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Property Details

72 Unit Fully Leased Apartment Building

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sparta apartments for sale

Sale Price: 2,160,900

701 Elmwood Drive
Sparta, TN 38583

Status: Sold
Type: Multifamily and Apartments

More Details

Year Built: 1988
Total Building Size: 48,760 sf.
Land Area: 12.02 ac
Stories: 2
Parking: 140 spaces

Additional Info

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48 (2) bedroom (1) bath units @ $28,500 per unit and 24 (2) bedroom (2) bath units @ $33,000 per unit. Very clean and well maintained with no deferred maintenance. Very strong rental area - rents 50% too low, these should be around $450-$500. This area should support. 9% rent increases have been sent out for this year effective July 1, 2008. This will make the 72 units a 10 CAP.

Directions: From Nashville take I-40 East (79 miles) to Livingston/Sparta exit #288 TN-111 South (14 miles) take US-70 ramp toward Sparta/Smithville, turn left onto US-70 East/West Bockman Way (1.4 miles) to Left on TN-84 / North Main Stret, Right on Poplar Street, Left on Elmwood Drive.

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