Catylist ID:
#30831824
| Catylist Listing ID: | 30831824 |
| Property Subtypes: | Low-Rise/Garden |
| Number of Units: | 27 Units |
| Building Size (RSF): | 24,904 SF |
| Gross Building Area: | See Agent |
| Gross Land Area: | 3.70 Acres |
| Sale Price: | $2,100,000 |
| Unit Price: | $77,777.78 Per Unit |
| Property Use Type: | Investment |
| Sale Terms: | Cash to Seller |
| Cap Rate: | 7.1% |
| Average Occupancy Rate: | 100 |
| Last Updated: | 11/21/2023 |
Overview / Comments
|
Laurel Valley Apartments, located at 7950 W Andrew Johnson Hwy, Mosheim, TN 37814, offers 27 units with a mix of (8) 1 bedroom / 1 bathroom units and (19) 2 bedroom / 1 bathroom units. This property is a tremendous value add opportunity located 11 minutes from Greenville, TN, 30 minutes from Morristown, TN, and 1 hour from downtown Knoxville, TN. This property is well positioned for future ownership to implement a value-add strategy across units and bring the rents to market rate. Based upon comparable properties throughout the market, investors can underwrite to an average of $220/month+ moving rents to what is market for the area and further with future renovations. Owner is currently in process of renewing all leases of 1 bedroom units at $750/mo and 2 bedroom units at $900/mo. This is expected to be completed by end of the year. PROPERTY HIGHLIGHTS Onsite office Laundry room Onsite Storage Total Units - 27 (8) 1 bedroom / 1 bathroom (19) 2 bedroom / 1 bathroom Property stays 100% occupied and seller usually has a waitlist Value add upside with below market rents Ability to implement a Ratio Utility Bill System (RUBS) The onsite office could be turned into an income producing 28th unit (4) large storage areas that are not being utilized that could be converted to onsite storage for additional income AT NO TIME SHOULD TENANTS OR STAFF BE CONTACTED REGARDING THE SALES OF LAUREL VALLEY APARTMENTS |
Attachments & Media
Additional Details
| Nearest MSA: | Greeneville |
| County: | Greene |
| Tax ID/APN: | 030084 09109 |
| Zoning: | B1 |
| Percent Occupied: | 100% |
| Total Number of Buildings: | 3 |
| Number of Stories: | 2 |
| Year Built: | 1986 |
| Water Service: | Municipal |
| Sewer Type: | Municipal |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 1,296 | 3,945 | 11,708 |
| Median Age: | 43.55 | 42.67 | 41.99 |
| Households: | 521 | 1,608 | 4,797 |
Contact
Jon RoosenSVN l Wood PropertiesETNRCRE Member 
Kevin TiptonSVN I Wood PropertiesETNRCRE Member |
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