Buffalo Trail Apartments
17-Unit Value-Add Opportunity in Morristown, TN
Marketing description
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/197249/buffalo-trail-apartments
Marcus & Millichap has been selected to exclusively market for sale the Buffalo Trail Apartments in Morristown, TN. This offering will allow a potential investor to purchase a rare value-add investment opportunity located in Northeast Tennessee.
Buffalo Trail Apartments is a 17-unit community in Morristown, TN, offering a mix of one- and two-bedroom floor plans with strong value-add potential. The property benefits from proximity to major employers and industrial parks, ensuring stable rental demand, and provides convenient access to US-11E and I-81 for connectivity to Knoxville and Johnson City. Recent capital improvements of $60,000 reduce near-term maintenance risk, while opportunities remain to increase rents through interior upgrades and amenity enhancements. Classic 1935 architecture, individual utility metering, and a manageable property size further enhance operational efficiency and long-term upside.
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 Buffalo Trail Apartments.
Investment highlights
- Located in Morristown, TN, a growing Lakeway region city with strong manufacturing and logistics industries supporting long-term rental demand.
- Positioned near major employers and industrial parks, ensuring a consistent tenant base and occupancy stability.
- Opportunity to increase rents through interior upgrades and enhanced amenities.
- One unit is currently offline, presenting immediate value-add potential through renovation and lease-up
- Current ownership has invested $60,000 in capital improvements over the past 36 months.
- Convenient access to US-11E and I-81, connecting residents to Knoxville (45 miles) and Johnson City (60 miles).
- 17-unit apartment community featuring a mix of one-bedroom and two-bedroom floor plans.
- Units are individually metered for electricity and water, with tenants responsible for utilities.
- Built in 1935 with classic architecture and potential for modernization to further enhance property value.
- Proximity to Cherokee Lake and outdoor recreation adds lifestyle appeal for tenants.
- Smaller property size offers ease of management and lower operating complexity compared to larger multifamily assets.
- Buildings constructed atop a crawl space, simplifying access for maintenance and upgrades.
Listing Contacts
Valuation Calculator
Valuation Metrics
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
