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Avondale Park 1351 Avondale Dr

92 Unit Apartment Building $11,500,000 ($125,000/Unit) 8.50% Cap Rate Clarksville, TN 37040

Investment Highlights

  • Very easy access off the interstate making a drive to Nashville or Fort Campbell a breeze

Executive Summary

This might be one of the best multifamily opportunities in Tennessee and definitely one of the best opportunities in the Nashville Tn area. This is your chance to own a 92-unit 1, 2, 3, and 4 bedroom apartment complex located about 40 minutes from Downtown Nashville
Currently there are 71 units as sellers are making it easier for new buyers to raise rents and work with new renters. Contact Raymond for all information 615-804-3762

Clarksville is one of the fastest growing cities in Tennessee going from 90,000 people in 1990 to 180,000 in 2023. It is the fifth-most populated city in the state. Clarksville is the home of Austin Peay State University and neighbor to the Fort Campbell United States Army posts located about 10 miles from downtown Clarksville.

Some of it's past residents include
Roy Acuff, Jimi Hendrix, Wayne Pace, William Rudolph and Pat Summit.
There is plenty to do in Clarksville whether it is hiking in State Parks, Kayaking, Boating, Golfing or Fishing
History and Heritage surround this area, as well as Arts and Culture.
Clarksville Tennessee is the home of these large corporations
Amazon, Distribution Center 2022
American Standard
Bridgestone This might be one of the best multifamily opportunities in Tennessee and definitely one of the best opportunities in the Nashville Tn area. This is your chance to own a 92-unit 1, 2, 3, and 4 bedroom apartment complex located about 40 minutes from Downtown Nashville
It is also one of the fastest growing cities in Tennessee going from 90,000 people in 1990 to 180,000 in 2023. It is the fifth-most populated city in the state. Clarksville is the home of Austin Peay State University and neighbor to the Fort Campbell United States Army posts located about 10 miles from downtown Clarksville.
Some of it's past residents include
Roy Acuff, Jimi Henrix, Wayne Pace, William Rudolph and Pat Summit.
There is plenty to do in Clarksville whether it is hiking in State Parks, Kayaking, Boating, Golfing or Fishing
History and Heritage surround this area, as well as Arts and Culture.
Clarksville Tennessee is the home of these large corporations
Amazon, Distribution Center 2022
American Standard
Bridgestone Metalpha USA
Convergys Corporation
FedEx, Distribution Center 2022
Fort Campbell
Google
Hankook
Jostens
LG
SPX Corporation
Trane
plus many more
Clarksville has grown 73.8% since the year 2000 and is growing faster than 67% of similarly sized cities USA
Convergys Corporation
FedEx, Distribution Center 2022
Fort Campbell
Google
Hankook
Jostens
LG
SPX Corporation
Trane
plus many more
Clarksville has grown 73.8% since the year 2000 and is growing faster than 67% of similarly sized cities
Education
Colleges and universities
Austin Peay State University
Daymar Institute
Nashville State Community College
North Tennessee Bible Institute
Public K-12 schools
Montgomery Central High School
The city consolidated its school system with that of the county, forming the Clarksville-Montgomery County School System. It operates a total of 39 public schools to serve about 37,666 students, including eight high schools, seven middle schools, 24 elementary schools, and one magnet school for K–5, in addition to Middle College on the campus of Austin Peay State University.
Public high schools (grades 9–12) in Clarksville-Montgomery County:
Clarksville High School (1,562 students)
Kenwood High School (1,302 students)
Kirkwood High School (1,009 students)
Montgomery Central High School (1,015 students)
Northeast High School (1,341 students)
Northwest High School (1,426 students)
Rossview High School (1,584 students)
West Creek High School (1,647 students)
Private K-12 schools
Private schools in Clarksville-Montgomery County include:
Clarksville Academy (students: 613; ST; grades: PK–12)
Immaculate Conception School (students: 146; grades: K–8)
Little Scholars Montessori (students: 91; grades: Preschool–5)
Clarksville Christian School
Infrastructure
Major roads and highways
U.S. Route 41A (Madison Street and Fort Campbell Boulevard)
U.S. Route 79 (Wilma Rudolph Boulevard)
Interstate 24 (designated a control city along route)
State Route 12 (Ashland City Road)
State Route 13
State Route 48
State Route 76 (Martin Luther King Jr. Parkway)
State Route 374 (Warfield Blvd., 101st Airborne Division Parkway, Purple Heart Parkway)

Financial Summary (Pro forma - 2024) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes $99,999 $9.99
Operating Expenses $99,999 $9.99
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Pro forma - 2024) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual $99,999
Annual Per SF $9.99
Operating Expenses
Annual $99,999
Annual Per SF $9.99
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Price $11,500,000
Price Per Unit $125,000
Sale Type Investment
Cap Rate 8.50%
Sale Conditions Bulk/Portfolio Sale
Gross Rent Multiplier 10.6
No. Units 92
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 10.70 AC
Building Size 113,774 SF
Average Occupancy 77%
No. Stories 2
Year Built 1971
Parking Ratio 1.03/1,000 SF

Unit Amenities

  • Dishwasher
  • Kitchen
  • Refrigerator
  • Oven
  • Range
  • Carpet

Site Amenities

  • Fitness Center
  • Laundry Facilities
  • Playground
  • Pool

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 16 $775.00 650
2+1 32 $975.00 800
3+1 32 $1,050 950
3+1.5 8 $1,250 950
4+1 4 $1,550 1,300

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
079-025.01
Land Assessment
$0 (2023)
Improvements Assessment
$0 (2023)
Total Assessment
$1,325,600 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024 Payable 2024

zoning

Zoning Code r-4 (property characteristics: lot Land Use Commercial Lot Dimensions Block/Lot Lot Square Feet 466,090 Latitude/Longitude 36.502836°/-87.355709°)
r-4 (property characteristics: lot Land Use Commercial Lot Dimensions Block/Lot Lot Square Feet 466,090 Latitude/Longitude 36.502836°/-87.355709°)
  • Listing ID: 33286721

  • Date on Market: 9/7/2024

  • Last Updated:

  • Address: 1351 Avondale Dr, Clarksville, TN 37040

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