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1547 Milligan Hwy
Johnson City, TN 37601
Milligan View Apartments · Multifamily Property For Sale
·
28 Units
Investment Highlights
- Rents range from $725 to $1,100 creating natural rent segmentation and upside potential.
- Recent capital expenditures consist of repaving, renovating decks, renovating units, and new signage
- Roofs were replaced in 2018
- In the past 36-months current ownership has spent $99,114 in capital expenditures.
- The property is served by municipal water and a private on-site septic system
Executive Summary
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/302622/milligan-view-apartments
Marcus & Millichap has been selected to exclusively market for sale the Milligan View Apartments. This offering provides investors with a rare opportunity to acquire a value-add multifamily property in the highly sought-after Tri-Cities region of Tennessee.
Milligan View Apartments is a 28 unit multifamily asset in Johnson City offering immediate in place cash flow with operational upside through unit upgrades and utility efficiencies. The property has benefited from nearly $100,000 in recent capital improvements including paving, deck renovations, unit updates, and exterior upgrades, reducing near term capital needs. A portion of the unit mix includes central HVAC and washer and dryer hookups, supporting tenant retention and long term occupancy stability. Additional upside exists through restructuring owner paid utilities and continuing interior improvements across the remaining units.
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 Milligan View Apartments.
Marcus & Millichap has been selected to exclusively market for sale the Milligan View Apartments. This offering provides investors with a rare opportunity to acquire a value-add multifamily property in the highly sought-after Tri-Cities region of Tennessee.
Milligan View Apartments is a 28 unit multifamily asset in Johnson City offering immediate in place cash flow with operational upside through unit upgrades and utility efficiencies. The property has benefited from nearly $100,000 in recent capital improvements including paving, deck renovations, unit updates, and exterior upgrades, reducing near term capital needs. A portion of the unit mix includes central HVAC and washer and dryer hookups, supporting tenant retention and long term occupancy stability. Additional upside exists through restructuring owner paid utilities and continuing interior improvements across the remaining units.
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 Milligan View Apartments.
Property Facts
| Price Per Unit | $131,579 CAD | Apartment Style | Garden |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 6.34% | Lot Size | 1.31 AC |
| No. Units | 28 | Building Size | 20,297 SF |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1973 |
| Price Per Unit | $131,579 CAD |
| Sale Type | Investment |
| Cap Rate | 6.34% |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.31 AC |
| Building Size | 20,297 SF |
| No. Stories | 2 |
| Year Built | 1973 |
Amenities
Site Amenities
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 11 | - | 551 |
| 2+1 | 4 | - | 750 |
| 2+1.5 | 13 | - | 864 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $314,471 CAD | |
| Land Assessment | $60,962 CAD | Total Assessment | $375,433 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$60,962 CAD
Improvements Assessment
$314,471 CAD
Total Assessment
$375,433 CAD
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