.7K −$0.76/SF
EGI
$900.2K $10.28/SF
− OpEx
−$405.1K −$4.63/SF
NOI
$495.1K $5.65/SF
Area
Washington County, TN
Vacancy
6.90%
Lease Rate
$11.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$9,902,300
Cap Rate 7%
$7,073,071
Cap Rate 9%
$5,501,278
Alternative Uses
Best Use
Apartment 5plus
$7.07M
$6.19M – $8.25M
NOI $495,115 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$36.94M
$32.32M – $43.09M
NOI $2,585,480 @ 7.0% cap · market cap 16.68%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Current Use
Lease Details
89
Residential units
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 37659, TN
29,313
Population
12,798
Households
2.3
Avg Household Size
45
Median Age
29%
College-Educated
92%
High-School Grad
126.9 sq mi
ZIP Area
231
Density / Sq Mi
$69,765
Median Household Income
$40,962
Median Earnings
$1,034
Median Rent
$241,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - 89-unit multifamily community with approved plans to add 15 units in Boone’s Creek corridor.
Where is this apartment building located?
The property is located at 3300 Boones Creek Village Court Jonesborough, TN.
What is the asking price?
The asking price for this property is $15,500,000.
What are key features of this property?
This property features: 89‑unit multifamily community built in 2011 in the Boone’s Creek corridor of Jonesborough, Tennessee; Approved in‑place plans to add 15 additional units, creating an on‑site expansion opportunity; Value‑add opportunity combines a newer, stabilized apartment community with an embedded development component
