Patrick Place Apartments

Capstone is pleased to present the Patrick Place Apartments, a 15-unit property consisting of seven single story duplexes and one mobile home. Well maintained with minimal deferred maintenance, this clean, quiet, and secure property offers a compelling value-add opportunity in a thriving multifamily market. Built between 2010 and 2012, and located in a well-situated area of Johnson City, the property has retained its original finishes, presenting investors with the potential to enhance rental income through strategic upgrades and renovations. These improvements will allow the owner to charge rent premiums by marking rents to market, positioning the property competitively with similar age and style assets. Operational efficiency can be further enhanced through the implementation of professional third-party management, including strategies such as SEO-driven marketing, pet fees, and a trash reimbursement program, all contributing to increased NOI. The property benefits from strong multifamily fundamentals in Johnson City, where the submarket vacancy rate is just 2.0% and rents have surged by 9.0% year-over-year. Additionally, nearly 50% of households within a three-mile radius are renters, significantly higher than the national average. With continued population growth of 8.6% from 2020 to 2024, and Washington County ranked as the #6 best county to live in Tennessee, the Patrick Place Apartments are primed for the future, supported by positive growth trends in the area that bolster long-term demand.

Investment Highlights:

Unlocking Value-Add Potential

Maximizing Operational Efficiency

Exceptional Market and Submarket Performance