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    121 Cloverdale St Jackson, TN 38301

    Sponsored
    For Sale
    $5,200,000

    53-unit portfolio, high growth market.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    This exceptional investment opportunity encompasses a 53-unit multifamily portfolio strategically located across Jackson and surrounding areas in Madison County, Tennessee. The portfolio comprises 20 properties, including eight multifamily buildings totaling 41 units and twelve single-family homes. The properties boast a combined net rentable square footage of 51,172 square feet, generating a current NOI of $366,105 and a pro-forma NOI of $467,353, representing a current cap rate of 7.04% and a pro-forma cap rate of 8.99%. The asking price for this value-add opportunity is $5,200,000, translating to a price per unit of $98,113.21. Individual properties are situated at various addresses throughout Jackson and nearby towns, including Cloverdale St, Dancy St, Brianfield Cove, Brianfield Dr, Old Hickory Blvd, Cinnamon Dr, W Deaderick St, Annies Ln (Beech Bluff), Gus Pope Rd (Denmark), Warfield Cove, Robin Hood Ln, Hopper Barker Rd, Rushmeade Rd, Chipwood Dr, Russell Rd, Lincoln St, Castle Heights Dr, and Roxy Cove. The portfolio offers a diverse rental income stream, with the multifamily properties currently generating a monthly gross income of $32,750 and the single-family homes contributing an additional $14,335 monthly. While average rents are currently $201 below market rates across the portfolio, this presents a significant opportunity for value enhancement and increased profitability. The portfolio benefits from Jackson's robust growth trajectory, fueled by recent and upcoming large-scale developments, including the new Georgia-Pacific facility and the forthcoming Ford BlueOval City. This presents a compelling investment prospect for those seeking exposure to a rapidly expanding Tennessee market. The sale requires an all-cash closing.

    Property Features for 121 Cloverdale St

    General Information

    Property type
    Multifamily properties

    Building Details

    Units
    53

    HighLights

    • Portfolio includes 20 income‑producing properties.
    • Eight multifamily properties generate $32,750 monthly gross income.
    • Multifamily properties include: 18 units at 121 Cloverdale Street; 6 units at 101 Dancy Street; 4 units at 10 Brianfield Drive; 4 units at 60 Brianfield Drive; 3 units at 926 Old Hickory Boulevard; 2 units at 57 Cinnamon Drive; 2 units at 61 Cinnamon Drive; and 2 units at 310 W Deaderick Street.
    • Twelve single‑family homes generate $14,335 monthly gross income.
    • Rents are, on average, $201 below market value.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income homes

    Suggested Use

    Realty agency Law Firm Restaurant Hair Salon Clothing Store Building Supply Pharmacy Auto Repair Shop Accounting Firm Wholesale Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Jackson
    County
    Madison
    State
    Tennessee
    Longitude
    -88.7892749
    Latitude
    35.6155898

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    FAQs

    What type of property is this?
    Multifamily property - 53-unit portfolio, high growth market.
    Where is this multifamily property located?
    The property is located at 121 Cloverdale St Jackson, TN.
    What is the asking price?
    The asking price for this property is $5,200,000.
    What are key features of this property?
    This property features: Portfolio includes 20 income-producing properties.; Eight multifamily properties generate $32,750 monthly gross income.; Multifamily properties include: 18 units at 121 Cloverdale Street; 6 units at 101 Dancy Street; 4 units at 10 Brianfield Drive; 4 units at 60 Brianfield Drive; 3 units at 926 Old Hickory Boulevard; 2 units at 57 Cinnamon Drive; 2 units at 61 Cinnamon Drive; and 2 units at 310 W Deaderick Street.
    Request Owner's contact information
    121 Cloverdale St Jackson, TN 38301
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    Jackson, TN 38301
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    121 Cloverdale St Jackson, TN 38301
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