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Lakeside Manor Apartments 542 Ashe Ave 24 Unit Apartment Building $2,578,890 CAD ($107,454 CAD/Unit) 6.52% Cap Rate New Johnsonville, TN 37134
Investment Highlights
- $341,520 invested in capital improvements over the past three years
- Renovations include unit turns, appliance replacement, and system upgrades
- Individually metered for water and electricity
- Approximately 21 of the 24 units renovated at roughly $5,000 per unit
- Building C features in-unit washer and dryer setups with ability to add to Buildings A and B
- Modernized plumbing with a mix of copper, PVC, and PEX. Electrical systems include ROMEX wiring and standard breaker panels.
Executive Summary
Deal Room and Financials: https://www.marcusmillichap.com/properties/301618/lakeside-manor-apartments
Marcus & Millichap has been selected to exclusively market the sale of Lakeside Manor Apartments in New Johnsonville, Tennessee. This offering provides investors the opportunity to acquire a value-add multifamily asset in a low-density, workforce-oriented market with limited competing supply.
Lakeside Manor is a 24-unit, garden-style multifamily asset located on 1.56 acres in New Johnsonville, Tennessee. The property is comprised entirely of 2-bedroom / 1-bath units at 780 square feet and serves a stable, workforce-oriented renter base. Approximately $341,520 has been invested into the asset over the past three years, with the majority of units already renovated, positioning the property for durable cash flow with remaining upside through completion of the renovation program and in-unit washer and dryer installations.
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 Lakeside Manor.
Marcus & Millichap has been selected to exclusively market the sale of Lakeside Manor Apartments in New Johnsonville, Tennessee. This offering provides investors the opportunity to acquire a value-add multifamily asset in a low-density, workforce-oriented market with limited competing supply.
Lakeside Manor is a 24-unit, garden-style multifamily asset located on 1.56 acres in New Johnsonville, Tennessee. The property is comprised entirely of 2-bedroom / 1-bath units at 780 square feet and serves a stable, workforce-oriented renter base. Approximately $341,520 has been invested into the asset over the past three years, with the majority of units already renovated, positioning the property for durable cash flow with remaining upside through completion of the renovation program and in-unit washer and dryer installations.
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 Lakeside Manor.
Property Facts
| Price | $2,578,890 CAD | Building Class | C |
| Price Per Unit | $107,454 CAD | Lot Size | 1.56 AC |
| Sale Type | Investment | Building Size | 18,720 SF |
| Cap Rate | 6.52% | Average Occupancy | 92% |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | Parking Ratio | 2.19/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | Commercial - Commercial, Household Units, Condo/Residential | ||
| Price | $2,578,890 CAD |
| Price Per Unit | $107,454 CAD |
| Sale Type | Investment |
| Cap Rate | 6.52% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.56 AC |
| Building Size | 18,720 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 2.19/1,000 SF |
| Zoning | Commercial - Commercial, Household Units, Condo/Residential |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Range
- Vinyl Flooring
Site Amenities
- Courtyard
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 24 | - | 780 |
1 1
Somewhat walkable
20/100
Exceptionally drivable
90/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 043091G C 01800C001 | Improvements Assessment | $16,525 CAD |
| Land Assessment | $1,372 CAD | Total Assessment | $17,897 CAD |
Property Taxes
Parcel Number
043091G C 01800C001
Land Assessment
$1,372 CAD
Improvements Assessment
$16,525 CAD
Total Assessment
$17,897 CAD
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Lakeside Manor Apartments | 542 Ashe Ave
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