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Cherokee Apartments 369 Warren St 12 Unit Apartment Building $1,350,000 ($112,500/Unit) 6.03% Cap Rate Madisonville, TN 37354
Investment Highlights
- Two apartment buildings totaling 12 units with in-place rental income
- Opportunity for long-term hold with stable workforce housing demand in the local market
- Adjacent ±1 acre parcel potentially available for assemblage
Executive Summary
PROPERTY DESCRIPTION
The offering consists of two apartment buildings totaling twelve
units situated on approximately 1.9 acres in Madisonville,
Tennessee. The property provides in-place income and
operational stability in a market with limited multifamily
inventory and consistent local housing demand.
Additionally, an adjacent one-acre parcel may be available for
purchase, providing a potential assemblage opportunity. This
investment is well suited for an owner-operator or regional
investor seeking steady cash flow with long-term upside
potential.
LOCATION DESCRIPTION
Madisonville serves as the county seat and commercial center of
Monroe County, providing daily-needs retail, healthcare, and
services for the surrounding rural communities. The area
benefits from proximity to Sweetwater, Tellico Plains, and
Vonore, with convenient access toward Knoxville via U.S. 411.
Nearby employers, schools, and medical services support
consistent local housing demand. Residents also enjoy access to
outdoor recreation at Tellico Lake and the Cherokee National
Forest, which draws both permanent residents and seasonal
workers to the area.
The offering consists of two apartment buildings totaling twelve
units situated on approximately 1.9 acres in Madisonville,
Tennessee. The property provides in-place income and
operational stability in a market with limited multifamily
inventory and consistent local housing demand.
Additionally, an adjacent one-acre parcel may be available for
purchase, providing a potential assemblage opportunity. This
investment is well suited for an owner-operator or regional
investor seeking steady cash flow with long-term upside
potential.
LOCATION DESCRIPTION
Madisonville serves as the county seat and commercial center of
Monroe County, providing daily-needs retail, healthcare, and
services for the surrounding rural communities. The area
benefits from proximity to Sweetwater, Tellico Plains, and
Vonore, with convenient access toward Knoxville via U.S. 411.
Nearby employers, schools, and medical services support
consistent local housing demand. Residents also enjoy access to
outdoor recreation at Tellico Lake and the Cherokee National
Forest, which draws both permanent residents and seasonal
workers to the area.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$112,500
|
$10.92
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$112,500
|
$10.92
|
| Taxes |
$7,715
|
$0.75
|
| Operating Expenses |
$15,950
|
$1.55
|
| Total Expenses |
$23,665
|
$2.30
|
| Net Operating Income |
$88,835
|
$8.62
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $112,500 |
| Annual Per SF | $10.92 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $112,500 |
| Annual Per SF | $10.92 |
| Taxes | |
|---|---|
| Annual | $7,715 |
| Annual Per SF | $0.75 |
| Operating Expenses | |
|---|---|
| Annual | $15,950 |
| Annual Per SF | $1.55 |
| Total Expenses | |
|---|---|
| Annual | $23,665 |
| Annual Per SF | $2.30 |
| Net Operating Income | |
|---|---|
| Annual | $88,835 |
| Annual Per SF | $8.62 |
Property Facts Under Contract
| Price | $1,350,000 | Building Class | C |
| Price Per Unit | $112,500 | Lot Size | 1.90 AC |
| Sale Type | Investment | Building Size | 10,304 SF |
| Cap Rate | 6.03% | Average Occupancy | 100% |
| Sale Condition | 1031 Exchange | No. Stories | 2 |
| No. Units | 12 | Year Built | 1990 |
| Property Type | Multifamily | Parking Ratio | 2.62/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | C - Commercial | ||
| Price | $1,350,000 |
| Price Per Unit | $112,500 |
| Sale Type | Investment |
| Cap Rate | 6.03% |
| Sale Condition | 1031 Exchange |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 1.90 AC |
| Building Size | 10,304 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1990 |
| Parking Ratio | 2.62/1,000 SF |
| Zoning | C - Commercial |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 6 | $925.00 | - |
| 2+1.5 | 7 | $925.00 | - |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 067-099.01 | Total Assessment | $335,920 |
| Land Assessment | $12,200 | Annual Taxes | $7,715 ($0.75/SF) |
| Improvements Assessment | $323,720 | Tax Year | 2025 |
Property Taxes
Parcel Number
067-099.01
Land Assessment
$12,200
Improvements Assessment
$323,720
Total Assessment
$335,920
Annual Taxes
$7,715 ($0.75/SF)
Tax Year
2025
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Cherokee Apartments | 369 Warren St
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