Johnson City Multifamily Portfolio
Multifamily | 41 Units
Marketing description
Marcus & Millichap has been selected to exclusively market for sale the Johnson City Multifamily Portfolio. This offering provides investors with a rare opportunity to acquire a value‑add multifamily portfolio in the highly sought‑after Tri‑Cities region of Tennessee.
The Johnson City Multifamily Portfolio offers a diversified mix of 41 units across four well‑maintained communities with strong in‑place occupancy, consistent demand, and proven rent performance. The properties feature two‑bedroom floor plans with predominantly tenant‑paid electricity and selective tenant‑paid water, creating an efficient operating profile. Recent capital improvements across the portfolio include new roofs, interior upgrades, and exterior enhancements reducing near‑term capex while supporting continued rent growth. Stable month‑to‑month tenancy and ongoing renovations position the portfolio for immediate cash flow and long‑term value appreciation in a growing Johnson City rental market.
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 Johnson City Multifamily Portfolio.
Investment highlights
Significant Capital Improvements Completed
Ownership invested heavily in both interior and exterior improvements, including some roofing, gutters, soffits, siding, paving, signage, and targeted plumbing upgrades. Total 2021–2026 capital expenditures are approximately $551,708, with much of the work already completed or in process as of early 2026.
Stabilized Operations Supported by Recent Improvements
The completion of major renovations and upgrades has strengthened day‑to‑day operations and reduced near‑term capital needs. This foundation supports a clear path toward stable performance across all six communities as the remaining updated units lease.
Diverse, High‑Demand Unit Mix
The portfolio consists of 41 units across a mix of two‑bedroom and select 2BR/1.5BA townhome‑style units. Floor plans range from approximately 750 to 1,160 square feet, supporting strong rental demand across multiple tenant profiles.
Durable Workforce Housing Demand
Johnson City exhibits strong renter demand at this price point, with units consistently leasing upon completion of renovations. The portfolio’s in‑place rents remain competitive and offer near‑term growth potential.
Systems and Infrastructure Stability
Many roofs have been replaced within the past one to four years. Buildings feature copper wiring, breaker‑panel electrical systems, and predominantly copper/PVC water lines. These improvements enhance reliability and reduce unexpected capital needs.
Controllable Operating Expenses
Tenants pay for electricity across all properties, and landlord‑paid water is limited to specific buildings. This structure supports predictable, efficient, and highly controllable operating expenses.
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