This 12 unit apartment in Cookeville, TN checks a lot of boxes for investors looking for growth potential. With three quarters of the heavy lifting done. There is still some meet left on the bone for investors when it comes to adding value and raising rents. The renovations include installing new HVAC systems, flooring and more. In addition the property sits adjacent to a 23 acre parcel that the owner is also looking to sell. This gives room for future expansion especially in an area that is booming like Cookeville, TN. Finally, the seller is willing to offer owner financing for those who would prefer to go that route instead of traditional lending.
Key Property Details:
- Location: Cookeville, TN
- Built: 1988
- Unit Mix:
12 – 2 bed / 1 bath
- Construction: Brick exterior with Composite Shingle Roof
- Utilities: Master water and Individual electricity metering
- In Unit laundry hookups
Investment Highlights:
RENOVATIONS AND UPGRADES – Extensive renovations have been undertaken, with renovated units currently renting for $895 each. Renovations include new flooring, paint, bathrooms, washer/dryers, plumbing, electrical, HVAC systems, water heaters, and roof improvements, enhancing property value and tenant satisfaction.
LOCATION – This property is just minutes from Interstate 40 allowing tenants quick and easy access to Nashville (1.25 hours) or Knoxville (1.75 Hours). However Cookeville continues to grow as one of Tennessees stronger tertiary markets.
ADDITIONAL VALUE ADD – The remaining 3 units are down to the studs and have undergone new electrical and plumbing installations, presenting an opportunity for further value appreciation upon completion.
LAND AVAILABLE – There is a 23 Acre parcel the owner is looking to sell at the same time. Although it’s not included in the price, the potential for future development is there.
OWNER FINANCING AVAILABLE – The owner is willing to consider owner financing deals, opening it up to a wider pool of investors.
