SVN | Wood Properties is pleased to present the sale of a 49-unit, 27-property, single family rental portfolio. The average home dates to the 1950s and offers spacious square footage of approximately 1,000 square feet per home. The seller purchased the bulk of the portfolio in 2017 and spent nearly a quarter of a million dollars renovating most units and addressing deferred maintenance.These renovations have driven down operating expenses and capital expenditures, offering increased net operating income for a future owner. Further, by reducing repair expenses and capital expenditures, there is increased bottom-line net operating income. The high-performing properties maintain a low average vacancy rate of approximately six percent, creating an instant cash-flowing asset for the new investor to take advantage of. Current management has successfully leased the units at solid rents, but there is still opportunity to raise them by three to four percent to reach their full potential at market rate. The portfolio is comprised of a 15-unit apartment complex, an 8-unit apartment complex, and rental homes located throughout the Knoxville Metropolitan Statistical Area. - 100% occupancy rate as of 3/31/2020 - Opportunity to acquire a strong stabilized cap rate in a high- demand East Tennessee market - Experienced management firm is open to continuing their services - Seller's capital expenditure improvements addressed deferred maintenance, offering a buyer the ability to conduct routine ongoing maintenance going forward - Majority of units have been substantially renovated - Below-market rents - Conveniently located - High average square footage - Staggered lease expirations - Owner recently refinanced the portfolio, resulting in updated title work and clean title for each property
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