303 S Poplar St
- Three-Parcel Offering Providing Additional Rear Land
- 93% Occupancy with Lease-Up Opportunity
- 25 of 28 Units Recently Renovated (New Flooring, Cabinets, Appliances, Lighting, Paint, and Fixtures)
- Extensive Interior & Exterior Improvements Completed
- Diverse Unit Mix Featuring Studios, One-Bedroom, and Two-Bedroom Floor Plans
Property Description
SVN | Accel Commercial Real Estate is pleased to present 303 Flats, a 28-unit multifamily investment opportunity located at 303 S. Poplar Street in Paris, Tennessee. This substantially renovated asset presents investors with the opportunity to acquire a well-positioned apartment community featuring immediate in-place cash flow, strong occupancy, and continued upside through lease-up and future rent growth. Situated on 0.784 acres, 303 Flats encompasses approximately 16,876 square feet, including 15,750 sf of residential space across 28 units. The property's diverse unit mix consists of (13) studio units, (10) one-bedroom/one-bathroom units, (4) two-bedroom/one-bathroom units, and (1) two-bedroom/one-and-one-half-bathroom unit. The remaining square footage includes an on-site office, maintenance area, and laundry facilities. Currently 93% occupied, the property offers investors an opportunity to increase occupancy and further enhance cash flow. Ownership has completed an extensive renovation program across 25 of the property's 28 units, investing in new flooring, cabinets, appliances, lighting fixtures, trim and baseboards, ceiling fans, bathroom vanities, and interior paint. Significant exterior and capital improvements include fresh exterior paint, a newly paved parking lot, and approximately $20,000 in foundation repairs, creating a highly attractive, low-maintenance investment opportunity with limited near-term capital expenditure requirements. The sale includes three parcels, including two land parcels located behind the existing building. Additionally, two spaces in the existing building currently used as storage/office can be converted to create two more units, bringing the total to 30.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,800,000 |
| No. of Units: | 28 |
| Year Built: | 1940 |
| Lot Size: | 0.78 Acres |
| Opportunity Zone: | No |
| Price per unit: | $64,286 |
| Property Website | Click Here |
Investment Analyzer
Sponsored by:
Step 1Financing Calculation
Step 2Gross Rent Analysis
Please enter annual amounts.
Step 3Cap Rate Calculation
Step 4Final Deal Analysis
Similar Properties in the Area
251 Bomba Street
Barnwell, South Carolina
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout