INVESTMENT OFFERING
SAB Capital is pleased to present Sunnyside Estates, a family-designated apartment community located on 7.39 acres in Wartburg, TN. The property includes seven, 1 to 2 story apartment buildings. The buildings were constructed using concrete foundations and a vinyl exterior .The property’s current mix includes 12 one-bedroom, 20 two-bedroom, 13 three-bedroom units. The community amenities include an on-site manager, on-site maintenance staff, laundry room, playground, and garbage collection containers. The property features a Project-Based Section 8 Subsidy Contract that covers 67% of the units as well as a Rural Development Contract that covers 24% of the units. The remaining 4 units are market rate. The current contract rents are below the 2023 FMR’s and $482 below the 150% 2024 SAMFR . The last reported REAC was a 55c on August 30th 2022.
- Sunnyside Estates in Wartburg, TN | 39 Miles West of Central Knoxville
- 67% Project-Based Section 8 Subsidy Contract| Renewed Under Option 4 Through 2027
- 24% of Units Covered by Rural Development Contract | 100% Subsidy
- Desirable Unit Mix
- Upside in Rental Rate | Current Rents are 50-86% Below the 150% Small Area FMR (SAFMR)
| Tenant | Price | Cap Rate | Lease Type | Square Feet | Status |
|---|---|---|---|---|---|
| Sunnyside Estates | $ | % | 38,020 | Available |
