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2245 Spring Place Rd 2245 Spring Place Rd SE 3 Unit Apartment Building $269,900 ($89,967/Unit) 11.13% Cap Rate Cleveland, TN 37323
Investment Highlights
- Main Road leaving Cleveland to the West
- 2 lane near other plazas
- Near Interstate Bypass
Executive Summary
Great multi-use property with long term tenant in the commercial space as well as a duplex.
Duplex and Commercial Building share the same lot.
Approx Income Apt 1 950 Apt 2 800 Com 1225 Commerical Lease increases to 1347.50 May 2028 20 yr lease 10% escalation every 5 years Lease started May 2023
Insurance Expense: 1,852; New Taxes Expense: 1,798.37; Total Actual Rent: 2,950; Trash Expense: 1,236; Water Sewer Expense: 840
Duplex and Commercial Building share the same lot.
Approx Income Apt 1 950 Apt 2 800 Com 1225 Commerical Lease increases to 1347.50 May 2028 20 yr lease 10% escalation every 5 years Lease started May 2023
Insurance Expense: 1,852; New Taxes Expense: 1,798.37; Total Actual Rent: 2,950; Trash Expense: 1,236; Water Sewer Expense: 840
Financial Summary (Pro Forma - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$35,700
|
$10.33
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$1,785
|
$0.52
|
| Effective Gross Income |
$33,915
|
$9.81
|
| Taxes |
$1,798
|
$0.52
|
| Operating Expenses |
$2,130
|
$0.62
|
| Total Expenses |
$3,928
|
$1.14
|
| Net Operating Income |
$29,987
|
$8.68
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $35,700 |
| Annual Per SF | $10.33 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $1,785 |
| Annual Per SF | $0.52 |
| Effective Gross Income | |
|---|---|
| Annual | $33,915 |
| Annual Per SF | $9.81 |
| Taxes | |
|---|---|
| Annual | $1,798 |
| Annual Per SF | $0.52 |
| Operating Expenses | |
|---|---|
| Annual | $2,130 |
| Annual Per SF | $0.62 |
| Total Expenses | |
|---|---|
| Annual | $3,928 |
| Annual Per SF | $1.14 |
| Net Operating Income | |
|---|---|
| Annual | $29,987 |
| Annual Per SF | $8.68 |
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 2 | $875.00 | 728 |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 066G-G-024.00 | Total Assessment | $89,680 |
| Land Assessment | $59,920 | Annual Taxes | $1,798 ($0.52/SF) |
| Improvements Assessment | $29,760 | Tax Year | 2025 |
Property Taxes
Parcel Number
066G-G-024.00
Land Assessment
$59,920
Improvements Assessment
$29,760
Total Assessment
$89,680
Annual Taxes
$1,798 ($0.52/SF)
Tax Year
2025
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New Ventures Realty
2245 Spring Place Rd | 2245 Spring Place Rd SE
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