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Highway 259 Townhomes 104-114 Highway 259 28 Unit Apartment Building $5,983,162 CAD ($213,684 CAD/Unit) 5.72% Cap Rate Portland, TN 37148
INVESTMENT HIGHLIGHTS
- Over $110,000 spent on capital improvements in the past 36 months
- Each building is on one water meter and tenants are billed-back
- PVC plumbing and Romex copper wiring throughout
- Unit renovations include new appliances, flooring, lighting, hardware, interior paint, and resurfaced tubs and counter-tops
- Trash service is provided by the city and included in water bills
EXECUTIVE SUMMARY
Link to Deal Room & Financials: https://www.marcusmillichap.com/properties/185510/hwy-259-townhomes
Marcus & Millichap has been selected to exclusively market for sale Hwy 259 Townhomes in Portland, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in the Nashville, TN MSA.
Located in the growing city of Portland, TN, Hwy 259 Townhomes offers investors a stabilized, well-maintained 28-unit asset with strong in-place operations and long-term upside. The property stands out with desirable tenant amenities including in-unit washers and dryers, a playground, a picnic area, and an on-site shop. Over $110,000 in recent capital improvements including new roofs, upgraded common areas, and interior unit renovations position the asset for minimal near-term cap-ex. Brittany Court offers an efficient, low-maintenance investment in a high-demand market with continued population and economic growth.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
AT NO POINT SHOULD TENANTS OR STAFF BE CONTACTED REGARDING THE SALE OF HWY 259 TOWNHOMES.
Marcus & Millichap has been selected to exclusively market for sale Hwy 259 Townhomes in Portland, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in the Nashville, TN MSA.
Located in the growing city of Portland, TN, Hwy 259 Townhomes offers investors a stabilized, well-maintained 28-unit asset with strong in-place operations and long-term upside. The property stands out with desirable tenant amenities including in-unit washers and dryers, a playground, a picnic area, and an on-site shop. Over $110,000 in recent capital improvements including new roofs, upgraded common areas, and interior unit renovations position the asset for minimal near-term cap-ex. Brittany Court offers an efficient, low-maintenance investment in a high-demand market with continued population and economic growth.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
AT NO POINT SHOULD TENANTS OR STAFF BE CONTACTED REGARDING THE SALE OF HWY 259 TOWNHOMES.
PROPERTY FACTS
| Price | $5,983,162 CAD | Apartment Style | Garden |
| Price Per Unit | $213,684 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 2.28 AC |
| Cap Rate | 5.72% | Building Size | 32,172 SF |
| No. Units | 28 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2008 |
| Property Subtype | Apartment | ||
| Zoning | A | ||
| Price | $5,983,162 CAD |
| Price Per Unit | $213,684 CAD |
| Sale Type | Investment |
| Cap Rate | 5.72% |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.28 AC |
| Building Size | 32,172 SF |
| No. Stories | 2 |
| Year Built | 2008 |
| Zoning | A |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1.5 | 28 | - | 1,200 |
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PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,873,684 CAD | |
| Land Assessment | $89,062 CAD | Total Assessment | $1,962,746 CAD |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$89,062 CAD
Improvements Assessment
$1,873,684 CAD
Total Assessment
$1,962,746 CAD
CONTACTS
-
Patrick Cosgrove -
Daniel Cosgrove -
Isaac Geoghegan -
Harrison Johnson -
Marcus & Millichap
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Highway 259 Townhomes | 104-114 Highway 259
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