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The Landings at Red Rock 407 N College St 40 Unit Apartment Building For Sale Tullahoma, TN 37388
Investment Highlights
- 40-unit multifamily community built in 1964, featuring a mix of one-bed and two-bed units
- All three roofs and all HVAC's were replaced in 2021
- On-site laundry facility offering added tenant convenience and supporting rent growth
- Current ownership has invested $327,500 in capital improvements since 2021
- Upgraded finishes and appliances in 38 of 40 units, with a majority of units featuring stainless-steel appliances
- Outdoor patio and grilling area enhancing tenant satisfaction and community appeal
Executive Summary
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/198371/the-landings-at-red-rock
Marcus & Millichap has been selected to exclusively market for sale The Landings at Red Rock in Tullahoma, TN. This offering presents investors with a well-maintained, stabilized multifamily opportunity in a growing Middle Tennessee market characterized by strengthening fundamentals and sustained economic expansion.
The Landings at Red Rock is a well-maintained 40-unit community built in 1964 and significantly improved through $327,500 in recent capital upgrades, including full roof and HVAC replacements in 2021 and modernized interiors in 38 units. The property offers strong operational appeal with an on-site laundry facility, attractive outdoor amenities, individually metered electric, and RUBS already in place for water. Its Middle Tennessee location provides convenient access to both Nashville and Chattanooga while benefiting from Tullahoma’s ongoing economic development efforts driven by aerospace, advanced manufacturing, and innovation-oriented job growth.
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 Landings at Red Rock.
Marcus & Millichap has been selected to exclusively market for sale The Landings at Red Rock in Tullahoma, TN. This offering presents investors with a well-maintained, stabilized multifamily opportunity in a growing Middle Tennessee market characterized by strengthening fundamentals and sustained economic expansion.
The Landings at Red Rock is a well-maintained 40-unit community built in 1964 and significantly improved through $327,500 in recent capital upgrades, including full roof and HVAC replacements in 2021 and modernized interiors in 38 units. The property offers strong operational appeal with an on-site laundry facility, attractive outdoor amenities, individually metered electric, and RUBS already in place for water. Its Middle Tennessee location provides convenient access to both Nashville and Chattanooga while benefiting from Tullahoma’s ongoing economic development efforts driven by aerospace, advanced manufacturing, and innovation-oriented job growth.
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 Landings at Red Rock.
Property Facts
| Sale Type | Investment | Lot Size | 3.07 AC |
| No. Units | 40 | Building Size | 31,568 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1964 |
| Building Class | C | Parking Ratio | 3.33/1,000 SF |
| Sale Type | Investment |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 3.07 AC |
| Building Size | 31,568 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 3.33/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Picnic Area
- Cabana
- Grill
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 32 | - | 750 |
| 2+1 | 8 | - | 950 |
Property Taxes
| Parcel Number | 124F-H-006.01 | Improvements Assessment | $845,840 |
| Land Assessment | $153,520 | Total Assessment | $999,360 |
Property Taxes
Parcel Number
124F-H-006.01
Land Assessment
$153,520
Improvements Assessment
$845,840
Total Assessment
$999,360
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The Landings at Red Rock | 407 N College St
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