1509 High School Dr Union City, TN 38261
- Commercial real estate
- 8.03 lot acres
Current Use by Public Records
- Autumn Wood Apartments & Duplexes / Furnished Apartment Building / Apartment Building
Property Details for 1509 High School Dr
- Year built
- 1968
- Lot size
- 8.03 lot acres
- Property type
- Commercial real estate
Description
This exceptional value-add multifamily investment opportunity presents 64 units in Union City, TN, comprising an apartment complex and 8 duplexes across the street, totaling 8.03 acres. The property boasts a strong current NOI of $342,343, with a pro-forma NOI projected at $370,756, yielding an 8.61% cap rate and a pro-forma cap rate of 9.33%. The asking price is $3,975,000, translating to $62,109.38 per unit. Built in 1968, the property consists of 14 buildings, each two stories high, and features 32 fully renovated units, along with a fully renovated office and laundry facility. Significant recent improvements include roof replacements (duplexes 2014-2016, 8-plexes 2018), parking lot sealing and striping, enhanced security cameras, gutter and downspout repairs, HVAC unit replacements, and the addition of amenities such as picnic tables, a bike rack, and a swing set. The duplex units offer washer/dryer connections. Water and electric are individually metered for most units, with units 1-24 utilizing three separate meters. Plumbing consists of a mix of PVC and galvanized piping. Current rents are $84 below market rate, presenting a significant opportunity for increased revenue. This property offers a rare chance to acquire a well-located, value-add asset with substantial upside potential. All cash purchase required.
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
- Union City
- County
- Obion
- State
- Tennessee
- Longitude
- -89.039075772587
- Latitude
- 36.418222828778
