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Listed by Ethan Dolan • Martin Real Estate, LLC
$ 1,800,000
Est. payment | /mo
14,040 SqFt
$ 1,800,000
Est. payment | /mo
14,040 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 14,040 sqft
Price per Sqft $128
Subdivision Multifamily 15 Unit Development
MLS Listing ID 2925420
Year Built 1991
Annual Tax Amount $13,116
Property Description
Cookeville, TN | 14,040 SF | 1.8 Acres | Zoned RM-8 | Opportunity Zone
Great Investment Opportunity – 15 Townhome-Style Units
Located less than 1 mile from Tennessee Tech University, this well-positioned multifamily asset features 15 spacious townhome-style units spread across three buildings totaling 14,040 square feet on a 1.8-acre lot. Built in 1991, each unit offers 2 bedrooms, 1.5 bathrooms, and multi-level living, making it highly attractive to both long-term tenants and student renters.
Property Highlights:
Stable in-place cash flow with average rents of $950/month per unit
Strong occupancy driven by proximity to Tennessee Tech University
Recent capital improvements:
11 new HVAC systems installed within the last 3 years
30-year architectural roofs installed in 2017
Zoned RM-8, allowing for residential density flexibility
Located in a federally designated Opportunity Zone — favorable for long-term investors seeking tax advantages
Value-Add Potential:
Implement RUBS utility billing for water/sewer to improve NOI
Interior renovations and strategic rent increases offer significant upside
Potential to modernize units and common areas for increased appeal
Great Investment Opportunity – 15 Townhome-Style Units
Located less than 1 mile from Tennessee Tech University, this well-positioned multifamily asset features 15 spacious townhome-style units spread across three buildings totaling 14,040 square feet on a 1.8-acre lot. Built in 1991, each unit offers 2 bedrooms, 1.5 bathrooms, and multi-level living, making it highly attractive to both long-term tenants and student renters.
Property Highlights:
Stable in-place cash flow with average rents of $950/month per unit
Strong occupancy driven by proximity to Tennessee Tech University
Recent capital improvements:
11 new HVAC systems installed within the last 3 years
30-year architectural roofs installed in 2017
Zoned RM-8, allowing for residential density flexibility
Located in a federally designated Opportunity Zone — favorable for long-term investors seeking tax advantages
Value-Add Potential:
Implement RUBS utility billing for water/sewer to improve NOI
Interior renovations and strategic rent increases offer significant upside
Potential to modernize units and common areas for increased appeal
Location
State TN
County Putnam County
Zoning R-8
Interior
Heating Central
Cooling Ceiling Fan(s), Central Air
Flooring Carpet, Wood
Fireplace N
Exterior
Utilities Available Water Available
View Y/N true
View City
Building
Story 2
Sewer Public Sewer
Water Public
Structure Type Vinyl Siding
New Construction false
Schools
Elementary Schools Sycamore Elementary
Middle Schools Avery Trace Middle School
High Schools Cookeville High School
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Jon And Carol Krawcyk
REALTOR® | Lic# 295573