Lakeside Manor Apartments
24-Unit Value-Add Multifamily Investment Opportunity in New Johnsonville, TN
Marketing description
Marcus & Millichap has been selected to exclusively market the sale of Lakeside Manor Apartments in New Johnsonville, Tennessee. This offering provides investors the opportunity to acquire a value‑add multifamily asset in a low‑density, workforce‑oriented market with limited competing supply.
Lakeside Manor is a 24‑unit, garden‑style multifamily asset located on 1.56 acres in New Johnsonville, Tennessee. The property is comprised entirely of 2‑bedroom / 1‑bath units at 780 square feet and serves a stable, workforce‑oriented renter base. Approximately $341,520 has been invested into the asset over the past three years, with the majority of units already renovated, positioning the property for durable cash flow with remaining upside through completion of the renovation program and in‑unit washer and dryer installations.
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 Lakeside Manor.
Investment highlights
- 24‑unit garden‑style multifamily asset on 1.56 acres with all 2 bed / 1 bath units
- $341,520 invested in capital improvements over the past three years
- Approximately 21 of the 24 units renovated at roughly $5,000 per unit
- Renovations include unit turns, appliance replacement, and system upgrades
- Significant remaining upside through completion of unit renovation program and washer and dryer installation
- Building C features in‑unit washer and dryer setups with ability to add to Buildings A and B
- Built in 1969 with three buildings constructed on slab foundations
- Roofs replaced at staggered intervals with Building C estimated 2015 and Buildings A and B estimated 2010
- 12 Wall A/C systems replaced within the last six years with remaining systems approximately ten years old
- Individually metered for water and electricity
- Modernized plumbing with a mix of copper, PVC, and PEX
- Electrical systems include ROMEX wiring and standard breaker panels
- Owner expense limited primarily to trash service
- Low‑density, workforce‑oriented market with limited competing multifamily supply
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