University Town at Martin
74 Unit Apartment Building | $7,000,000 ($94,595/Unit) | 7.09% Cap Rate | Martin, TN 38237
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $7,000,000
- Property Type
-
Multifamily
- Square Feet
- 103,438 SF
Listing Contacts
Sam Jackson
Verified Profile
Austin Tomaiko
Verified Profile
- Property Info
Property Overview
Matthews Real Estate is pleased to present this offering of The University Town at Martin, strategically located in the bustling university town of Martin, TN. The asset resides just off University Street, minutes from The University of Tennessee at Martin. This asset is under 1 mile and a 2-minute drive from the heart of the central campus, where the University enrolls over 7,000 students as a Division 1 program, a part of The Ohio Valley Conference (OVC), and is one of the largest universities in the state of Tennessee by enrollment.
Built in 2006, this opportunity has incredibly strong historical occupancy as it offers a unique living arrangement for residents in Martin. Currently, ~98% occupied, this community is comprised of all 3+2 and 4+2 Single Family Detached Homes which are all ±1,416 SF. These are some of the larger & higher-quality rental units in the area. Along with these spacious floorplans, average rents at University Town are ~$873/unit. At $0.62/SF, there is a comparable product in the area proving this site is occupied below market rent. Currently offered at an incredibly cheap price per square foot with an attractive yielding cash flow, this townhome community presents a rare opportunity to acquire stabilized rental units which inherent rental upside.
Along with strong Day 1 cash flowing metrics, this deal provides even further upside including additional acreage to build another ~32 Single Family Homes. With an industry anchor like The University of Tennessee at Martin, The University Town at Martin is sure to provide an investor with a stable source of cash flow for years to come.
Built in 2006, this opportunity has incredibly strong historical occupancy as it offers a unique living arrangement for residents in Martin. Currently, ~98% occupied, this community is comprised of all 3+2 and 4+2 Single Family Detached Homes which are all ±1,416 SF. These are some of the larger & higher-quality rental units in the area. Along with these spacious floorplans, average rents at University Town are ~$873/unit. At $0.62/SF, there is a comparable product in the area proving this site is occupied below market rent. Currently offered at an incredibly cheap price per square foot with an attractive yielding cash flow, this townhome community presents a rare opportunity to acquire stabilized rental units which inherent rental upside.
Along with strong Day 1 cash flowing metrics, this deal provides even further upside including additional acreage to build another ~32 Single Family Homes. With an industry anchor like The University of Tennessee at Martin, The University Town at Martin is sure to provide an investor with a stable source of cash flow for years to come.
Property Details
- Class
- A
- Year Built
- 2006
- Stories
- 1
- Lot Size (sq. ft)
- 640,332 SF
- Units
- 74
Highlights
- Situated just minutes from The University of Tennessee at Martin.
- Built in 2006 and currently 98% occupied.
- Additional acreage for potential expansion, this townhome community presents a rare opportunity.
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