Catylist ID: #30723571
Boones Creek Village Apartments
Multi-Family for Sale
|Catylist Listing ID:||30723571|
|Number of Units:||89 Units|
|Building Size (RSF):||87,584 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||6.86 Acres|
|Unit Price:||$116,067.42 Per Unit|
|Property Use Type:||Investment|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||98|
Overview / Comments
Boones Creek Village is an 89-unit, 162-bed apartment community located in Jonesborough, Tennessee. The buildings were constructed by the current owner in 2005, 2006, 2010 and 2011 for long term ownership, using high-quality, low-maintenance materials. Occupancy in the past 12 months has averaged 98%.
The community is made up of:
16 - 1 Bedroom, 1 Bath units all on one level with an attached garage,
66 - 2 Bedroom, 1.5 Bath two story units, and
7 - 2 Bedroom, 1.5 Bath two story units with a basement and garage.
Unit amenities include: refrigerator with ice maker, range, dishwasher, microwave, disposal, heat pump for heat and air conditioning, in-unit laundry hookups, patio or deck, textured walls, crown molding, tile flooring, large baths with double sinks. All units are smoke-free.
Tenant pays electric. Tenant pays water/sewer in 61 units, Landlord pays water/sewer in 28 units. Landlord pays for garbage collection.
Boones Creek Village is conveniently located less than 5 miles from Interstate 26. All major employers, shopping and Tri Cities Airport are within 20 miles or less.
While the units are all in good condition, renovation is possible if higher rents are desired. Market rent for these units has increased 12% over the past 12 months and average occupancy remains at 98%. An adjoining lot is available where amenities could be constructed (for separate purchase from the same owner).
Attachments & Media
|Finance Data Year||2021|
|Real Estate Taxes - Annual($)||$47,278 (Annual)|
|Tax Value Land||$286,500|
|Tax Value Improvements||$5,210,900|
|Assessed Value - Total($)||$5,497,400 (Annual)|
|Potential Rental Income||$967,950 (Annual)|
|Gross Operating Income||$919,553 (Annual)|
|Net Operating Income||$619,876 (Annual)|
|Actual or Proforma Year||Proforma|
|Nearest MSA:||Johnson City|
|Taxing Authority:||Washington County, TN|
|Tax ID/APN:||090044 06503|
|Highway Access:||Highway 11E - 1.7 mi Interstate 26 - 4.5 mi|
|Airports:||Tri Cities Airport (TRI) - 14 mi|
|Site Description:||6.86 acres located on Boones Creek Rd, the main connector between Highway 11E and Interstate 26. Great visibility with an attractive and well-kept entrance.|
|Area Description:||Boones Creek Village is located in the Johnson City, Tennessee Metropolitan Statistical Area. The area is known for its natural beauty, breathtaking mountain views and offers a variety of outdoor activities. The Appalachian Trail traverses through the area. Combined with nearby cities Kingsport, Tennessee and Bristol, Tennessee/Virginia, the area is called the "Tri-Cities" and the combined CSA has a population of 511,404 as of 2019. Large employers in the area include Ballad Health, Eastman Chemical Company, East Tennessee State University, Quillen VA Medical Center and Citi Commerce Solutions. Boones Creek Village is located conveniently near all these employers.|
|Total Number of Buildings:||12|
|Number of Stories:||2|
|Parking Type:||Surface, Other|
|Parking Description:||Free front door parking. One level units each have a one car attached garage and a parking pad for one additional car. Most two story units have parking for two cars.|
|Laundry:||In Each Unit|
|Heat Source:||Heat Pump|
|Proximity:||1 mile||3 miles||5 miles|
Whitney RiddleWolfe Development NETAR CMLS Member
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