Catylist ID: #30753114
Carriage House Townhouse Apartments; 10 unit
Multi-Family for Sale
|Catylist Listing ID:||30753114|
|Number of Units:||10 Units|
|Building Size (RSF):||7,984 SF|
|Gross Building Area:||See Agent|
|Gross Land Area:||1.50 Acres|
|Unit Price:||$42,500 Per Unit|
|Property Use Type:||Investment|
|Building Name:||Carriage House Townhouse Apartments|
|Sale Terms:||Cash to Seller|
|Average Occupancy Rate:||100|
Overview / Comments
Passive income investment property with low rents and future income potential. Currently 100% occupied, and vacancies last only a few days. ten units are up and down townhomes in three seperate buildings on 1.5 acres, 2 bedroom, 1 bath homes. Cap rate with no management company currently listed at 8.34% for 2021 numbers, and a projected net operating income of $35,465. Rents can be raised approximately $100-$200 per unit.
9 out of 10 units have been renovated since 2017, and capital expenditures have been paid for electrical power panel, plumbing drainage lines, and base board heaters replaced in 2017.
Most leases are now month to month.
Tenant pays electrical (other than basement meter), and Landlord pays water and trash. Units do not have washer dryer hook up; A/C provided by tenants via window units.
|Nearest MSA:||Johnson City|
|Tax ID/APN:||010049 04802|
|Site Description:||3 buildings, 4 units, 4 units, and two units, on 1.5 acres|
|Area Description:||Elizabethton, Tennessee|
|Total Number of Buildings:||3|
|Number of Stories:||2|
|Exterior Description:||Brick, vinyl siding|
|Interior Description:||2 bed, 1 bath, up and down townhome|
|Proximity:||1 mile||3 miles||5 miles|
Stephen J Goodson, CLU, ChFCRemax Checkmate, Commercial Division NETAR CMLS Member
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