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Buffalo Trail Apartments 2215 Buffalo Trl 17 Unit Apartment Building $1,350,000 ($79,412/Unit) 7.23% Cap Rate Morristown, TN 37814
INVESTMENT HIGHLIGHTS
- Located in Morristown, TN, a growing Lakeway region city with strong manufacturing and logistics industries supporting long-term rental demand.
- One unit is currently offline, presenting immediate value-add potential through renovation and lease-up.
- Positioned near major employers and industrial parks, ensuring a consistent tenant base and occupancy stability.
- Opportunity to increase rents through interior upgrades and enhanced amenities.
- Current ownership has invested $60,000 in capital improvements over the past 36 months.
EXECUTIVE SUMMARY
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/197249/buffalo-trail-apartments
Marcus & Millichap has been selected to exclusively market for sale the Buffalo Trail Apartments in Morristown, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in Northeast Tennessee.
Buffalo Trail Apartments is a 17-unit community in Morristown, TN, offering a mix of one- and two-bedroom floor plans with strong value-add potential. The property benefits from proximity to major employers and industrial parks, ensuring stable rental demand, and provides convenient access to US-11E and I-81 for connectivity to Knoxville and Johnson City. Recent capital improvements of $60,000 reduce near-term maintenance risk, while opportunities remain to increase rents through interior upgrades and amenity enhancements. Classic 1935 architecture, individual utility metering, and a manageable property size further enhance operational efficiency and long-term upside.
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 Buffalo Trail Apartments.
Marcus & Millichap has been selected to exclusively market for sale the Buffalo Trail Apartments in Morristown, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in Northeast Tennessee.
Buffalo Trail Apartments is a 17-unit community in Morristown, TN, offering a mix of one- and two-bedroom floor plans with strong value-add potential. The property benefits from proximity to major employers and industrial parks, ensuring stable rental demand, and provides convenient access to US-11E and I-81 for connectivity to Knoxville and Johnson City. Recent capital improvements of $60,000 reduce near-term maintenance risk, while opportunities remain to increase rents through interior upgrades and amenity enhancements. Classic 1935 architecture, individual utility metering, and a manageable property size further enhance operational efficiency and long-term upside.
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 Buffalo Trail Apartments.
PROPERTY FACTS
| Price | $1,350,000 | Building Class | C |
| Price Per Unit | $79,412 | Lot Size | 1.95 AC |
| Sale Type | Investment | Building Size | 9,772 SF |
| Cap Rate | 7.23% | Average Occupancy | 100% |
| No. Units | 17 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1935/2010 |
| Property Subtype | Apartment | Parking Ratio | 1.84/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-2 - Multi-Family Residential | ||
| Price | $1,350,000 |
| Price Per Unit | $79,412 |
| Sale Type | Investment |
| Cap Rate | 7.23% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.95 AC |
| Building Size | 9,772 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1935/2010 |
| Parking Ratio | 1.84/1,000 SF |
| Zoning | R-2 - Multi-Family Residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 14 | - | 537 - 750 |
| 2+1 | 3 | - | 750 - 950 |
PROPERTY TAXES
| Parcel Number | 025-019.00 | Improvements Assessment | $291,520 |
| Land Assessment | $66,320 | Total Assessment | $357,840 |
PROPERTY TAXES
Parcel Number
025-019.00
Land Assessment
$66,320
Improvements Assessment
$291,520
Total Assessment
$357,840
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Buffalo Trail Apartments | 2215 Buffalo Trl
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