Fully Occupied 25-Unit Multifamily in Seymour, TN
Tuesday, March 31st, 2015
By: Steve Goldman, CCIM
Brookside Apartments, Seymour, Tenn.
– $1,275,000 ($51,800/unit)
– 6.99% Cap Rate on Trailing
– 127.6% Cap Rate on ProForma
– 25 Units in 3 bldgs
Newer 25-unit apartment complex in Seymour,Tenn. Three buildings, built 2001, 2003, 2005.
Good unit mix of (13) 1-BR/1-BA and (12) 2-BR/2-BA townhouse-style units. Fully occupied, all market-rate residents.
Located in unincorporated Sevier County near Seymour, Tennessee, a thriving community between Knoxville and Sevierville. Food City grocery, fast food, banking, and medical and dental offices are within one mile.
All units are separately metered for electricity and residents pay all costs. All units were recently sub-metered for water and a new policy put in place for residents to pay theirown usage. However, the P&L still shows a net landlord expense while this policy is put into effect.
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