47 Sean Cv
Brighton, TN 38011
Oaklawn Heights Apartments · Multifamily Property For Sale · 67 Units

This 67 unit, 16 building multifamily complex built in 1993 is currently operating at an NOI of $341,152 at a 9.03% actual cap.Increasing all rents to current market move in rates will realize an additional $30,000 in annual rental income. The average rental rate at this property is $0.67/sf while the average of comparable units in the area is $0.81/sf. Increasing rents to these market rates will result in a Pro Forma NOI of $422,221. The unlevered IRR is 16.84%. Utilities on the property are individually metered and paid for by the tenant. There are washer/dryer connections in each unit and central HVAC systems in the attic as well as on the outdoor patio of each unit. These HVAC systems were recently replaced. The oldest roof was replaced in 2013 and all appliances have since been upgraded. The management structure consists of an off-site manager/leasing agent and two maintenance workers, they are interested in staying with the property with new ownership. Weichert Realtors, SPM provided a management quote of 8%. The property has been at 100% occupancy since March 2019 and there is currently a waiting list, proving high demand in the market. The current owner developed the property and is planning on retiring after it is sold. LOCATION OVERVIEW Tipton County, a tertiary market of Memphis sits about 30 miles northeast of the metro. With a population of just over 61,000 and an average household income of $72,994, Tipton County provides an opportunity for residents who work in the Memphis metro, but are seeking a quaint, small-town lifestyle. The town of Brighton has an excellent school district and low crime rates. Job growth and population have improved significantly over the past few years, and are projected to increase even more over the next five years. The strongest employment drivers in the area are the Education, Health Services and Business Services sectors. The metro is slowly shifting into a high-tech healthcare hub for the mid-south region. This is partly due to sizable expansions at the UT Medical Center and the high-tech medical device manufacturing sector. Memphis International Airport is the largest economic driver in the state, bringing in over $20 Billion annually to the local economy. It is the 2nd busiest cargo airport the world, largely due to FedEx being headquartered in Memphis. Additionally, the Port of Memphis is the 5th largest inland port in the U.S. Call Logan: 214.736.1500 Complete details here: https://wallergrouphomes.com/properties/?propertyId=536205-sale #Brightonapartmentsforsale #Brightoninvestmentrealestate #Brightoninvestmentsales