REDUCED!!! Downtown Elizabethton Multi-Family Portfolio

Multi-Family for Sale
Catylist Listing ID: 30424673
Property Subtypes: Low-Rise/Garden, Mid-Rise
Number of Units: 32 Units
Building Size (RSF): 10,500 SF
Gross Building Area: See Agent
Gross Land Area: 0.91 SF
Sale Price: $1,190,000
Unit Price: $37,187.50 Per Unit
Property Use Type: Investment
Building Name: Charles, Lynn, Marilyn, Nancy
Sale Terms: Cash to Seller
Cap Rate: 8.0%
Average Occupancy Rate: 93
Last Updated: 1/13/2020

Overview / Comments

Four historic buildings in downtown Elizabethton which make up a unique multi-family portfolio, 32 units with great future income potential. As the town of Elizabethton begins to grow and develop downtown, an investor can get in on the front end of this growth with these historic, and ideally located buildings for passive income property.

Charles Building: 306 S. Watauga (This property is on the same parcel as 327 S. Lynn Ave.) 10 Units total. 6 units are 2 bed rents are $450 to $495 per month , 1 bath, 4 units are 1 bed 1 bath rents are $395 to $375

The Lynn Apts: 327 S. Lynn Ave, 12 Units, all 1 bed 1 bath rents are $395-$425 per month

Nancy Apts: 308 S. Watauga 6 Units, all 1 bed 1 bath rents are $395 to $425 per month

Marilyn Apartments: 3204 E I Street, 4 units, all 1 bed 1 bath each rents are $400 per month

Coin laundry room attached to this building and an extra lot. at this time owners have been letting the tenants use the machines for free but they are coin laundry machines. These 32 units are full of opportunity for highest and best use.

All apartments have new dual pane windows with the exception of the Marilyn has some new windows.

32 units with a covered parking lot, on site parking and coin laundry room with extra lot on Marilyn Lot.

The Lynn has a newer roof and most of the Lynn’s are new inside.

Additional Details

Nearest MSA: Johnson City
County: Carter
Taxing Authority: Elizabethton, Carter County
Tax ID/APN: 010041G M 00901
Percent Occupied: 94%
Site Description: Just south of Downtown Elizabethton Tennessee. Small historic and quaint city outside of area MSA Johnson City TN.
Total Number of Buildings: 4
Year Built: 1935
Construction/Siding: Stucco
Exterior Description: Cosmetic work to stucco as deferred maintenance could be done, to improve aesthetic.
Parking Type: Surface
Laundry: Laundromat Nearby
Heat Type: Electricity
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,227 22,076 36,324
Median Age: 44.37 42.78 41.34
Households: 2,319 9,341 15,204

Contact

Photograph of Listing Agent

Stephen J Goodson, ChFC

Remax Checkmate, Commercial Division NETAR CMLS Member
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