Multifamily investors—THIS is the kind of opportunity you've been looking for!
Pick up an 8-unit, fully occupied multifamily property in Cleveland, Tennessee, with existing rental income and significant potential to increase revenue through a strategic rent optimization plan.
All eight units feature 2 bedrooms and 1 bathroom, providing a consistent unit mix that's easy to understand and manage.
The property currently generates $5,530 per month in scheduled rent, but with projected market rents of $1,150 per unit, there is an opportunity to increase gross rental income by approximately $44,040 annually!
Buy the existing income. Improve operations. Capture the upside.
THE NUMBERS — CURRENT PERFORMANCE
Investor Purchase Price $749,900
Total Units 8
Price Per Unit $93,738
Total Living Area Approx. 6,240 SF
Current Occupancy100% Reported
Current Monthly Scheduled Rent $5,530
Current Annual Scheduled Rent $66,360
T-12 Actual Collections $65,840
Seller-Reported NOI $46,652
Conservative Adjusted NOI $38,985
Adjusted Current Cap Rate 5.20%
Current cap rate is calculated using the adjusted underwriting NOI, rather than the higher seller-reported NOI.
THE VALUE-ADD OPPORTUNITY
$44,040 IN POTENTIAL ADDITIONAL ANNUAL GROSS RENT!
Here's where this deal gets interesting.
Average Rent Per Unit $691.25 Projected $1,150
Total Monthly Gross Rent $5,530 Projected $9,200
Annual Gross Rent $66,360 Projected $110,400
Annual Rent Increase—+$44,040
That's approximately 66% potential growth in scheduled rental revenue!
With six units previously reported on month-to-month leases, investors may have an opportunity to implement a phased rental improvement strategy, subject to updated lease verification, property condition, tenant turnover, and market demand.
PROJECTED STABILIZED PERFORMANCE
Projected Monthly Gross Rent: $9,200
Projected Annual Gross Rent: $110,400
Previously Underwritten Stabilized NOI: $83,292
Potential Stabilized Cap Rate: 11.11%
Potential Annual Gross Rent Increase: $44,040
Projected performance assumes market rents can be achieved and the stabilized expense budget is sufficient. These figures are projections, not current operating results.
PROPERTY HIGHLIGHTS
8 multifamily units
All units are 2BR / 1BA
Approximately 6,240 SF total
100% reported occupancy
Existing rental income
Reportedly current-paying tenants
Opportunity for rental rate improvements
Potential cosmetic and operational value-add
Located in Cleveland, Tennessee
Offered at approximately $93,738 per door
WHY INVESTORS SHOULD BE LOOKING AT THIS DEAL
1. EIGHT INCOME-PRODUCING UNITS IN ONE PURCHASE
Acquire eight rental units in a single transaction instead of piecing together a portfolio one house at a time.
The property is already occupied and generating income, giving investors an existing operating foundation.
2. SIGNIFICANT RENTAL UPSIDE
Current average rent is approximately $691 per unit.
Our projected market rent assumption is $1,150 per unit, creating a potential opportunity to grow gross revenue through rent adjustments, improvements, and strategic tenant turnover.
3. ATTRACTIVE PRICE PER DOOR
At just under $94,000 per unit, investors can evaluate an eight-door multifamily acquisition with existing income and a clearly identifiable value-add strategy.
4. MULTIPLE INVESTMENT STRATEGIES
BUY & HOLD: Maintain the existing rental operation while collecting income and managing expenses.
VALUE-ADD / RENT OPTIMIZATION: Implement improvements and pursue market-supported rental increases as lease terms and tenant turnover permit.
STABILIZE & REFINANCE: Explore refinancing after increasing income and demonstrating improved operating performance, subject to lender requirements and valuation.
LONG-TERM PORTFOLIO HOLD: Build or expand a multifamily portfolio with eight units under one acquisition.
5. OPPORTUNITY TO IMPROVE THE ASSET
The property has some dated finishes and deferred maintenance, providing an opportunity for targeted improvements.
Investors should evaluate capital expenditure requirements, including previously observed ceiling discoloration, as part of their inspection and renovation planning.
Located in Cleveland, TN, this property offers multifamily investors an opportunity to acquire an occupied rental asset with potential operational upside.
Whether you're a seasoned apartment investor or expanding from single-family rentals into multifamily, this property deserves a serious look.
8 UNITS | $749,900 | $44K POTENTIAL ANNUAL RENT UPSIDE!
INVESTOR PRICE: $749,900
CURRENT ANNUAL SCHEDULED RENT: $66,360
PROJECTED ANNUAL GROSS RENT: $110,400
PRICE PER DOOR: APPROX. $93,738
This is your opportunity to acquire eight occupied units with a defined strategy for increasing income!
CONTACT KRISTIN TODAY! (480) 336-0347
Request the available rent roll, operating financials, property details, and information on submitting an offer.
SERIOUS MULTIFAMILY INVESTORS — BRING YOUR OFFERS!
Property offered as-is. All occupancy, rent, income, expense, and property details are subject to buyer verification. Market rents of $1,150 per unit and stabilized NOI of $83,292 are underwriting projections, not guaranteed performance. Actual rental increases may require improvements, tenant turnover, and additional capital. Buyers should independently verify leases, rent collections, operating expenses, taxes, insurance, capital expenditures, financing, property condition, and all other investment assumptions.
call or text kristin 480-336-0347
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ARV $950,000
From the listing
The seller picked no comps. Investimate’s own value for this home is $795,000.
