Boones Creek Village Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30723571
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 89 Units
Building Size (RSF): 87,584 SF
Gross Building Area: See Agent
Gross Land Area: 6.86 Acres
Sale Price: $10,330,000
Unit Price: $116,067.42 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 6.0%
Average Occupancy Rate: 98
Last Updated: 7/13/2021

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

Financials

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

Additional Details

Nearest MSA: Johnson City
County: Washington
Taxing Authority: Washington County, TN
Tax ID/APN: 090044 06503
Percent Occupied: 99%
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
Property Condition: Good
Number of Stories: 2
Year Built: 2011
Roof Type: Gable
Construction/Siding: Brick/Vinyl Siding
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
Sprinklers: None
Heat Type: Electricity
Heat Source: Heat Pump
Fuel: Electric
Air Conditioning: Other
Internet Access: Cable
Lot Frontage: 433
Lot Depth: 731
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,854 17,607 51,234
Median Age: 39.04 41.21 40.48
Households: 1,367 7,272 21,734

Contact

Photograph of Listing Agent

Whitney Riddle

Wolfe Development NETAR CMLS Member
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