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West Haven Apartments 1484 Milligan Hwy 24 Unit Apartment Building $2,110,000 ($87,917/Unit) 6.38% Cap Rate Johnson City, TN 37601
Investment Highlights
- Strong occupancy supported by consistent leasing demand and multiple recent move-ins
- Recent capital expenditures consist of new signage, unit renovations, and replacing the roof (2025)
- Slab construction with copper and PVC water lines
- In the past 36-months current ownership has spent $104,164 in capital expenditures
- All units include washer and dryer connections with many units already containing machines
- Copper wiring used throughout the property
Executive Summary
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/302624/west-haven-apartments
Marcus & Millichap has been selected to exclusively market for sale the West Haven Apartments. This offering provides investors with a rare opportunity to acquire a value-add multifamily property in the highly sought-after Tri-Cities region of Tennessee.
West Haven Apartments is a 24 unit multifamily asset in Johnson City offering stable in place cash flow supported by strong occupancy and steady leasing demand. Ownership has invested over $100,000 in recent capital improvements, including a new roof, unit renovations, and exterior upgrades, reducing near term capital requirements. All units feature tenant paid utilities, driving efficient operations and expense control. Consistent unit upgrades and in unit washer and dryer hookups support tenant retention while providing a clear path for continued rent growth.
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 West Haven Apartments.
Marcus & Millichap has been selected to exclusively market for sale the West Haven Apartments. This offering provides investors with a rare opportunity to acquire a value-add multifamily property in the highly sought-after Tri-Cities region of Tennessee.
West Haven Apartments is a 24 unit multifamily asset in Johnson City offering stable in place cash flow supported by strong occupancy and steady leasing demand. Ownership has invested over $100,000 in recent capital improvements, including a new roof, unit renovations, and exterior upgrades, reducing near term capital requirements. All units feature tenant paid utilities, driving efficient operations and expense control. Consistent unit upgrades and in unit washer and dryer hookups support tenant retention while providing a clear path for continued rent growth.
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 West Haven Apartments.
Property Facts
| Price | $2,110,000 | Apartment Style | Garden |
| Price Per Unit | $87,917 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.00 AC |
| Cap Rate | 6.38% | Building Size | 20,160 SF |
| No. Units | 24 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1993 |
| Property Subtype | Apartment |
| Price | $2,110,000 |
| Price Per Unit | $87,917 |
| Sale Type | Investment |
| Cap Rate | 6.38% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.00 AC |
| Building Size | 20,160 SF |
| No. Stories | 2 |
| Year Built | 1993 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 24 | - | 840 |
1 1
Somewhat walkable
20/100
Exceptionally drivable
90/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $214,425 | |
| Land Assessment | $35,820 | Total Assessment | $250,245 |
Property Taxes
Parcel Numbers
Land Assessment
$35,820
Improvements Assessment
$214,425
Total Assessment
$250,245
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West Haven Apartments | 1484 Milligan Hwy
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