208 College St Portland, TN 37148

Property Details for 208 College St

Lot size

4.00 lot acres

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 15-unit apartment complex situated on a sizable 4-acre lot in Portland, Tennessee. The property boasts 769 feet of road frontage across three city streets and comprises four buildings, each two stories high. Currently operating at 100% occupancy, this multifamily property offers significant income potential. The asking price is $2,599,000, translating to an attractive price per unit of $173,267. Conveniently located within Portland city limits, the complex is within walking distance of various amenities, including shopping, dining, and places of worship. A key advantage is the inclusion of a previously approved vacant area suitable for the construction of a four-unit building (quadruplex), presenting an immediate opportunity for expansion and increased revenue. The property's current owner handles water, pest control, and lawn maintenance. Fourteen of the fifteen units are due for lease renewal, providing a strong foundation for future rental income growth. Please note that the property is currently fully occupied, and showings are scheduled exclusively during the inspection period outlined in the purchase agreement. A photo of a vacant unit is available for review. This is a rare opportunity to acquire a well-maintained, high-occupancy multifamily property with significant upside potential in a desirable location. The property is zoned for multifamily use.