121 Cloverdale St Jackson, TN 38301

Property Details for 121 Cloverdale St

Property type

Residential income homes

Property subtype

Apartment buildings

Description

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.

Location Insight

City

Jackson

County

Madison

State

Tennessee

Longitude

-88.7893

Latitude

35.6156