1211 Lee Hwy Cleveland, TN 37311-5862
Property profile & analytics
1211 Lee Hwy Cleveland, TN 37311-5862
- Motels
- 8,000 SF
- 1.00 lot acres
Property ID
US80-0961186
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- The Pocket Watch / Textile Manufacturer / Factory
- Crown Inn / Hotel & Motel
Property Details for 1211 Lee Hwy
- Year built
- 1944
- Lot size
- 1.00 lot acres
- Property size
- 8,000 SF
- Zone code
- CH
- Property type
- Motels
- APN
- 057B K 002.00 000
- APU
- 057BK00200000
Description
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.
Value Estimations
based on Realmo’s proprietary methodology
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Cleveland
- County
- Bradley
- State
- Tennessee
- Longitude
- -84.891
- Latitude
- 35.1544
- CBSA code
- 17420
- CBSA name
- CLEVELAND, TN METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$1,341
$45,920
$47,240
$93,160
-
$114,800
$118,100
$232,900
