Discover Lafayette 9 – A Fully Occupied, Value-Add Multifamily Investment in Lafayette, TN

Lafayette 9 offers the opportunity to acquire a fully occupied, nine-unit multifamily property located at 301 Center Drive in Lafayette, Tennessee. Situated on approximately 0.86 acres, the property consists of six townhome units built in 1995 and three apartment flats built in 2020. With consistent occupancy, recent property improvements, and below-market rents, Lafayette 9 presents an opportunity for investors seeking current income with room for rental growth.

The property features six 2-bedroom, 1.5-bath townhomes averaging approximately 855 square feet and three 2-bedroom, 1-bath flats averaging approximately 839 square feet. Totaling 7,646 square feet, all nine units provide two-bedroom layouts, in-unit laundry hookups, and access to surface parking. Tenants are responsible for electric, water/sewer, and trash, helping limit owner-paid utility expenses.

Ownership has maintained and improved the property over time, with updates made to units during the current ownership period and HVAC systems replaced as needed. Five of the six HVAC systems serving the townhomes have been replaced since 2018, while the three newer flat units feature systems dating to their 2020 construction. Additional improvements include planned or ongoing gutter replacement, with a roof evaluation also being arranged.

Currently 100% occupied, Lafayette 9 generates $6,800 in monthly rental income, plus approximately $250 in pet fees, for a total of $7,050 per month. Several long-term residents remain at rental rates below the seller’s estimated market levels. Two recently leased units reportedly achieved $900 per month, while ownership estimates potential average rents of approximately $950 per unit. This provides an opportunity to increase income over time through lease renewals and tenant turnover, subject to market conditions and lease terms.

Located in Macon County, Lafayette serves as a local center for employment, education, healthcare, and retail. The area’s established residential communities and local employment base provide a setting for long-term rental housing.

Investment Highlights:

  • Fully Occupied 9-Unit Property: 100% occupancy with an established tenant base and current rental income.
  • Consistent Two-Bedroom Unit Mix: Six 2-bedroom, 1.5-bath townhomes and three 2-bedroom, 1-bath flats.
  • Value-Add Rental Opportunity: Existing rents below seller-estimated market levels, providing potential for income growth.
  • Recent Leasing Activity: Two units reportedly leased at $900 per month, with ownership estimating average market potential near $950 per unit.
  • Property Improvements: Seller-reported interior updates, ongoing maintenance, and selective HVAC replacements.
  • Newer Apartment Units: Three flats constructed in 2020 complement the six townhomes built in 1995.
  • Tenant-Paid Utilities: Residents are responsible for electric, water/sewer, and trash.
  • In-Unit Laundry Hookups: Laundry connections available in all units.
  • Current Income: $7,050 in total scheduled monthly income, including pet fees.
  • Established Lafayette Location: Located in Macon County with access to local employers, retail, healthcare, and community services.