Carriage House Townhouse Apartments; 10 unit

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30753114
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 10 Units
Building Size (RSF): 7,984 SF
Gross Building Area: See Agent
Gross Land Area: 1.50 Acres
Sale Price: $425,000
Unit Price: $42,500 Per Unit
Property Use Type: Investment
Building Name: Carriage House Townhouse Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/6/2021

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.

Additional Details

Nearest MSA: Johnson City
County: Carter
Tax ID/APN: 010049 04802
Percent Occupied: 100%
Site Description: 3 buildings, 4 units, 4 units, and two units, on 1.5 acres
Area Description: Elizabethton, Tennessee
Total Number of Buildings: 3
Property Condition: Average
Number of Stories: 2
Year Renovated: 2017
Construction/Siding: Brick/Vinyl Siding
Exterior Description: Brick, vinyl siding
Parking Type: Surface
Laundry: Laundromat Nearby
Sprinklers: None
Heat Type: Electricity
Heat Source: Baseboard
Air Conditioning: Other
Interior Description: 2 bed, 1 bath, up and down townhome

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,570 23,966 40,287
Median Age: 39.69 41.01 41.23
Households: 1,063 9,831 16,922


Photograph of Listing Agent

Stephen J Goodson, CLU, ChFC

Remax Checkmate, Commercial Division NETAR CMLS Member
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