Loss-To-Lease Burnoff: New ownership has the opportunity to take advantage of organic NOI growth through loss-to-lease burnoff. Recent leases are currently renting for over $102 per unit more than in-place leases.
Room To Grow Rents: City Edge Flats is currently 93.98% occupied with rents well below market value. Nearby properties with similar vintage are achieving over $300 per unit on 2 and 3 bed units.
Light Value-Add Opportunity: New ownership will have the opportunity to add value to the property through a light renovation, such as replacing the countertops, painting the cabinets, replacing the fixtures, or adding stainless steel appliances. Additionally, current ownership is leasing a W/D machine in one unit for $55/month. New ownership could implement a W/D program across all units to potentially increase value.
Assumable Debt: The property has attractive debt that can be assumed with a 3.49% fixed interest rate.
Large Floor Plans: City Edge Flats is made up 2 and 3 bed units with an average floor plan size of 1,022 SF.
Additional Land To Develop: Approximately 4.15 acres of additional land next to City Edge Flats is also available for purchase, which could be developed with additional units or amenities.
Well Maintained Through CapEx Spend: Current ownership has kept the property well maintained through consistent capex spend of over $730,000, including new appliances, blinds, ceiling fans, flooring, countertop resurfacing as needed, HVAC replacement as needed, a new maintenance shed with electricity, gutters, front porch lighting, parking lot & sidewalk resurfacing, dog park fencing, property fencing, pool updates, and many more.
Desirable Zip Code With High Barrier To Entry: The average single family sale price in the 37130 zip code is $379,900 with home sales up to $1.25 million in the last 12 months. Over the last 5 years, there has been a 57.6% increase in average home sale price.
Nearby Middle Tennessee State University: City Edge Flats is within 5 minutes of Middle Tennessee State University. With an enrollment of 21,568 and 11,494 jobs, MTSU is the 3rd largest university in the state of Tennessee. The university has an economic impact of over $1.428 billion across the state.
High Quality School System: Tenants at City Edge Flats will have access to one of Murfreesboro’s best school districts, including Oakland High School and Whitworth-Buchanan Middle School, which both rate above 7/10. (greatschools.org)
$2.8 Billion Airport Expansion: The property is located 15 minutes from Nashville International Airport, which is in progress on a $2.8 billion expansion plan. The renovation will include more parking, larger baggage claim and ticketing areas, an expanded concourse, new
international facilities, and a hotel. By 2023, BNA passenger traffic will grow from 18 million to more than 23 million.
$1.2 Billion Oracle Job Announcement: Oracle announced a new campus hub which will bring 8,500 jobs with an average salary of $110,000/year to Nashville, the largest job announcement in Tennessee history. Oracle also said over 11,500 ancillary jobs would be created plus another 10,000 temporary jobs through construction and other support services.
Additional Nashville Developments: In the last five years, TNECD has supported 55 economic development projects in Davidson County resulting in more than 25,000 job commitments and approximately $3.2 billion in capital investment. Highlights include:
Nashville’s Attractive Employment Base: Nashville is home to dozens of companies that employ over 1,000 people, highlighted by:
Nashville Is A Top City: Due to its rapidly growing population, jobs, and economy Nashville has been highly ranked in a number of categories, including:
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("City Edge Flats") located in Murfreesboro, Tennessee.
BACKGROUND:
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in Murfreesboro, Tennessee and known as City Edge Flats (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: