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117 Cedarwood Dr
Lebanon, TN 37087
The Reserve at Lebanon · Multifamily Property For Sale
·
40 Units
INVESTMENT HIGHLIGHTS
- $585,000 spent on capital improvements with the last 18 months
- 16 of 40 units have been renovated, allowing the opportunity to capitalize on proven rent premiums
- Rents are currently $113 below the market rate, offering immediate value-add potential
- Community amenities include a dog park, picnic area, and grill
EXECUTIVE SUMMARY
Link to the Deal Room & Financials: https://www.marcusmillichap.com/properties/183951/the-reserve-at-lebanon
Marcus & Millichap has been selected to exclusively market for sale The Reserve at Lebanon in Lebanon, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in the Nashville, TN MSA.
Located just 30 miles from downtown Nashville in Lebanon, TN, The Reserve offers a strong unit mix of 1-bed/1-bath and 2-bed/1.5-bath floorplans, with 16 units already renovated—providing a clear path to increase income through proven renovation premiums. Current rents are approximately $113 below market, offering immediate upside. Over the past 18 months, $585,000 has been invested in capital improvements including new windows, unit renovations, exterior painting, lighting upgrades, signage, repaving, and landscaping. All units are individually metered for water and electricity and include washer/ dryer connections, minimizing owner expenses. The Reserve presents a compelling opportunity for investors seeking both near-term gains and long-term stability.
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 THE RESERVE AT LEBANON.
Marcus & Millichap has been selected to exclusively market for sale The Reserve at Lebanon in Lebanon, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in the Nashville, TN MSA.
Located just 30 miles from downtown Nashville in Lebanon, TN, The Reserve offers a strong unit mix of 1-bed/1-bath and 2-bed/1.5-bath floorplans, with 16 units already renovated—providing a clear path to increase income through proven renovation premiums. Current rents are approximately $113 below market, offering immediate upside. Over the past 18 months, $585,000 has been invested in capital improvements including new windows, unit renovations, exterior painting, lighting upgrades, signage, repaving, and landscaping. All units are individually metered for water and electricity and include washer/ dryer connections, minimizing owner expenses. The Reserve presents a compelling opportunity for investors seeking both near-term gains and long-term stability.
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 THE RESERVE AT LEBANON.
PROPERTY FACTS
| Price Per Unit | $148,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 3.33 AC |
| Cap Rate | 6.03% | Building Size | 36,961 SF |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2024 |
| Property Subtype | Apartment | Parking Ratio | 4.07/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | None | ||
| Price Per Unit | $148,750 |
| Sale Type | Investment |
| Cap Rate | 6.03% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 3.33 AC |
| Building Size | 36,961 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2024 |
| Parking Ratio | 4.07/1,000 SF |
| Zoning | None |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer Hookup
- Heating
- Kitchen
- Refrigerator
- Range
- Carpet
- Smoke Free
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 25 | - | 616 |
| 2+1.5 | 15 | - | 938 |
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