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2245 Spring Place Rd 2245 Spring Place Rd SE 3 Unit Apartment Building $367,647 CAD ($122,549 CAD/Unit) 11.13% Cap Rate Cleveland, TN 37323
Investment Highlights
- Main Road leaving Cleveland to the West
- 2 lane near other plazas
- Near Interstate Bypass
Executive Summary
Great multi-use property with long term tenant in the commercial space as well as a duplex.
Duplex and Commercial Building share the same lot.
Approx Income Apt 1 950 Apt 2 800 Com 1225 Commerical Lease increases to 1347.50 May 2028 20 yr lease 10% escalation every 5 years Lease started May 2023
Insurance Expense: 1,852; New Taxes Expense: 1,798.37; Total Actual Rent: 2,950; Trash Expense: 1,236; Water Sewer Expense: 840
Duplex and Commercial Building share the same lot.
Approx Income Apt 1 950 Apt 2 800 Com 1225 Commerical Lease increases to 1347.50 May 2028 20 yr lease 10% escalation every 5 years Lease started May 2023
Insurance Expense: 1,852; New Taxes Expense: 1,798.37; Total Actual Rent: 2,950; Trash Expense: 1,236; Water Sewer Expense: 840
Financial Summary (Pro Forma - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$48,629
|
$14.07
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$2,431
|
$0.70
|
| Effective Gross Income |
$46,198
|
$13.37
|
| Taxes |
$2,449
|
$0.71
|
| Operating Expenses |
$2,901
|
$0.84
|
| Total Expenses |
$5,351
|
$1.55
|
| Net Operating Income |
$40,847
|
$11.82
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $48,629 |
| Annual Per SF | $14.07 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $2,431 |
| Annual Per SF | $0.70 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $46,198 |
| Annual Per SF | $13.37 |
| Taxes (CAD) | |
|---|---|
| Annual | $2,449 |
| Annual Per SF | $0.71 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $2,901 |
| Annual Per SF | $0.84 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $5,351 |
| Annual Per SF | $1.55 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $40,847 |
| Annual Per SF | $11.82 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $1,192 CAD | 728 |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 066G-G-024.00 | Total Assessment | $122,159 CAD |
| Land Assessment | $81,621 CAD | Annual Taxes | $2,449 CAD ($0.71 CAD/SF) |
| Improvements Assessment | $40,538 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
066G-G-024.00
Land Assessment
$81,621 CAD
Improvements Assessment
$40,538 CAD
Total Assessment
$122,159 CAD
Annual Taxes
$2,449 CAD ($0.71 CAD/SF)
Tax Year
2025
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New Ventures Realty
2245 Spring Place Rd | 2245 Spring Place Rd SE
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