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Windgate Apartments 1802 Hamill Rd 22 Unit Apartment Building $3,506,148 CAD ($159,370 CAD/Unit) 6.58% Cap Rate Hixson, TN 37343
Investment Highlights
- Roofs were replaced in 2025, materially reducing near-term capital requirements
- Majority of units feature stainless steel appliances
- Individually metered for electric, with water, sewer, and trash master metered and recovered through a $50 monthly utility reimbursement
- 11 units have been renovated, including 6 completed within the past 18 months, providing an immediate value-add runway through continued interior upgr
- All units include washer and dryer connections, excluding the two studio apartments
Executive Summary
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/301681/windgate-apartments
Marcus & Millichap has been selected to exclusively market for sale Windgate Apartments, a 22-unit multifamily property located in Hixson, a core Chattanooga submarket. This offering provides investors the opportunity to acquire a value-add asset with proximity to major employment, retail corridors, and downtown Chattanooga.
Built in 1988 on a 1.25-acre site, Windgate Apartments features a unit mix dominated by one-bedroom residences and has benefited from recent capital improvements, including a full roof replacement in 2025. Eleven units have been renovated, with six completed within the past 18 months, creating a clear path for continued interior upgrades and rental growth. The property is individually metered for electric, includes utility reimbursement for water, sewer, and trash, and is constructed with durable features such as slab foundations, PVC plumbing, and copper wiring, supporting stable operations and long-term ownership.
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 Windgate Apartments.
Marcus & Millichap has been selected to exclusively market for sale Windgate Apartments, a 22-unit multifamily property located in Hixson, a core Chattanooga submarket. This offering provides investors the opportunity to acquire a value-add asset with proximity to major employment, retail corridors, and downtown Chattanooga.
Built in 1988 on a 1.25-acre site, Windgate Apartments features a unit mix dominated by one-bedroom residences and has benefited from recent capital improvements, including a full roof replacement in 2025. Eleven units have been renovated, with six completed within the past 18 months, creating a clear path for continued interior upgrades and rental growth. The property is individually metered for electric, includes utility reimbursement for water, sewer, and trash, and is constructed with durable features such as slab foundations, PVC plumbing, and copper wiring, supporting stable operations and long-term ownership.
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 Windgate Apartments.
Property Facts
| Price | $3,506,148 CAD | Building Class | C |
| Price Per Unit | $159,370 CAD | Lot Size | 1.25 AC |
| Sale Type | Investment | Building Size | 12,864 SF |
| Cap Rate | 6.58% | Average Occupancy | 100% |
| No. Units | 22 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Subtype | Apartment | ||
| Zoning | R1 | ||
| Price | $3,506,148 CAD |
| Price Per Unit | $159,370 CAD |
| Sale Type | Investment |
| Cap Rate | 6.58% |
| No. Units | 22 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 1.25 AC |
| Building Size | 12,864 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1988 |
| Zoning | R1 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | - |
| 1+1 | 16 | - | - |
| 2+2 | 4 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 110I-J-016 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,014,130 CAD |
Property Taxes
Parcel Number
110I-J-016
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,014,130 CAD
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Windgate Apartments | 1802 Hamill Rd
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