Landmark Apartments is a beautiful 61 unit Apartment Complex just 4 blocks from "The Square" in Columbia Tennessee. The complex sits on 5.84 acres of land and is approved for two more buildings and comes complete with coin operated laundry facility. Landmark is made up of three separate buildings and consist of a mixture of 1, 2, & 3 bedroom units. (18) 1BR/1BA $375, (37) 2BR/1BA $450, (6) 3BR/1.5BA $535. Originally built in 1949, the building was known as Carver-Smith High School from 1954-1970. In 1984, the buildings were converted to apartments.
Landmark was completely renovated in Spring of 2009. At $1,399,999 this complex presents an investor with excellent upside value. Seller has current bank appraisal and financials. The 15% cap rate is based on a proforma that assumes 95% occupancy at stabilization. This is expected in the next few months now that the renovation is complete. The operating numbers are low for the following reasons. Taxes are low, insurance costs are low having been reduced to $9700 a 30% decrease and garbage is paid for by a charge in the tenants electric bill. Electric/gas bill is approximately $250 per month for coin op and security lights. Owner pays water $1200-$1300 per month. Coin op is currently (02/01/2010) bringing in $600-$900 per month and will increase as occupancy increases. Proforma expenses are low because HVAC units, hot water heaters and interiors are new and most units are under warranty. Appliances like refrigerators and ranges have been replaced in the last 90 days. All maintenance is done by an onsite maintenance man who is compensated with a free (2) bedroom apartment. That's right..... all routine maintenance, cleanouts, plumbing, light electrical, cleaning, etc is done for $450/month!
As of 01/28/2010: Currently there are (8) Section-8 tenants and (40) private pay tenants. (1) unit per week is currently being leased. As occupancy rates increase so will the price of the complex. Make your offer now. 11/2010: 42 units occupied.
Call Marcie Sweet for more information 615-596-2270. Don't forget to see the video link - the video provides a great visual overview of the property.
This is a great opportunity for investors and a nice turn key 10 unit apartment complex in the heart of Lebanon. Sister property Willow Tree Apartments also listed check out 1420 Alhambra in Lebanon. Property features (6) 2BR/1BA and (4) 1BR/1BA units. Property consistently stays 100% OCCUPIED! 2 bedrooms rent for $575 and 1 bedrooms rent for $475. Call Marcie Sweet for more information at 615-596-2270.
Central A/C, Central Heat, Refrigerator, Stove/Oven, Back Yard
100% Occupied, 20 Units located in the heart of Lebanon in a residential neighborhood, all brick, on-site management, on-site coin op laundry, pool, tennis court, paved parking, and minutes from interstate. 3BR/2BA/3 CAR GARAGE manager's home on property. Additional lot next door zoning approved for 3 story apartment building up to 30 units! Rent collected weekly –COLLECT an extra 4 weeks! Call Marcie Sweet for more information at 615-596-2270. Don't forget to check out the marketing package link to request additional information.
Smoke alarms, Laundry Room, Guest Parking, Refrigerator, Stove/Oven, Front Yard, Back Yard, Balcony, Deck
Carriage House is a sixteen-unit townhouse complex, situated on .74 acres, (3) two-story buildings, all units are 1000 sq ft, 2-bedrooms and 1.5 baths. Over the last few years, the owners have made significant changes to the complex including, new architectural shingle 30 year roofs(7/2010), new parking lot as of 08/2010 and many new interior updates. Units have separate electric meters and a master water meter (average bill monthly is $500-$600) Many units have been updated with laminate floors in the downstairs living area others feature newer carpet, all have new paint, spacious kitchen with newer appliances, half bath downstairs, upstairs features two oversized bedrooms and a full bath. Average rents are $650 and the property generates $10,400 gross income monthly. All work completed by licensed contractors. Taxes are $8,339 per year. Detailed financials are available.
The complex is located in Sumner County Tennessee and is 18 miles to Nashville. Sumner County has a thriving business community anchored by manufacturing operations, distribution facilities, services and back office operations, and headquarters of regional and national corporations.
The property is a walkable community that features many nearby restaurants and stores and sits adjacent to a laundry facility that many of the residents use. It's also blocks from Old Hickory Lake - this area is a desirable area to local residents. It's a great opportunity for investors that desire a turn-key operation without the worries of deferred maintenance issues. In recent years, Hendersonville has made national headlines when Family Circle Magazine voted it as one of the "10 Best Towns to Raise a Family."
To request detailed financial information please see link provided links below or call Marcie Sweet directly at 615.596.2270.
AREA INFORMATION Hendersonville, Tennessee Population: 46,969 Median Income: $62,127 Median Home Price: $215,312 Households with Children: 31% Student/Teacher Ratio: 16:1 Great Schools Rating: 9 10 Best Towns for Families by Family Circle Magazine With Nashville just 18 miles away, Hendersonville is home to several country music legends, including the Oak Ridge Boys and T.G. Sheppard. But here it's the kids who can't step out without being noticed. Just ask Wade Evans. When the 19-year-old college sophomore had a few too many friends packed into his car, his mom, Debbi, got phone calls from concerned neighbors. "There's a kind of unspoken agreement among parents to look out for each other's children," she says. "It's not like anyone's telling on them, just keeping them safe." And the kids are all right with the grown-up grapevine. "Everyone knows everyone else here, and sometimes the attention can be a little annoying," says daughter Mackenzie, 17. "But it keeps you grounded and humble knowing you can't get away with anything." Debbi, 49, a first-grade teacher, and husband Mark, 49, who co-owns a triathlon supply store, also take pride in their hometown schools, where student achievement routinely surpasses state and national averages. The Evanses like to spend summer afternoons at Old Hickory Lake, exploring its secluded coves on Jet Skis or just relaxing on inner tubes. "There are so many healthy activities for kids," says Debbi. "On any given evening you head over to the park or ball field and it's full of families, practicing, playing, enjoying each other's company. We love being a part of that." Gold Star: At Hendersonville High, the 315 seniors logged a total of 20,000 hours at retirement homes, food banks, and literacy centers with the Leadership Summer project.
Central A/C, Storage Area, Smoke alarms, Guest Parking, Refrigerator, Stove/Oven, Front Yard, Patio, Close to Lake, Convenient
RENOVATED: Gated community w/keyless security entrance, walking distance to a major university, new HVAC, paint, carpet, hot water heaters, appliances, new security fence, private parking lot, a turn key operation for investors, (12) 2BR/1BA rent for $600/month, (10) 1BR/1BA rent for $500/month, all security deposits $250. CALL MARCIE SWEET FOR MORE INFO 615-596-2270.
Central A/C, Central Heat, Smoke alarms, Refrigerator, Stove/Oven, Patio, Fenced
ALL BRICK BUILDING MINUTES FROM SYLVAN PARK, NEW APPLIANCES, HVAC, VINYL, CARPET, WATER HEATER, GUTTERS, ROOF & WINDOWS, PARKING LOT IN REAR, & LOCATED ON MAIN BUS LINE. CALL MARCIE SWEET FOR MORE INFORMATION 615.596.2270.
(8) UNITS TOTAL ALL 2BR/1BA RENT FOR $500/MONTH WITH $250 DEPOSIT
