2516 Pitts Ct Columbia, TN 38401-4351

Property Details for 2516 Pitts Ct

Year built

1980

Lot size

9.74 lot acres

Property size

7,552 SF

Zone code

GCS

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

060113E B 01700

APU

060113EB01700

Description

This exceptional 97-unit apartment community in Columbia, Tennessee presents a compelling investment opportunity. The property, built in 1980, comprises a desirable mix of three and four-bedroom townhomes, a unique offering in the Columbia market. Currently boasting 94.8% occupancy, this asset offers significant upside potential due to rents that are demonstrably 15% below market rates. Immediate revenue increases are achievable by adjusting rents to market levels. Extensive interior and exterior renovations have been completed, minimizing deferred maintenance and ensuring the property's modern appeal. The property's prime location, just 2.4 miles from downtown Columbia, provides residents with easy access to major employers and retail centers. Further enhancing its appeal is a highly favorable 35-year, fully amortizing HUD loan with a fixed interest rate of 3.05%, offering long-term financial stability and predictable cash flow. The combination of below-market rents, a strong unit mix, recent capital improvements, and an attractive financing structure makes this a rare opportunity for investors seeking substantial returns in a thriving Tennessee market. The property's operational efficiency and potential for market rate increases further solidify its position as a premier investment.