GREENE RIDGE
Multifamily | 83 Units | $108,434/unit
Marketing description
Greene Ridge presents a rare opportunity to acquire a recently renovated, 83-unit multifamily portfolio in Greeneville, Tennessee. This well-maintained community features a balanced mix of 51 one-bedroom and 32 two-bedroom units across multiple buildings in a desirable residential neighborhood. Each building includes its own shared laundry room, and there are 9 smaller storage units available for additional resident rental income. Recent capital improvements include updated parking lots, new/replaced roofs, refreshed siding, along with major interior remodeling. The asset is positioned as turnkey with significantly reduced near-term capex requirements.
Current rents are below market, offering modest upside. The portfolio benefits from a proven hybrid leasing strategy: stable long-term residential tenants complemented by 4 units operating as mid-term rentals (1–3 months) for traveling professionals. This results in a true vacancy rate of approximately 6.34%, providing immediate cash flow stability and additional upside through lease-up, organic rent growth, and storage income.
Ideal for investors seeking a stabilized, income-producing asset with steady growth potential in East Tennessee's workforce housing market, Greene Ridge benefits from diversified demand drivers including manufacturing, healthcare, Tusculum University, and tourism. The property is offered with established branding, proven management systems, and strong regional connectivity.
Investment highlights
- 83 Units Across Six Buildings — 51 one-bedroom / 32 two-bedroom units located at 102 Diane Lane, 808 Carolina Drive, 822 Carolina Drive (2 buildings), and 112 Becky Drive (2 buildings) in a proven workforce housing configuration.
- Major Capital Improvements Completed — Updated parking lots, new/replaced roofs, refreshed siding, plus extensive interior remodeling deliver modern finishes, improved systems, and strong curb appeal with limited near-term capital needs.
- Convenient On-Site Amenities — Each building features its own shared laundry room plus 9 smaller storage units available for additional rental income.
- Strong Occupancy & Income Diversification — A vacancy of ~6.33%. Property Includes 4 active mid-term rental units serving traveling professionals.
- Below Market Rents — Modest mark-to-market opportunity with in-place rents running a little below current market rates.
- Proximity to Tusculum University — Conveniently located just minutes from Tusculum University, supporting consistent demand from students, faculty, staff, and affiliated professionals.
- Prime East Tennessee Market — Excellent proximity to the Nolichucky River (recreation, tubing, and outdoor activities), manufacturing, healthcare, Tusculum University, and tourism demand in Greeneville / Greene County with quick access to Johnson City (~40 min), Knoxville, and Asheville.
- Turnkey / Light Value-Add — Heavy lifting done; positioned for strong current cash flow with straightforward operational and revenue enhancements.
- Established & Scalable — Branded as Greene Ridge with long-term tenant base and appeal to a wide range of buyers including 1031 exchangers and regional operators.
- Compelling Investment Profile — Affordable entry into a supply-constrained rental market with resilient fundamentals and multiple paths to value creation (including ancillary storage income).
Listing Contacts
Valuation Calculator
Valuation Metrics
Map
Zoning
Broker Selected Comps View More Comps
Property History
Tax History
Similar Properties
Additional Information
Is there information that looks off?
