The Landings at Red Rock 407 N College St 40 Unit Apartment Building $5,580,800 CAD ($139,520 CAD/Unit) 6.63% Cap Rate Tullahoma, TN 37388

The Landings at Red Rock, situated in Tullahoma, TN, is a turnkey multifamily opportunity. It comprises 40 units, consisting of 32 one bedroom and 8 two bedroom apartments. The property was first renovated in 2020 and since 2020, the owner has upgraded 39 of the 40 units, replaced all three roofs with brand new rubber membrane roofing and installed 40 new HVAC systems. On top of that, seller has just added a brand new laundry room complete with card operated washers and dryers in the 5800 square foot basement below the B building. The property manager expects a $75 to $100 increase to market rents with the addition of the onsite laundry. There's plenty of left over space in the basement to add something like rentable storage space to further increase potential income as well as plenty of open grass space to add amenities to the property and increase tenant satisfaction and retention. Please contact the listing broker for detailed information and questions.