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University Pointe Apartments 1238 Sloan St 78 Unit Apartment Building $6,750,000 ($86,538/Unit) 6.68% Cap Rate Murfreesboro, TN 37130
Executive Summary
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/204071/university-pointe-apartments
Marcus & Millichap has been selected to exclusively market for sale the University Pointe Apartments in Murfreesboro, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in Middle Tennessee.
University Pointe Apartments is a 77-bed multifamily property with one ground-floor commercial space, located adjacent to Middle Tennessee State University in Murfreesboro, Tennessee. The asset was constructed in 2002 and consists of three buildings situated on a 1.6-acre site. Unit configurations include three-bedroom layouts designed for by-the-bed leasing, with the current tenant mix consisting of approximately 25% students. Ownership has invested $112,084 in capital improvements over the past 36 months, including the full replacement of central HVAC systems and stair improvements on one building. The property features individual electric metering, slab construction, on-site laundry facilities, and standard appliance packages, offering a stable multifamily investment with proximity to a major university.
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 University Pointe Apartments.
Marcus & Millichap has been selected to exclusively market for sale the University Pointe Apartments in Murfreesboro, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in Middle Tennessee.
University Pointe Apartments is a 77-bed multifamily property with one ground-floor commercial space, located adjacent to Middle Tennessee State University in Murfreesboro, Tennessee. The asset was constructed in 2002 and consists of three buildings situated on a 1.6-acre site. Unit configurations include three-bedroom layouts designed for by-the-bed leasing, with the current tenant mix consisting of approximately 25% students. Ownership has invested $112,084 in capital improvements over the past 36 months, including the full replacement of central HVAC systems and stair improvements on one building. The property features individual electric metering, slab construction, on-site laundry facilities, and standard appliance packages, offering a stable multifamily investment with proximity to a major university.
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 University Pointe Apartments.
Property Facts
| Price | $6,750,000 | Building Class | B |
| Price Per Unit | $86,538 | Lot Size | 1.60 AC |
| Sale Type | Investment | Building Size | 33,226 SF |
| Cap Rate | 6.68% | Average Occupancy | 93% |
| No. Units | 78 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 2002 |
| Property Subtype | Apartment | Parking Ratio | 2.11/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM16 | ||
| Price | $6,750,000 |
| Price Per Unit | $86,538 |
| Sale Type | Investment |
| Cap Rate | 6.68% |
| No. Units | 78 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 1.60 AC |
| Building Size | 33,226 SF |
| Average Occupancy | 93% |
| No. Stories | 3 |
| Year Built | 2002 |
| Parking Ratio | 2.11/1,000 SF |
| Zoning | RM16 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Microwave
- Storage Space
- Washer/Dryer
- Ceiling Fans
- High Speed Internet Access
- Refrigerator
- Range
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Furnished Units Available
- Gameroom
- Maintenance on site
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 77 | - | 238 - 305 |
| 3+2 | 1 | - | 2,400 |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Minimal public transit
10/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 090H-D-004.01-000 | Improvements Assessment | $1,248,000 |
| Land Assessment | $112,000 | Total Assessment | $1,360,000 |
Property Taxes
Parcel Number
090H-D-004.01-000
Land Assessment
$112,000
Improvements Assessment
$1,248,000
Total Assessment
$1,360,000
Contacts
-
Patrick Cosgrove -
Harrison Johnson -
Isaac Geoghegan -
Benjamin Skinner -
Matthew Prozzillo -
Marcus & Millichap
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University Pointe Apartments | 1238 Sloan St
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