INCOME PRODUCING/INVESTMENT OPPORTUNITY... 22 Unites Total
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.
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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 |
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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