Matthews Logo

Navigation Menu

725 Freewill Rd NW & 3917 Michigan Ave, Cleveland, TN, 37312

Storage Park Cleveland Portfolio
$3,880,000

Key Information

Cap Rate
6.65%
$ per SF
$81
Lot Size
7.81 Acres
Units
356
Year Built
2006
Type
Self Storage
Occupancy
94%
NOI
$257,881

Highlights

  • Clear opportunity to improve economic occupancy and drive rental rates
  • 147 single-family homes either completed or in development directly behind the Freewill facility. Plans to nearly double that number in the near future
  • High projected returns, with projected 5-year levered IRR at 24%
  • Strong residential development momentum within the city with multiple new subdivisions underway, including the Hardwick Farm master-planned community with potential for 1,700 homes
  • Cleveland, TN is anchored by Whirlpool Corporation (1,535 employees), Amazon (1,100+ jobs), and Bradley Medical Center (~1,000 employees)
  • Attractive going-in yield with upside

Photos

Location

Agents

Broker of Record

Hutt Cooke

License # 356505, 263667 (TN)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203