Townview Estates 4 Unit Multifamily Elizabethton

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30625119
Property Subtypes: Duplex/Fourplex
Status: Pending/Contingent
Number of Units: 4 Units
Building Size (RSF): 4,080 SF
Gross Land Area: 0.38 Acres
Sale Price: $240,000
Unit Price: $60,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/30/2020

Overview / Comments

4 unit passive income property, in Elizabethton, near Sycamore Shoals State Historical Area, and the Beautiful Watauga River. Newly renovated lower units. Upstairs currently rented but future increased income potential exists with remodel. Ample parking. Easy to care for landscaping and parking area.

Gross income $29,460 per year.

Expenses available are short term (6 month), since purchased mid 2019, and the downstairs units were renovated early 2020.

Currently 100% occupied. Two lower units are 2 bedroom / 1 bath; each of the downstairs units has a small porch with a separate entrance. Upper units are a 3 bedroom / 1 bath and a 2 bedroom / 1 bath; each of the upstairs units has a nice large porch with a beautiful view of the mountains and stairs to exit the building as a 2nd exit.

All tenants pay for electricity on separate meters.

3 tenants pay for water on separate meters; the last tenant will be paying for their water when the lease is renewed.

Small storage unit to the side of the building for tenants to store bikes.
All tenants paying power on separate meters, all tenants being changed to paying own water. (3 out of 4 do, last one being changed over at new renewal).

Apartments are 15 minutes from Milligan College, and 24 minutes to ETSU.

Additional Details

Nearest MSA: Johnson City
County: Carter
Taxing Authority: Carter County
Tax ID/APN: 010040C A 00102
Percent Occupied: 100%
Highway Access: 15 minutes to I-26
Airports: Tri-Cities Airport, Elizabethton Airport
Site Description: .38 acres, 4 units, 2 downstairs, 2 upstairs.
Area Description: Elizabethton is a city in, and the county seat of Carter County, Tennessee, United States. Elizabethton is the historical site of the first independent American government (known as the Watauga Association, created in 1772) located west of both the Eastern Continental Divide and the original Thirteen Colonies. The city is also the historical site of the Transylvania Purchase (1775), a major muster site during the American Revolutionary War for both the Battle of Musgrove Mill (1780) and the Battle of Kings Mountain (1780). It was within the secessionist North Carolina "State of Franklin" territory (1784–1788). Growth and development is energizing the historic downtown area, and revitalization is to include making Elizabethton a White water rafting destination.
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 2
Year Built: 1978
Year Renovated: 2019
Parking Type: Surface
Lot Frontage: 151
Lot Depth: 100
Water Service: Municipal
Sewer Type: Septic

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,867 20,286 51,516
Median Age: 40.52 42.62 39.46
Households: 782 8,611 21,868


Photograph of Listing Agent

Stephen J Goodson, ChFC

Remax Checkmate, Commercial Division NETAR CMLS Member
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