500 Cumberland Ave Jasper, TN 37347

Property Details for 500 Cumberland Ave

Year built

1983

Lot size

2.77 lot acres

Property type

Commercial real estate

Description

This exceptional value-add opportunity presents a 29-unit apartment building situated on approximately 2.77 to 3.02 acres in Jasper, Tennessee, within the Chattanooga MSA. The property, comprised of six, two-story buildings, boasts a total net rentable area of 22,955 square feet and features individually metered water and electric for each unit (hot water is on a master meter with a monthly fee). Built in 1983, the property has undergone significant improvements in the past 36 months, including $37,772 in capital expenditures. These renovations encompass new paint, flooring, cabinets, countertops, appliances, bathroom vanities, toilets, tub refinishing, and light fixtures. Approximately half of the HVAC units have been replaced since 2019, and all building roofs (except for one small building) are less than 5 years old. The buildings are constructed on slabs with copper piping. The property currently generates a NOI of $182,159, with a pro-forma NOI of $251,404, representing a 6.80% cap rate and a pro-forma cap rate of 9.38%, respectively. The asking price is $2,680,000, translating to a price per unit of $92,413.79. The property is conveniently located at 500 Cumberland Ave and 401 Elm Ave, Jasper, TN 37347, a 31-minute drive from downtown Chattanooga. This is a rare opportunity to acquire a well-maintained, value-add multifamily asset in a growing market. All cash purchase is required.