68-Unit Multi-Family Complex

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30797292
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 68 Units
Building Size (RSF): 61,400 SF
Gross Land Area: 5.14 Acres
Sale Price: $9,200,000
Unit Price: $135,294.12 Per Unit
Property Use Type: Investment
Building Name: South Roan Estates
Sale Terms: Cash to Seller
Cap Rate: 4.94%
Average Occupancy Rate: 100
Last Updated: 4/18/2022

Overview / Comments

South Roan Estates apartments are conveniently located in southeast Johnson City, Tennessee, one of the fastest growing areas in Tennessee. This property is located just four miles from ETSU, three miles from Milligan University, and three miles from downtown Johnson City. The development features a total of 68 units with a combination of one-bedroom, two-bedroom, and three-bedroom layouts. Please see the Offering Memorandum for more details. All units are separately metered for electricity. Most units include water and sewer in the rent; however, the 16 units in the 3000 South Roan Street building are separately metered for water and sewer, and these tenants pay their own water and sewer. Buildings were built between 2000 & 2006.

Attachments & Media

Additional Details

Nearest MSA: Johnson City
County: Washington
Taxing Authority: Carter County
Tax ID/APN: 063G C 015.00, 063G C 015.03, 063G C 015.05
Zoning: R-5
Percent Occupied: 100%
Property Located Between: Johnson City and Elizabethton
Highway Access: South Roan Street - between Exits 24 & 27 off of I-26
Airports: Tri-Cities Airport
Site Description: Improvements site on approximately 5.14 acres of gently rolling terrain.
Total Number of Buildings: 12
Property Condition: Good
Number of Stories: 2
Year Built: 2000
Roof Type: Gable
Construction/Siding: Brick/Vinyl Siding
Exterior Description: Buildings are a mix of brick, brick & vinyl, and vinyl siding exteriors.
Parking Type: Surface
Parking Description: Parking is a mix of on-site, exterior parking or garage parking, depending on the unit.
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity
Heat Source: Heat Pump
Fuel: Electric
Air Conditioning: Package Unit
Zoning Description: R-5
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,194 30,085 63,813
Median Age: 39.75 34.26 38.15
Households: 1,021 12,183 27,302


Photograph of Listing Agent

Jennifer Garrison

Garrison Group Realty LLC
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