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164 W Wall St. "Colonial Inn" 164 W Wall St 19 Unit Apartment Building $2,378,654 CAD ($125,192 CAD/Unit) 9.13% Cap Rate Cookeville, TN 38506
INVESTMENT HIGHLIGHTS
- Each Unit features updated kitchen, bath and decor while maintaining a timeless feel.
- The complex also boasts nicely landscaped grounds, several unique outdoor areas, an onsite commercial laundry facility and ample parking.
- Well-maintained almost century-old building with modern improvements
EXECUTIVE SUMMARY
Welcome to "The Colonial Inn" at 164 W Wall St Cookeville, TN 38506. This fantastic and rare investment opportunity includes 19 nicely remodeled 1 bed,1 bath apartments with timeless touches and many unique outdoor areas. Located in the heart of Algood, mere steps from city hall, the farmer's market, brick oven pizza restaurant, coffee shop, and a short drive to TTU and shopping/dining options. Each Unit features an updated kitchen, bath, and decor while maintaining a timeless feel in this well-maintained almost century-old building with modern improvements. The complex also boasts nicely landscaped grounds, several unique outdoor areas, an onsite commercial laundry facility, and ample parking. The high-demand unit type appeals to a large majority of area renters and has produced a great rental history with short/low turnover offering a new investor a great bottom line. Contact me today for more information and a tour.
FINANCIAL SUMMARY (PRO FORMA - 2024) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$248,207
|
$19.75
|
| Other Income |
$5,516
|
$0.44
|
| Vacancy Loss |
$4,964
|
$0.39
|
| Effective Gross Income |
$248,759
|
$19.79
|
| Taxes |
$8,798
|
$0.70
|
| Operating Expenses |
$26,287
|
$2.09
|
| Total Expenses |
$35,084
|
$2.79
|
| Net Operating Income |
$213,675
|
$17.00
|
FINANCIAL SUMMARY (PRO FORMA - 2024)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $248,207 |
| Annual Per SF | $19.75 |
| Other Income (CAD) | |
|---|---|
| Annual | $5,516 |
| Annual Per SF | $0.44 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $4,964 |
| Annual Per SF | $0.39 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $248,759 |
| Annual Per SF | $19.79 |
| Taxes (CAD) | |
|---|---|
| Annual | $8,798 |
| Annual Per SF | $0.70 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $26,287 |
| Annual Per SF | $2.09 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $35,084 |
| Annual Per SF | $2.79 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $213,675 |
| Annual Per SF | $17.00 |
PROPERTY FACTS
AMENITIES
- Smoke Detector
UNIT AMENITIES
- Air Conditioning
- Balcony
- Microwave
- Heating
- Ceiling Fans
- Tile Floors
- Crown Molding
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Yard
- Deck
- Double Pane Windows
- Framed Mirrors
- Instant Hot Water
- Lawn
- Patio
- Porch
- Vinyl Flooring
- Window Coverings
SITE AMENITIES
- Laundry Facilities
- Picnic Area
- Smoke Free
- Trash Pickup - Curbside
- Online Services
- Sundeck
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 19 | $1,069 CAD | 475 - 675 |
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164 W Wall St. "Colonial Inn" | 164 W Wall St
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