615-855 Brown Ave Cleveland, TN 37311
- Apartment buildings
- 46,822 SF
Current Use by Public Records
- Apartment buildings
Property Details for 615-855 Brown Ave
- Year built
- 1996
- Property size
- 46,822 SF
- Property type
- Apartment buildings
Description
This exceptional multifamily investment opportunity presents a portfolio of eight buildings totaling 46,822 square feet in Cleveland, Tennessee. The property comprises 56 units – a mix of 24 one-bedroom, 24 two-bedroom, and 8 three-bedroom apartments – offering a diverse tenant base. Built in 1996, the two-story buildings boast a strong 7.74% capitalization rate and a Net Operating Income (NOI) of $580,494. The asking price is $7,500,000, translating to $133,928.57 per unit and $160.18 per square foot. The property benefits from its convenient location near Lee University, shopping, restaurants, and the Cleveland Greenway, enhancing its appeal to a wide range of tenants. Recent improvements include 32 newly constructed decks offering scenic city views. Low-maintenance landscaping further contributes to the property's operational efficiency and attractive return on investment. This stabilized, value-add opportunity presents a compelling case for investors seeking strong cash flow and potential for appreciation in a desirable Tennessee market. The property is located at 615-855 Brown Ave NW, Cleveland, TN 37311.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Bradley
- State
- Tennessee
- Longitude
- -84.8808
- Latitude
- 35.1657
