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    407 College St Tullahoma, TN 37388

    Sponsored
    For Sale
    $4,300,000

    40-unit apartment building, value-add potential.

    Property size:
    30,896 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 40-unit apartment building presents a compelling value-add investment opportunity in Tullahoma, Tennessee. The property, known as The Landings at Red Rock, boasts 30,896 square feet of space, with 28,496 square feet net rentable. Currently operating at 92.5% occupancy, the property generates a strong NOI of $262,220, with a pro-forma NOI projected at $317,970. The asking price is $4,300,000, representing a current cap rate of 6.10% and a pro-forma cap rate of 7.39%. The building, constructed in 1964 and extensively renovated in 2023, features three two-story buildings and comprises 32 one-bedroom and 8 two-bedroom units. All three roofs have been replaced with new rubber membrane roofing, and 40 new HVAC systems have been installed. The property is zoned R3 and offers a significant value-add component through the potential addition of in-unit washer/dryer hookups in the two-bedroom units, along with a tenant laundry room and storage space in the basement of Building B. Market rent increases of $75-$100 per unit are anticipated with these improvements. This turnkey property benefits from a stable employment base in the area and has RUBS already instituted. Detailed financial information is available upon request. The price per unit is $107,500, and the price per square foot is $139.18.

    Property Features for 407 College St

    General Information

    Property type
    Multifamily properties
    Square Feet
    30,896 SF
    Class
    B

    Building Details

    Year Built/Renovated
    1964/2023
    Buildings
    3
    Stories
    2
    Units
    40

    HighLights

    • $4,300,000 asking price for a stabilized, value‑add multifamily investment.
    • 40‑unit apartment building (32 one‑bedroom, 8 two‑bedroom) totaling 28,496 rentable square feet.
    • 6.10% cap rate, 7.39% pro‑forma cap rate; $262,220 NOI, $317,970 pro‑forma NOI.
    • Fully renovated in 2023 (new roofs, HVAC); value‑add potential by adding in‑unit laundry.
    • Prime Tullahoma, TN location (407 N College St, 37388); 92.5% occupancy.
    Property Profile Location Intelligence

    Current Use by Public Records

    The Landings at Redrock Apartment Building

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Tullahoma
    County
    Coffee
    State
    Tennessee
    Longitude
    -86.2046811
    Latitude
    35.3714778

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    FAQs

    What type of property is this?
    Multifamily property - 40-unit apartment building, value-add potential.
    Where is this multifamily property located?
    The property is located at 407 College St Tullahoma, TN.
    What is the asking price?
    The asking price for this property is $4,300,000.
    What are key features of this property?
    This property features: $4,300,000 asking price for a stabilized, value-add multifamily investment.; 40-unit apartment building (32 one-bedroom, 8 two-bedroom) totaling 28,496 rentable square feet.; 6.10% cap rate, 7.39% pro-forma cap rate; $262,220 NOI, $317,970 pro-forma NOI.
    Request Owner's contact information
    407 College St Tullahoma, TN 37388
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    Tullahoma, TN 37388
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    Realmo Value Estimation

    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.

    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.

    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
    407 College St Tullahoma, TN 37388
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