Fortwood Apartments

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30050781
Property Subtypes: High-Rise
Status: Pending/Contingent
Number of Units: 40 Units
Building Size (RSF): 29,700 SF
Gross Building Area: See Agent
Sale Price: $3,750,000
Unit Price: $93,750 Per Unit
Property Use Type: Investment
Building Name: Fortwood Apartments
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: 7.0%
Last Updated: 7/12/2017

Overview / Comments

**Currently in a multiple offer situation. Please submit your highest and best by 5/17/17 at 5:00pm. Responses will be received by 5/19/17 at 5:00pm**

Welcome to 870 Vine St, the crown jewel of downtown multi-family properties. Situated in the heart of Historical Fortwood, this 29,700 sqft unit has an expansive foot print with entrances on both Vine St and Clark St. The complex was built in 1928 by Sam Reed as a Luxury Living apartment building. The complex can be maintained as an apartment, or converted to condos with a value of more than $7M in gross sales.

The Fortwood Apartments boast 26 one bedroom units ranging from 604 sqft to 1,080 sqft, 6 two bedroom units ranging from 1,253 sqft to 1,373 sqft, and 8 studio units ranging from 427 sqft to 660 sqft. The complex has ample parking with 2 garage areas and 2 large parking lots. The interior has historical charm and features hardwood floors in the majority of the units. The complex was recently evaluated for a condo conversion, so there is currently a larger than normal vacancy rate. This was to accommodate for the upgrades of several units prior to placing units on the market for sale. Current GMI is $16,405 with the potential to grow to $31,000 per month. The condo conversion documents will be made available to a potential buyer if requested. If you're looking for a solid investment in a solid building (made primarily of concrete), look no further. Call for your private showing today.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 146A D 015
Zoning: COMMERCIAL
Area Description: Located just off of McCallie Ave in Historical Fortwood. Close to Erlanger and UTC.
Property Condition: Excellent
Year Built: 1920
Legal Description: Lt 2 Fortwood Place Sub 34-34 Fortwood Apts 40 Units

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,543 63,428 137,119
Median Age: 28.16 34.3 36.73
Households: 3,213 25,562 57,242

Contact

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