West Haven Apartments
24-Unit Value-Add Investment Opportunity in Johnson City, TN
Marketing description
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/302624/west-haven-apartments
Marcus & Millichap has been selected to exclusively market for sale the West Haven Apartments. This offering provides investors with a rare opportunity to acquire a value‑add multifamily property in the highly sought‑after Tri‑Cities region of Tennessee.
West Haven Apartments is a 24 unit multifamily asset in Johnson City offering stable in place cash flow supported by strong occupancy and steady leasing demand. Ownership has invested over $100,000 in recent capital improvements, including a new roof, unit renovations, and exterior upgrades, reducing near term capital requirements. All units feature tenant paid utilities, driving efficient operations and expense control. Consistent unit upgrades and in unit washer and dryer hookups support tenant retention while providing a clear path for continued rent growth.
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 West Haven Apartments.
Investment highlights
- 24-Unit community featuring two-bedroom layouts
- Strong occupancy supported by consistent leasing demand and multiple recent move‑ins
- In the past 36-months current ownership has spent $104,164 in capital expenditures
- Recent capital expenditures consist of new signage, unit renovations, and replacing the roof (2025)
- Tenant‑paid electricity and tenant‑paid water
- All units include washer and dryer connections with many units already containing machines
- Standard appliance package including stove and refrigerator in all units
- Slab construction with copper and PVC water lines
- Copper wiring used throughout the property
- The property is served by municipal water and a private on‑site septic system
- Heating and air provided by window units, and baseboard heat
- Three Section 8 households providing stable and guaranteed rent streams
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