The Landings at Red Rock, situated in Tullahoma, Tennessee, is a multifamily property with turnkey benefits and a simple value add opportunity. It comprises 40 units, consisting of 32 one-bedroom and 8 two-bedroom apartments, and offers a patio and grilling area for its residents.
The property was first renovated in 2020, however, since 2020 the current owner has upgraded the finishes and appliances in 39 of 40 units, replaced all three roofs with new rubber membrane, and installed 40 new HVAC systems. These significant investments will help reduce expenses for the new owner.
Strategically located near Arnold Air Force Base, the property benefits from a stable tenant base. Tullahoma offers excellent public schools and diverse employment opportunities in engineering and healthcare, contributing to consistent tenant demand.
The Landings at Red Rock presents an attractive investment opportunity with its strategic location and potential for value-add enhancements.
Property Overview:
- Painted Brick Exterior
- 2 Stories
- Flat Rubber Membrane Roof
- Central Heat and Air
- Individual Electric Meters
- RUBS for Water
Convenience Features:
- In Unit Laundry: Currently available in only 2 units
- Location: Minutes from Downtown Tullahoma
Investment Highlights
- Fully Renovated Property: The Landings at Red Rock was first renovated in 2020, with additional unit updates and HVAC replacements taking place in the last 3 years.
- Value-Add Opportunities: Adding storage and a laundry room will enhance tenant satisfaction, allow you to increase rents and generate additional income.
- Unit Mix: The property offers 32 one-bedroom and 8 two-bedroom units, catering to various tenant needs.
- Prime Location: Situated in Tullahoma, the property benefits from proximity to Arnold Air Force Base, excellent schools, and easy access to Chattanooga and Murfreesboro.
- Stable Employment Base: The presence of the Air Force base, local hospitals, and engineering jobs ensures a consistent demand for rental units.
- Ratio Utility Billing System: RUBS have been fully implemented with current tenant base.
