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303 Flats 303 S Poplar St 28 Unit Apartment Building $2,529,540 CAD ($90,341 CAD/Unit) 5.38% Cap Rate Paris, TN 38242
Investment Highlights
- Three-Parcel Offering Providing Additional Rear Land
- 25 of 28 Units Recently Renovated (New Flooring, Cabinets, Appliances, Lighting, Paint, and Fixtures)
- Diverse Unit Mix Featuring Studios, One-Bedroom, and Two-Bedroom Floor Plans
- 93% Occupancy with Lease-Up Opportunity
- Extensive Interior & Exterior Improvements Completed
Executive Summary
SVN | Accel Commercial Real Estate is pleased to present 303 Flats, a 28-unit multifamily investment opportunity located at 303 S. Poplar Street in Paris, Tennessee. This substantially renovated asset presents investors with the opportunity to acquire a well-positioned apartment community featuring immediate in-place cash flow, strong occupancy, and continued upside through lease-up and future rent growth.
Situated on 0.784 acres, 303 Flats encompasses approximately 16,876 square feet, including 15,750 sf of residential space across 28 units. The property's diverse unit mix consists of (13) studio units, (10) one-bedroom/one-bathroom units, (4) two-bedroom/one-bathroom units, and (1) two-bedroom/one-and-one-half-bathroom unit. The remaining square footage includes an on-site office, maintenance area, and laundry facilities. Currently 93% occupied, the property offers investors an opportunity to increase occupancy and further enhance cash flow.
Ownership has completed an extensive renovation program across 25 of the property's 28 units, investing in new flooring, cabinets, appliances, lighting fixtures, trim and baseboards, ceiling fans, bathroom vanities, and interior paint. Significant exterior and capital improvements include fresh exterior paint, a newly paved parking lot, and approximately $20,000 in foundation repairs, creating a highly attractive, low-maintenance investment opportunity with limited near-term capital expenditure requirements.
The sale includes 3 parcels, including two land parcels located behind the existing building.
Situated on 0.784 acres, 303 Flats encompasses approximately 16,876 square feet, including 15,750 sf of residential space across 28 units. The property's diverse unit mix consists of (13) studio units, (10) one-bedroom/one-bathroom units, (4) two-bedroom/one-bathroom units, and (1) two-bedroom/one-and-one-half-bathroom unit. The remaining square footage includes an on-site office, maintenance area, and laundry facilities. Currently 93% occupied, the property offers investors an opportunity to increase occupancy and further enhance cash flow.
Ownership has completed an extensive renovation program across 25 of the property's 28 units, investing in new flooring, cabinets, appliances, lighting fixtures, trim and baseboards, ceiling fans, bathroom vanities, and interior paint. Significant exterior and capital improvements include fresh exterior paint, a newly paved parking lot, and approximately $20,000 in foundation repairs, creating a highly attractive, low-maintenance investment opportunity with limited near-term capital expenditure requirements.
The sale includes 3 parcels, including two land parcels located behind the existing building.
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Property Facts
| Price | $2,529,540 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $90,341 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.78 AC |
| Cap Rate | 5.38% | Building Size | 16,876 SF |
| No. Units | 28 | Average Occupancy | 93% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1940/2025 |
| Zoning | R-3H - Multi-family zoning | ||
| Price | $2,529,540 CAD |
| Price Per Unit | $90,341 CAD |
| Sale Type | Investment |
| Cap Rate | 5.38% |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.78 AC |
| Building Size | 16,876 SF |
| Average Occupancy | 93% |
| No. Stories | 2 |
| Year Built/Renovated | 1940/2025 |
| Zoning | R-3H - Multi-family zoning |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Freezer
- Vinyl Flooring
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 13 | $836.15 CAD | 450 |
| 1+1 | 10 | $913.45 CAD | 650 |
| 2+1 | 4 | $1,054 CAD | 750 |
| 2+1.5 | 1 | $1,124 CAD | 800 |
Fairly walkable
50/100
Very drivable
80/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 106A-H-013.00 | Improvements Assessment | $224,286 CAD |
| Land Assessment | $14,615 CAD | Total Assessment | $238,901 CAD |
Property Taxes
Parcel Number
106A-H-013.00
Land Assessment
$14,615 CAD
Improvements Assessment
$224,286 CAD
Total Assessment
$238,901 CAD
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303 Flats | 303 S Poplar St
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