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Deaderick Lofts 217 E Deadrick St 14 Unit Apartment Building $1,900,000 ($135,714/Unit) 6.21% Cap Rate Jackson, TN 38301
Investment Highlights
- The building was built in 1925, but was fully gutted and renovated in 2007 with all new plumbing, electrical, and windows.
- HVAC systems were replaced approximately five years ago.
- Current ownership has laid out plans for adding an additional 6 units to the main building via the first floor.
- Roof replaced approximately five years ago.
- Copper electrical wiring updated within the past five years, with standard commercial-grade breaker panels.
- Planning, surveying, approvals, and mapping has been done to add two additional buildings to the back lot of the property that would add 12 units.
Executive Summary
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/307478/deaderick-lofts
Marcus & Millichap has been selected to exclusively market for sale the Deaderick Lofts in Jackson, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located near downtown Jackson.
Deaderick Lofts offers investors the opportunity to acquire a multifamily asset that was fully gutted and renovated in 2007, with all new plumbing, electrical, and windows installed as part of the redevelopment. Current ownership has continued to invest in the property through ongoing unit renovations, recent flooring replacements, and more than $14,639 in capital improvements completed over the past 24 months, while major building components including the roof and HVAC systems have been replaced within the past five years. In addition to its strong existing fundamentals, the property offers meaningful expansion potential with plans and approvals already completed for up to 18 additional units, creating a unique opportunity to increase density and grow future revenue on-site.
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 Deaderick Lofts.
Marcus & Millichap has been selected to exclusively market for sale the Deaderick Lofts in Jackson, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located near downtown Jackson.
Deaderick Lofts offers investors the opportunity to acquire a multifamily asset that was fully gutted and renovated in 2007, with all new plumbing, electrical, and windows installed as part of the redevelopment. Current ownership has continued to invest in the property through ongoing unit renovations, recent flooring replacements, and more than $14,639 in capital improvements completed over the past 24 months, while major building components including the roof and HVAC systems have been replaced within the past five years. In addition to its strong existing fundamentals, the property offers meaningful expansion potential with plans and approvals already completed for up to 18 additional units, creating a unique opportunity to increase density and grow future revenue on-site.
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 Deaderick Lofts.
Property Facts
| Price | $1,900,000 | Building Class | B |
| Price Per Unit | $135,714 | Lot Size | 2.32 AC |
| Sale Type | Investment | Building Size | 24,000 SF |
| Cap Rate | 6.21% | No. Stories | 3 |
| No. Units | 14 | Year Built/Renovated | 1925/2007 |
| Property Type | Multifamily | Parking Ratio | 2.08/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | M-1 | ||
| Price | $1,900,000 |
| Price Per Unit | $135,714 |
| Sale Type | Investment |
| Cap Rate | 6.21% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 2.32 AC |
| Building Size | 24,000 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1925/2007 |
| Parking Ratio | 2.08/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | M-1 |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Fireplace
- Microwave
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Eat-in Kitchen
- Kitchen
- High Speed Internet Access
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Loft Layout
- Vinyl Flooring
- Window Coverings
Site Amenities
- Controlled Access
- Property Manager on Site
- Furnished Units Available
- Package Service
- Elevator
- Lounge
- Maintenance on site
- Sundeck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 14 | - | 1,000 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $397,400 | |
| Land Assessment | $11,760 | Total Assessment | $409,160 |
Property Taxes
Parcel Numbers
Land Assessment
$11,760
Improvements Assessment
$397,400
Total Assessment
$409,160
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