Landmark Apartments is a
beautiful 61 unit Apartment Complex just 4 blocks
from "The Square" in Columbia Tennessee. The
complex sits on 6 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 $525.
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. Estimates of 12-18 weeks
to be 100% occupied. As
occupancy rates increase so will the price of the
complex. Make your offer now.
01/28/2010 SECTION 8 UPDATE:
Effective February 01, 2010 (2) bedroom units
have been approved for an rental increase of $50 per
unit raising (2) bedroom rates to $500 per unit.
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.
Central A/C, Central Heat, Smoke alarms, Laundry Room, Guest Parking, Hardwood Floors, Refrigerator, Stove/Oven, Front Yard, Back Yard
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
GREAT LOCATION WITHIN WALKING DISTANCE TO OLD HICKORY LAKE, CONSISTENTLY STAYS 100% OCCUPIED, RENOVATED & READY FOR NEW OWNER. 16 UNITS ALL 2BR/1.5BA TOWN HOMES. TURN KEY OPERATION, UNITS RENT FOR $700/MONTH WITH $250/DEPOSIT. NEW HIGH RISE DEVELOPMENT GOING IN ACROSS THE STREET. CALL MARCIE SWEET FOR MORE INFORMATION 615-596-2270.
Smoke alarms, Guest Parking, Refrigerator, Stove/Oven, Front Yard, Patio
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.
