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418 Hobbs Ave
Lebanon, TN 37087
Hobbs Ave Apartments · Multifamily Property For Sale
·
6 Units
INVESTMENT HIGHLIGHTS
- Situated in a quiet residential neighborhood, just half a mile from Cumberland University and one mile from downtown Lebanon.
- Only 30–35 minutes from Nashville, making it ideal for commuters.
- Located in a high-growth corridor benefiting from Nashville’s economic expansion.
- Convenient access to major highways (I-40 & I-840) and commuter rail (Music City Star).
- Lebanon's population has grown 40%+ since 2020, now over 54,000 resident
- Opportunity to increase rents to align with market averages and boost NOI.
EXECUTIVE SUMMARY
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/196434/hobbs-ave-apartments
Marcus & Millichap has been selected to exclusively market for sale the Hobbs Ave Apartments in Lebanon, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in one of Tennessee’s fastest-growing counties.
418-422 Hobbs Avenue is a well-maintained 6-unit property featuring spacious 2-bedroom, 1-bath layouts, each approximately 850 sq. ft. Built in 2005, the asset offers modern construction and minimal deferred maintenance. Located in Lebanon, TN—one of the fastest-growing cities in the state—the property benefits from strong population and job growth, a median household income exceeding $93,000, and proximity to major employers and Cumberland University. Just 30 minutes from Nashville via I-40 and commuter rail, the location provides excellent appeal for renters seeking affordability and convenience. With Lebanon’s continued economic expansion, Hobbs Ave Apartments presents an attractive opportunity for stable cash flow and long-term appreciation.
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 Hobbs Ave Apartments.
Marcus & Millichap has been selected to exclusively market for sale the Hobbs Ave Apartments in Lebanon, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in one of Tennessee’s fastest-growing counties.
418-422 Hobbs Avenue is a well-maintained 6-unit property featuring spacious 2-bedroom, 1-bath layouts, each approximately 850 sq. ft. Built in 2005, the asset offers modern construction and minimal deferred maintenance. Located in Lebanon, TN—one of the fastest-growing cities in the state—the property benefits from strong population and job growth, a median household income exceeding $93,000, and proximity to major employers and Cumberland University. Just 30 minutes from Nashville via I-40 and commuter rail, the location provides excellent appeal for renters seeking affordability and convenience. With Lebanon’s continued economic expansion, Hobbs Ave Apartments presents an attractive opportunity for stable cash flow and long-term appreciation.
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 Hobbs Ave Apartments.
PROPERTY FACTS
| Price Per Unit | $215,833 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.84 AC |
| Cap Rate | 4.31% | Building Size | 6,529 SF |
| No. Units | 6 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 1 |
| Property Subtype | Apartment | Year Built | 2005 |
| Apartment Style | Low-Rise |
| Price Per Unit | $215,833 |
| Sale Type | Investment |
| Cap Rate | 4.31% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.84 AC |
| Building Size | 6,529 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 2005 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Kitchen
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Walking/Biking Trails
- Storage Space
- Public Transportation
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 6 | - | 850 |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $181,200 | |
| Land Assessment | $61,080 | Total Assessment | $242,280 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$61,080
Improvements Assessment
$181,200
Total Assessment
$242,280
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