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The Reserve at Lebanon 117 Cedarwood Dr 40 Unit Apartment Building $8,240,214 CAD ($206,005 CAD/Unit) 6.03% Cap Rate Lebanon, TN 37087
INVESTMENT HIGHLIGHTS
- $585,000 spent on capital improvements with the last 18 months
- 16 of 40 units have been renovated, allowing the opportunity to capitalize on proven rent premiums
- Rents are currently $113 below the market rate, offering immediate value-add potential
- Community amenities include a dog park, picnic area, and grill
EXECUTIVE SUMMARY
Link to the Deal Room & Financials: https://www.marcusmillichap.com/properties/183951/the-reserve-at-lebanon
Marcus & Millichap has been selected to exclusively market for sale The Reserve at Lebanon in Lebanon, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in the Nashville, TN MSA.
Located just 30 miles from downtown Nashville in Lebanon, TN, The Reserve offers a strong unit mix of 1-bed/1-bath and 2-bed/1.5-bath floorplans, with 16 units already renovated—providing a clear path to increase income through proven renovation premiums. Current rents are approximately $113 below market, offering immediate upside. Over the past 18 months, $585,000 has been invested in capital improvements including new windows, unit renovations, exterior painting, lighting upgrades, signage, repaving, and landscaping. All units are individually metered for water and electricity and include washer/ dryer connections, minimizing owner expenses. The Reserve presents a compelling opportunity for investors seeking both near-term gains and long-term stability.
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 THE RESERVE AT LEBANON.
Marcus & Millichap has been selected to exclusively market for sale The Reserve at Lebanon in Lebanon, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in the Nashville, TN MSA.
Located just 30 miles from downtown Nashville in Lebanon, TN, The Reserve offers a strong unit mix of 1-bed/1-bath and 2-bed/1.5-bath floorplans, with 16 units already renovated—providing a clear path to increase income through proven renovation premiums. Current rents are approximately $113 below market, offering immediate upside. Over the past 18 months, $585,000 has been invested in capital improvements including new windows, unit renovations, exterior painting, lighting upgrades, signage, repaving, and landscaping. All units are individually metered for water and electricity and include washer/ dryer connections, minimizing owner expenses. The Reserve presents a compelling opportunity for investors seeking both near-term gains and long-term stability.
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 THE RESERVE AT LEBANON.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $8,240,214 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $206,005 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 3.33 AC |
| Cap Rate | 6.03% | Building Size | 36,961 SF |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2024 |
| Property Subtype | Apartment | Parking Ratio | 4.07/1,000 SF |
| Zoning | None | ||
| Price | $8,240,214 CAD |
| Price Per Unit | $206,005 CAD |
| Sale Type | Investment |
| Cap Rate | 6.03% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 3.33 AC |
| Building Size | 36,961 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2024 |
| Parking Ratio | 4.07/1,000 SF |
| Zoning | None |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer Hookup
- Heating
- Kitchen
- Refrigerator
- Range
- Carpet
- Smoke Free
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 25 | - | 616 |
| 2+1.5 | 15 | - | 938 |
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CONTACTS
-
Patrick Cosgrove -
Daniel Cosgrove -
Harrison Johnson -
Isaac Geoghegan -
Marcus & Millichap
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The Reserve at Lebanon | 117 Cedarwood Dr
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