The Parc on Cumberland
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The Parc on Cumberland
2 Multifamily Properties Offered at $2,680,000 in Jasper, TN
Investment Highlights
- 31-Minute drive to downtown Chattanooga
- Renovations include new paint, flooring, cabinets, countertops, appliances, bath vanity, toilet, tub refinishing, and light fixtures
- Roofs are 5 years old on all buildings with the exception of the small building with the laundry facilities and studio apartment
- $37,772 Spent on capital improvements in the past 36-months
- Roughly half of the HVAC units have been replaced since 2019
- Units are individually metered for water and electric. Hot water the exception, it is on a master meter and each unit pays a monthly hot water fee
Executive Summary
Link to the Deal Room & Financials: https://www.marcusmillichap.com/properties/165278/the-parc-on-cumberland
Marcus & Millichap has been selected to exclusively market for sale The Parc on Cumberland and an additional quadplex in Jasper, TN. This offering will allow a potential investor to purchase a rare value-add opportunity located in Chattanooga’s MSA.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
AT NO POINT SHOULD TENANTS OR STAFF BE CONTACTED REGARDING THE SALE OF THE PARC ON CUMBERLAND.
Marcus & Millichap has been selected to exclusively market for sale The Parc on Cumberland and an additional quadplex in Jasper, TN. This offering will allow a potential investor to purchase a rare value-add opportunity located in Chattanooga’s MSA.
Offers should be presented in the form of a non-binding Letter of Intent, spelling out the significant terms and conditions of the Purchaser’s offer including, but not limited to: 1) asset pricing, 2) due diligence and closing time frame, 3) earnest money deposit, 4) a description of the debt/equity structure, and 5) qualification to close. The purchase terms shall require all cash to be paid at closing.
AT NO POINT SHOULD TENANTS OR STAFF BE CONTACTED REGARDING THE SALE OF THE PARC ON CUMBERLAND.
Property Facts
| Price | $2,680,000 | Number of Properties | 2 |
| Price / SF | $109.12 / SF | Individually For Sale | 0 |
| Cap Rate | 6.80% | Total Building Size | 24,559 SF |
| Sale Type | Investment | Total Land Area | 3.02 AC |
| Status | Active |
| Price | $2,680,000 |
| Price / SF | $109.12 / SF |
| Cap Rate | 6.80% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 24,559 SF |
| Total Land Area | 3.02 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Town Creek Apartments
500 Cumberland Ave, Jasper, TN 37347 |
Multifamily | 21,079 SF | 1983 | - |
| 401 Elm Ave, Jasper, TN 37347 | Multifamily | 3,480 SF | 2004 | - |
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Patrick Cosgrove -
Harrison Johnson -
Marcus & Millichap
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