109 Units - The Adelade - Knoxville, TN

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30842106
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 109 Units
Building Size (RSF): 88,729 SF
Gross Building Area: See Agent
Gross Land Area: 4.56 SF
Sale Price: $18,000,000
Unit Price: $165,137.61 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: The Adelade Apartment Homes
Sale Terms: Cash to Seller
Cap Rate: 5.8%
Average Occupancy Rate: 100
Last Updated: 12/1/2023

Overview / Comments

SVN Wood Properties is pleased to present The Adelade, a 109-unit, exceptionally-amenitized apartment community in Knoxville, Tennessee. Located in the expanding South Knoxville submarket, this garden-style complex is conveniently situated near Downtown, the University of Tennessee, and sought-after employment and retail destinations. Renovated in 2019, The Adelade is an attractive investment opportunity with no deferred maintenance. A light value-add program can further enhance the property by adding washer and dryer connections, granite countertops, and stainless-steel appliances. Despite market rents, the South Knoxville submarket has seen rapid development and sustained high occupancy levels. Acquiring The Adelade allows for the expansion of the value-add program, rent growth, and the creation of additional value in this thriving market.

Link to More Information: https://svnwood.com/inventory/?propertyId=1208131-sale

Attachments & Media

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 109BF04101
Percent Occupied: 100%
Community Amenities: Outdoor Pool, Community Building, Recreation Room, Exercise Room, Business Center, On-Site Maintenance
Total Number of Buildings: 15
Number of Stories: 3
Year Built: 1968
Year Renovated: 2021
Parking Type: Surface
Total Parking Spaces: 143
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,199 65,818 128,150
Median Age: 31.4 31.94 34.96
Households: 4,451 25,998 54,248


Photograph of Listing Agent

Jon Roosen

SVN l Wood Properties
Photograph of Listing Agent

Kevin Tipton

SVN I Wood Properties
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