Milligan View Apartments
28-Unit Value-Add Investment Opportunity in Johnson City, TN
Marketing description
Link to Deal Room and Financials: https://www.marcusmillichap.com/properties/302622/milligan-view-apartments
Marcus & Millichap has been selected to exclusively market for sale the Milligan View 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.
Milligan View Apartments is a 28-unit multifamily asset in Johnson City offering immediate in-place cash flow with operational upside through unit upgrades and utility efficiencies. The property has benefited from nearly $100,000 in recent capital improvements including paving, deck renovations, unit updates, and exterior upgrades, reducing near-term capital needs. A portion of the unit mix includes central HVAC and washer and dryer hookups, supporting tenant retention and long term occupancy stability. Additional upside exists through restructuring owner-paid utilities and continuing interior improvements across the remaining units.
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 Milligan View Apartments.
Investment highlights
- 28-unit asset with a diverse mix of one‑bed and two‑bed floor plans ranging from 450 to 966 square feet
- Rents range from $725 to $1,100 creating natural rent segmentation and upside potential
- In the past 36-months current ownership has spent $99,114 in capital expenditures
- Recent capital expenditures consist of repaving, renovating decks, renovating units, and new signage
- Units 11-23 have central heat and air, and pay for their own electricity and water
- Units 1-10 and 24-28 are served by window A/C units, baseboard heat, and for pay their own electricity
- Landlord currently pays water for units 1-10 and 24-28
- Units 11–23 include washer and dryer hookups adding value and occupancy stability
- The property is served by municipal water and a private on‑site septic system
- All units include a stove and refrigerator
- Roofs were replaced in 2018
- Copper and ABS water lines, copper wiring, and modern 100 amp breaker panels
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