When it comes to finding multifamily in Manchester, TN it doesn’t get much better than this. Hayfield Properties is a group of 32 duplexes and 10 quadplexes conveniently located in Manchester Tennessee. There are 104 total units built between 1974 and 1991. The unit mix includes everything from 1/1 units all the way to 3/2 units, helping to maintain a stable rent roll.
Key Property Details:
- Location: Manchester, TN
- Built: 1975-1991
- Unit Mix:
20 – 1/1 units48 – 2/1 units6 – 2/2 units24 – 3/1 units
6 – 3/2 units - Construction: Mostly Brick exterior with Composite Shingle Roof
- Utilities: Individual water and electricity metering
- Central Heat and Air in All units
- On site laundry Facility
Investment Highlights:
PRIME LOCATION – There are 3 cities within an hour’s drive. Murfreesboro is just 33 miles, Nashville is 54 miles and Chattanooga is only 70 miles south-east on I-24. This central location makes Manchester a great spot for developers and investors.
IMPRESSIVE DEMOGRAPHICS – According to the Tennessee Department of Commerce there are 6 higher education institutions, almost 30K auto manufacturing jobs and over 22k advanced manufacturing jobs all within a 45 minute drive of this location.
VALUE ADD OPPORTUNITY – Currently these rents are averaging around $715/month on 88% occupancy. Market rates indicate a potential for an additional rent increase with minimal capital expenditures. The current owner has done a good job maintaining the property, however Manchester is a growing community and with the proximity to the freeway and a steady demand on housing, renovating the units creates an excellent value add opportunity.
INDIVIDUALLY PARCELED – Some investors could certainly take all 104 units and continue to operate the property as is. However many of the duplexes and quadplexes already sit on their own individual parcel giving investors the ability to purchase a smaller package, or buy the whole lot and sell them off individually.
LOCATED NEAR APPROVED I-24 INDUSTRIAL SITE – A 2,000 acre industrial development is underway just minutes from these properties. This new development has the potential to create 1000s of new jobs and bring in more major companies to the area. Check out the plans here.
Disclaimer: This offering is available to qualified investors. Due diligence is advised, and all interested parties should consult with their financial advisors before making investment decisions.
