1211 Lee Hwy Cleveland, TN 37311-5862
This exceptional 41-unit apartment building in Cleveland, Tennessee presents a compelling value-add investment opportunity. Priced at $3,000,000, this property boasts a current NOI of $293,941 and a 9.80% cap rate, with a pro-forma NOI of $374,015 and a pro-forma cap rate of 12.47%. The 15,056 square foot complex sits on a 1.53-acre lot and comprises three buildings, recently renovated in 2023. The renovation included a new roof, repaved and painted parking lots, new windows, updated PTAC units, electrical and plumbing upgrades, sheetrock, flooring, and interior finishes in most units. The unit mix includes sixteen 1-bedroom/1-bathroom units, twenty-four studio units, and one 2-bedroom/1-bathroom unit, plus an additional office and leasing space. Currently, the property has full occupancy, offering immediate cash flow and significant upside potential. The existing rent roll shows potential for increased revenue through improved management practices. Further value-add opportunities exist, such as installing on-site laundry facilities to enhance tenant amenities and boost income. This property offers a rare chance to acquire a stabilized asset with substantial room for growth and immediate return on investment. The property was built in 1972 and offers a price per unit of $73,170.73.
-
The Pocket Watch Textile Manufacturer Factory
-
Crown Inn Hotel & Motel
CH zone. E. Car wash. F. Oil change facilities. (As amended by Ord. #11, March 2001, Ord. #20, March 2002, and Ord. #23, Sept. 2002) G. Animal Kennel and Boarding (as amended by Ord. #25, Aug. 2020) H. Nightclubs (as amended by Ord. 2022-29, August 2022) 2.12 CBD District (Central Business District) (as amended by Ord. 2021- 13, May 2021) Intent, Goals, and…
Cap rate
Implied · in-place · derived from last sale + estimated NOIValue
AI, CAP & Alternative Use estimations · Realmo proprietary blendProperty tax & assessments
Tax year 2023Comparables
6 recent transactions · within 1.5 miComparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Property description
Physical attributes from public recordsZoning & alternative use
CH · Cleveland, TNCH zone. E. Car wash. F. Oil change facilities. (As amended by Ord. #11, March 2001, Ord. #20, March 2002, and Ord. #23, Sept. 2002) G. Animal Kennel and Boarding (as amended by Ord. #25, Aug. 2020) H. Nightclubs (as amended by Ord. 2022-29, August 2022) 2.12 CBD District (Central Business District) (as amended by Ord. 2021- 13, May 2021) Intent, Goals, and Definitions 1. It is the intent of the Central Business District to promote traditional urban APP-C-44 development with multi-story buildings built close to the sidewalk and a mix of uses within each site and within individual buildings. For instan ce, residences can be integrated with non- residential development in the form of condos, townhouses, or loft apartments. Such urban places are intended to provide a concentration of goods and services that attract commerce -all within a walkable environment. 2. The Central Business District is also intended to promote higher density development that supports transit and multimodal transportation including automobile, bicycle, and pedestrian traffic. The intent is to reduce the need for parking as these urban areas are generally serviced by a well -connected street grid and transit system. Pedestrian and bicycle facilities also play an important role in reducing parking needs by reducing the number of vehicular trips. Parking reductions may also be used in conjunction with all shared parking options to further reduce the number of spaces required. 3. For the purposes of Central Business District, it is intended that use of existing buildings be considered “redevelopment” and if a conflict occurs with standards for height, setback, and building footprint square footage, proposed developments shall be considered legal, non -conforming when proposed
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
