5 unit multifam. 1444 Milligan Hwy

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30577941
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 5 Units
Building Size (RSF): 3,300 SF
Gross Building Area: See Agent
Gross Land Area: 0.42 Acres
Sale Price: $195,000
Unit Price: $39,000 Per Unit
Property Use Type: Investment
Usable Size (USF): 3,300 SF
Sale Terms: Cash to Seller
Cap Rate: 7.3%
Average Occupancy Rate: 92
Last Updated: 3/31/2020

Overview / Comments

Excellent investment opportunity!! 5-plex on Milligan Hwy, Johnson City Address. Owners manage it themselves. Low expenses. 5 units, with effective rental income of $23,070, 2 units upstairs with two bedrooms, and 3 units down, all one bedrooms.
NOI is $14,200 per year.

Two upstairs, and two basement apartments, 5-plex is situated on a hill.
Rent roll is $410, $410, $400, $400, and $400 currently. Potential rental income is $24,240.

Low Maintenance brick exterior. Close to Milligan college, and easy to rent.

See a greater return on investment with self-management, and possible rent increases to realize increased future income potential. This won't last long, and will serve a new or experienced investor as a great investment piece for their portfolio.

Additional Details

Nearest MSA: Johnson City
County: Washington
Taxing Authority: Johnson City
Tax ID/APN: 055N C 005.00
Percent Occupied: 100%
Highway Access: Close by access to I-26
Site Description: Milligan Hwy
Area Description: Johnson City has a host of unique and fun experiences for you to enjoy, including food and entertainment downtown, hiking and biking nearby, great schools, hospital system, and colleges. Subject property is situated near Milligan College. Picturesque Milligan College campus is located in beautiful northeastern Tennessee, within minutes of restaurants, shopping, theatre, and cultural activities, as well as plenty of outdoor adventures like hiking, skiing, and more.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 15

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,619 30,233 70,519
Median Age: 39.37 36 38.66
Households: 1,693 13,065 30,327

Contact

Photograph of Listing Agent

Stephen J Goodson, ChFC

Remax Checkmate, Commercial Division NETAR CMLS Member
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