Multi-Family for Sale
Catylist Listing ID: 30860588
Number of Units: 22 Units
Building Size (RSF): 15,000 SF
Gross Land Area: 1.43 Acres
Sale Price: $2,700,000
Unit Price: $122,727.27 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: 3600/3610 Maynardville Hwy
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/9/2023

Overview / Comments

INCOME PRODUCING/INVESTMENT OPPORTUNITY... 22 Unites Total, with twenty-one being 2-bedroom/1 Bath and one being 1-bedroom/1-bath. The latest 2/1 was rented at $1,100 per month. Owner has recently renovated 13 out of the 22 units, with 3 additional renovations scheduled, pending the expiration of current Tenant leases. All renovated units have been released at higher monthly rates, increasing overall cashflow and value of the investment under new ownership. Current rental income per year is $230,000.00, with potential increases projected to be more than $270,000.00, as evidence from the new renovation leases and overall property improvements. Currently, all units are rented except for one undergoing renovation. All Units are comprised within two separate buildings. Renovations made to date include the following updates: new light fixtures, new countertops and backsplashes, repainting interiors, new flooring, black metal accents, and changing the exterior color scheme by fully repainting & repairing the siding where necessary. Unit Expenses - Tenants cover their own electricity costs. Water, pest control and trash expenses, are passed through form Owner to each Tenant at a prorated share. Conveniently located with easy access to Maynardville Hwy, this property is just 30 minutes from downtown Knoxville and centrally situated in Maynardville, providing easy access to schools, stores, and local dining options.

Additional Details

Nearest MSA: Knoxville
County: Union
Taxing Authority: Union County, TN
Tax ID/APN: 087058P B 00300 & 058P B 003.00
Zoning: B-1
Percent Occupied: 95%
Total Number of Buildings: 2
Number of Stories: 2
Year Built: 1986
Year Renovated: 2023
Laundry: In Each Unit
Heat Type: Electricity
Internet Access: Cable
Interior Description: All Units have been remodeled, with 3 remaining...
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 5,708 12,983
Median Age: 36.43 38.53
Households: 2,090 4,940


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