The Waller Group is proud to present the 97.5% occupied, 122- unit Eagle Village Apartments in Cookeville, TN. 20 of the units were built in 2001 and the remainder have been built in the last 5 years. The parking lot was redone within the past 5 years. 98% of the tenants are students and they are all signed on to a 12-month lease obligation. The property is available because current ownership is looking to retire.
Current ownership is achieving $699,782 in annual NOI. New ownership, based upon area rent comps, can raise rents by $152 / unit, which is a $0.38 / sqft bump. With this bump, new ownership can achieve an annual NOI of $861,308. Additionally, because the property is not currently individually metered, there is the opportunity to implement additional income fees through implementing a ratio utility billing system. The Property is currently self-managed. Proforma financials were underwritten with a 5.0% management fee.