Mint Road and Sewanee Street Apartments Maryville & Harriman, TN

Investment Highlights

Mint Road Apartments

• Distinctive Adaptive-Reuse Asset on a 4.27-Acre Parcel with Long-Range Mountain Views
• Major Mark-to-Market Rental Upside Relative to Submarket Comps
• Light, Cosmetic-Driven Value-Add – Major Systems Already Addressed
• Anchored by a Deep, Diverse Blount County Employment Base
• One of the Highest-Income, Fastest-Growing Counties in the Knoxville MSA
• Supply-Constrained Maryville/Alcoa Submarket – 95.9% Stabilized Occupancy
• Gateway to the Great Smoky Mountains – Premier Outdoor Lifestyle & Connectivity
• Stabilized In-Place Operations with an Attractive Going-In Yield
• Attainable Going-In Basis Relative to Recent Blount County Trades

Distinctive Adaptive-Reuse Asset on a 4.27-Acre Parcel with Long-Range Mountain Views

Mint Road Apartments is a genuinely differentiated asset in a market of commodity product. Converted from a former schoolhouse and most recently renovated in 2021, the 12,445-square-foot building sits on a private 4.27-acre parcel at a density of just 2.1 units per acre, framed by mature trees and uninterrupted views of the Great Smoky Mountains. The characterful unit mix spans a single one-bedroom, five two-bedroom, two three-bedroom, and one expansive 4-bedroom / 3-bathroom residence of roughly 3,230 square feet, with floor plans and ceiling heights that reflect the building’s institutional origins.

Generous 18-space surface parking (a 2.0-per-unit ratio), a brick exterior, and a standing-seam metal roof give the property a substance and curb appeal that newer garden product cannot replicate. For an investor, the combination of a large, low-density land position, irreplaceable views, and a turnkey rental footprint offers both durable renter appeal and meaningful long-term optionality on a scarce in-fill parcel in one of the Knoxville MSA’s most desirable counties.

Major Mark-to-Market Rental Upside Relative to Submarket Comps

Current in-place rents at Mint Road Apartments sit well below stabilized market levels, creating a clear mark-to-market opportunity across the rent roll. Average in-place rents are approximately $1,462 per unit, against upgraded market rents of roughly $1,746 per unit, an embedded spread of nearly 19% that the pro forma captures through a light unit-upgrade program. The upside is most pronounced in the larger units: the two-bedroom homes are in place around $1,239 against a Maryville comp set asking roughly $1,500, and the three-bedroom homes sit at $1,650 against comparable product clearing near $2,000.

Comparable Maryville rentals supporting these targets include 1510 Berwyn Drive, Boynton Place Condos, Magnolia Court, and 534 Rhodwin Avenue, with the broader Maryville/Alcoa submarket posting a Q1 2026 average effective rent of $1,319, up roughly 21% over the trailing five years. As leases turn and classic units are upgraded, the next owner is positioned to systematically push rents toward market, driving organic NOI growth without significant capital outlay.

Light, Cosmetic-Driven Value-Add – Major Systems Already Addressed

Mint Road Apartments offers a de-risked value-add profile because the major capital systems are already in place. The masonry and brick building carries a 2018 standing-seam metal roof, double-pane windows, copper branch wiring, PVC/PEX plumbing, individual electric central split-system HVAC, and a recent fleet of 2020 to 2024 water heaters, with LVP flooring already run throughout. With the big-ticket mechanical items behind it, the remaining business plan is light and cosmetic: upgrading the classic units with refreshed finishes at a budgeted ~$7,500 per unit (roughly $107,500 of total planned capital, or about $11,944 per unit). This positions the next owner to capture rent premiums through a low-cost, low-risk interior program while preserving downside protection.

Sewanee Street Apartments

• Path of the $8 Billion+ Oak Ridge Nuclear Corridor Investment Wave
• Static Supply Pipeline – Zero Units Under Construction Across the Submarket
• Significant Mark-to-Market Rental Upside Relative to Submarket Comps
• Major Capital Already Addressed – Light, Cosmetic-Driven Value-Add Remaining
• Stabilized In-Place Operations with Day-One Positive Cash Flow
• Attainable Going-In Basis Relative to Recent Area Trades
• I-40 Corridor Connectivity – ~35 Minutes to Downtown Knoxville
• Growing Knoxville MSA – One of the Region’s Most Attainable Price Points

Path of the $8 Billion+ Oak Ridge Nuclear Corridor Investment Wave

Roane County sits at the geographic center of what has become the most concentrated nuclear-energy investment cluster in the United States, with more than $8 billion in committed private capital announced for the Oak Ridge Corridor over the past 24 months. Multiple transformative projects name Roane County directly: Orano USA’s Project IKE, a $5 billion uranium enrichment facility (300+ permanent positions and an estimated 1,000 construction jobs, with a development agreement signed in March 2026 and a $900 million U.S. Department of Energy award); Oklo Inc.’s $1.68 billion advanced nuclear fuel recycling facility (800+ jobs, the single largest jobs announcement in county history); LIS Technologies’ $1.38 billion laser uranium enrichment plant at the historic K-25 site (203 jobs); and Radiant’s $280 million nuclear generator manufacturing operation (175 jobs).

Together, these projects represent more than 1,400 announced operational positions and 1,000-plus construction jobs ramping through the late 2020s. Anchoring the local talent pipeline, Roane State Community College (~5,000 students, main campus in Harriman) has stood up a dedicated nuclear-workforce program with adjunct faculty drawn from Oak Ridge National Laboratory. As this employment materializes, incoming construction crews, technicians, and early-career workers seeking attainable housing near the corridor will drive renter demand squarely into existing communities like Sewanee Street Apartments.

Static Supply Pipeline – Zero Units Under Construction Across the Submarket

The Harriman submarket offers a structurally rare supply picture: a 592-unit inventory base with zero units under construction and no institutional development activity in recent memory. The submarket recorded no deliveries over the trailing four quarters against 6 units of positive net absorption, and the inventory base has remained effectively unchanged for over a decade. With no competing new product on the horizon and the Oak Ridge employment wave building, demand growth is channeled directly into existing assets rather than absorbed by new supply. For the next owner of Sewanee Street Apartments, that dynamic supports both occupancy and rent performance well ahead of any future supply response.

Significant Mark-to-Market Rental Upside Relative to Submarket Comps

Current in-place rents at Sewanee Street Apartments sit meaningfully below prevailing submarket comparables, creating a clear mark-to-market opportunity. Average in-place rents are $778 for the one-bedroom units and $1,013 for the two-bedroom units, against a comp set averaging roughly $906 (1BR) and $1,156 (2BR), with comparables including Hillview Terrace, Magnolia Apartments, Willow Creek, and recently renovated units at 135 Anzie Way and 712 Old Roane Street.

The broader Harriman submarket posted a Q1 2026 average effective rent of $1,017, up roughly 18% since 2021, and renovated units in the immediate market are achieving $1,000 to $1,300. These dynamics support upgraded targets of $955 (1BR) and $1,100 (2BR) on the subject. As leases turn and units are upgraded, the next owner is positioned to systematically push rents toward market, driving organic NOI growth without significant capital outlay.