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1301 South Lee Highway

Cleveland, TN 37311
  • $2,570,000
  • STATUS: Active
  • ON SITE: 105 Days
  • MLS #: 20220652
UPDATED: 50 min ago
$2,570,000
  • 0
    BEDS
  • 1.51
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 4000+
    SQFT
  • $215
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1958
County:
Area:

School Ratings & Info

Description

It's almost impossible to find a 9 Cap rate investment property these days. This 20-unit apartment complex is divided into three buildings. There are currently 18 one bedroom and 2 two-bedroom units. Each building has its own address, 1200 South Lee Hwy, 1208 South Lee Hwy and 1301 South Lee Hwy. They have been completely renovated inside and out as of the end of 2019. These units from around 420 to 620 sq feet, each with a living room, kitchen, bathroom and a generous bedroom with closet for the 1-bedroom units and an additional bedroom in 2 units. One of the larger one-bedroom units has a washer and dryer. There is also a full-sized office with bathroom and a more than 2,700 sq feet storage area that could be converted to 3 additional apartment units. Each apartment has its own heat and air unit, range and refrigerator. Most tenants are long term minded residents and the vacancy rate stays below 1%. The owner provides utilities, cable and internet and rents are paid weekly. Rents average over $1,200 per month with some units much higher. You really must see them to understand how well they have been updated and maintained.

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© 2022 River Counties Multiple Listing Service. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices J Douglas Properties. Data last updated: 2022-05-28T19:47:35.903.
www.theedringtonteam.com/homes/125648183
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1301 South Lee Highway Cleveland, TN 37311

  • Price: $2,570,000
  • Status: Active
  • On Site: 105 Days
  • Updated: 50 min ago
  • MLS #: 20220652
0
Beds
0
Baths
0
½ Baths
1.51
Acres
4000+
SQFT
$215
$/SQFT
1958
Built
Neighborhood:
None
County:
Bradley
Area:
Cleveland SW
Property Description
It's almost impossible to find a 9 Cap rate investment property these days. This 20-unit apartment complex is divided into three buildings. There are currently 18 one bedroom and 2 two-bedroom units. Each building has its own address, 1200 South Lee Hwy, 1208 South Lee Hwy and 1301 South Lee Hwy. They have been completely renovated inside and out as of the end of 2019. These units from around 420 to 620 sq feet, each with a living room, kitchen, bathroom and a generous bedroom with closet for the 1-bedroom units and an additional bedroom in 2 units. One of the larger one-bedroom units has a washer and dryer. There is also a full-sized office with bathroom and a more than 2,700 sq feet storage area that could be converted to 3 additional apartment units. Each apartment has its own heat and air unit, range and refrigerator. Most tenants are long term minded residents and the vacancy rate stays below 1%. The owner provides utilities, cable and internet and rents are paid weekly. Rents average over $1,200 per month with some units much higher. You really must see them to understand how well they have been updated and maintained.
Exterior Features

Accessible Transportation Government Maintained Road Construction BlockBrick Parking Facilities Asphalt Road Frontage Highway Roof Construction MetalShingle

Interior Features

Cooling System Central Air Floors ConcreteVinylOther Heating System CentralNatural GasElectric Hot Water System Electric

Property Features

Commercial Zoning Ch Condition Of Structure Updated/Remodeled Est Age Range 51+ Years Existing Financing Conventional For Sale Rent Sale Locationof Property Corner Miscellanous FencedPole Sign Multi Family Other New Financing ConventionalVa Occupancy Lease Type Other Possession NegotiableSubject To Tenant Rights Property Type Multi-Tenant Sewer Public Sewer Total Taxes 9184.00 Virtual Tour Tour.Usamls.Net/1301-South-Lee-Highway-Cleveland-Tn-37311/Unbranded Water Public

Listing provided courtesy of Adam Hammond of Bender Realty.


© 2022 River Counties Multiple Listing Service. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices J Douglas Properties. Data last updated: 2022-05-28T19:47:35.903.
 
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