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Maplewood Apartments 2000 Old Tullahoma Rd 36 Unit Apartment Building $3,850,000 ($106,944/Unit) 8.34% Cap Rate Winchester, TN 37398
Investment Highlights
- Approximately $850,000 has been invested in capital improvements over the past 48 months.
- Each unit has washer/dryer connections
- The roof is metal, in good condition, and approximately 8 years old.
- 30 out of 36 units have been rehabbed, completed in 2022, including new flooring, kitchens, appliances, plumbing, windows, doors, lighting, and paint.
- The property uses copper plumbing and wiring, which were updated as needed in 2021.
Executive Summary
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/184896/maplewood-apartments
Marcus & Millichap has been selected to exclusively market for sale the Maplewood Apartments in Winchester, TN. This offering presents an opportunity to acquire a 36-unit multifamily asset with significant recent capital improvements and remaining value-add upside.
Maplewood Apartments offers investors the opportunity to acquire a 36-unit community that has undergone significant capital improvements while maintaining a clear path for future value creation. Ownership has invested approximately $850,000 over the past four years, including renovations to 30 of 36 units. With six units remaining to be upgraded, investors have the ability to continue the renovation program and capture additional rental upside. Combined with recent property improvements, washer/dryer connections, and limited multifamily competition in the Winchester market, Maplewood Apartments is positioned to provide both stable cash flow and continued growth potential.
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 an assumption of debt in place for the Maplewood Apartments and all cash to be paid at closing.
At no point should tenants or staff be contacted regarding the sale of the Maplewood Apartments.
Marcus & Millichap has been selected to exclusively market for sale the Maplewood Apartments in Winchester, TN. This offering presents an opportunity to acquire a 36-unit multifamily asset with significant recent capital improvements and remaining value-add upside.
Maplewood Apartments offers investors the opportunity to acquire a 36-unit community that has undergone significant capital improvements while maintaining a clear path for future value creation. Ownership has invested approximately $850,000 over the past four years, including renovations to 30 of 36 units. With six units remaining to be upgraded, investors have the ability to continue the renovation program and capture additional rental upside. Combined with recent property improvements, washer/dryer connections, and limited multifamily competition in the Winchester market, Maplewood Apartments is positioned to provide both stable cash flow and continued growth potential.
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 an assumption of debt in place for the Maplewood Apartments and all cash to be paid at closing.
At no point should tenants or staff be contacted regarding the sale of the Maplewood Apartments.
Property Facts
| Price | $3,850,000 | Apartment Style | Townhome |
| Price Per Unit | $106,944 | Building Class | C |
| Sale Type | Investment | Lot Size | 4.00 AC |
| Cap Rate | 8.34% | Building Size | 36,736 SF |
| No. Units | 36 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1980/1987 |
| Property Subtype | Apartment |
| Price | $3,850,000 |
| Price Per Unit | $106,944 |
| Sale Type | Investment |
| Cap Rate | 8.34% |
| No. Units | 36 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Lot Size | 4.00 AC |
| Building Size | 36,736 SF |
| No. Stories | 2 |
| Year Built/Renovated | 1980/1987 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Smoke Free
- Wi-Fi
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 36 | - | - |
1 1
Somewhat walkable
20/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 055P-C-001.01 | Improvements Assessment | $957,040 |
| Land Assessment | $36,320 | Total Assessment | $993,360 |
Property Taxes
Parcel Number
055P-C-001.01
Land Assessment
$36,320
Improvements Assessment
$957,040
Total Assessment
$993,360
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