Current Use by Public Records
- Apartment buildings
Property Details for 311 Market St
- Year built
- 1980
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a 16-unit apartment complex in Somerville, TN, boasting 100% occupancy. The property comprises three renovated one-story buildings, each featuring a mix of one-bedroom, one-bathroom units, totaling 16 units. Built in 1980 and completely renovated in 2023, the complex offers modern amenities including laminate flooring, updated appliances, and central heating and air conditioning. Each unit includes two assigned parking spaces, totaling 32 spaces across the complex. Situated on a one-acre lot at 311 W Market St, Somerville, TN 38068, this stabilized investment offers a strong NOI of $74,400 and an 8.80% cap rate. The asking price is $845,900, representing a price per unit of $52,868.75. The property is zoned residential and enjoys a prime location near Highway 64 and Highway 76, providing easy access to Memphis and Jackson. This turnkey investment offers immediate cash flow and significant potential for future growth. The property's excellent condition, high occupancy rate, and desirable location make it an attractive opportunity for discerning investors seeking a stable and profitable addition to their portfolio. The complex is conveniently located near downtown Somerville, offering tenants easy access to local amenities. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a thriving Tennessee market.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Somerville
- County
- Fayette
- State
- Tennessee
- Longitude
- -89.3534
- Latitude
- 35.2443
