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The Reserve at Lebanon 117 Cedarwood Dr 40 Unit Apartment Building $5,725,000 ($143,125/Unit) 6.08% Cap Rate Lebanon, TN 37087
Investment Highlights
- $585,000 spent on capital improvements over the last 36 months.
- 17 of 40 units have been renovated, allowing the opportunity to capitalize on proven rent premiums
- Ample green space throughout the property provides the opportunity to further enhance the community through the addition of outdoor amenities
- Improvements include new windows, unit renovations, exterior painting, exterior lighting, new signage, repaving, and landscaping
- Rents are currently $145 below the market rate, offering immediate value-add potential
- All units are equipped with washer and dryer connections
Executive Summary
Link to Deal Room and 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.
The Reserve at Lebanon is a 40-unit multifamily community built in 1970, offering a mix of one- and two-bedroom floorplans with strong in-place occupancy and clear value-add upside. Ownership has invested approximately $585,000 over the past three years, including exterior improvements, unit renovations, and major system upgrades, with over 70% of HVAC units replaced and the roof replaced in 2018. With 17 units already renovated and rents currently below market, investors have the opportunity to continue interior upgrades and capture proven rent premiums. The property is individually metered and well amenitized, positioned in a growing Lebanon corridor within commuting distance to Nashville.
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.
The Reserve at Lebanon is a 40-unit multifamily community built in 1970, offering a mix of one- and two-bedroom floorplans with strong in-place occupancy and clear value-add upside. Ownership has invested approximately $585,000 over the past three years, including exterior improvements, unit renovations, and major system upgrades, with over 70% of HVAC units replaced and the roof replaced in 2018. With 17 units already renovated and rents currently below market, investors have the opportunity to continue interior upgrades and capture proven rent premiums. The property is individually metered and well amenitized, positioned in a growing Lebanon corridor within commuting distance to Nashville.
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 | $5,725,000 | Apartment Style | Low-Rise |
| Price Per Unit | $143,125 | Building Class | C |
| Sale Type | Investment | Lot Size | 3.33 AC |
| Cap Rate | 6.08% | Building Size | 29,470 SF |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2024 |
| Property Subtype | Apartment | ||
| Zoning | None | ||
| Price | $5,725,000 |
| Price Per Unit | $143,125 |
| Sale Type | Investment |
| Cap Rate | 6.08% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 3.33 AC |
| Building Size | 29,470 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2024 |
| Zoning | None |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer Hookup
- Heating
- Kitchen
- Refrigerator
- Range
- Carpet
- Smoke Free
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Smoke Free
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 25 | - | 616 |
| 2+1.5 | 15 | - | 938 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 081-043.01 | Improvements Assessment | $0 |
| Land Assessment | $20,000 | Total Assessment | $20,000 |
Property Taxes
Parcel Number
081-043.01
Land Assessment
$20,000
Improvements Assessment
$0
Total Assessment
$20,000
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The Reserve at Lebanon | 117 Cedarwood Dr
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