Great Quadruplex Investment in Red Bank

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30163376
Property Subtypes: Duplex/Fourplex
Status: Pending
Number of Units: 4 Units
Building Size (RSF): 3,248 SF
Gross Building Area: See Agent
Gross Land Area: 0.36 Acres
Sale Price: $195,000
Unit Price: $48,750 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/28/2017

Overview / Comments

This multi-family investment features a 3,248 sq. ft. quadruplex made up of 2 bed/2 bath units located in a bedroom community of Chattanooga. Building is in overall good condition and consists of a layout with 2 units on the first floor and 2 units on the second floor - all of which are identical 812 sq. ft. apartments with hardwood flooring throughout. Seller's recent improvements include installing a new metal roof in 2016 and also new PTAC window units (heat + air) to each space. Each unit currently rents for $500/month with great potential for increased income as the community evolves. Current owner is in the process of acquiring a new tenant for a recently vacated apartment - that once rented will put the quadruplex back again at full occupancy.

As it becomes increasingly difficult to find available, affordable property in the popular North Chattanooga area, potential residents look elsewhere for an area that can provide the same amenities and conveniences. Red Bank is positioned for success as it is the next desirable residential destination north of Chattanooga and is currently experiencing a renaissance. The current mayor of Red Bank recently updated zoning ordinances and also defined a central business district for the community. The quadruplex is located within this district area and will greatly benefit as this commercial corridor transforms into a walk-able shopping area with locally owned, trendy retail shops and restaurants.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 109I D 014
Property Located Between: Dayton Boulevard and US-27
Highway Access: 0.9 mile to access US-27 via Morrison Springs Rd., leading to downtown Chattanooga and I-59 and I-24 interchanges
Airports: Chattanooga Metropolitan Airport (CHA) - 10.9 miles
Site Description: 0.36 acre, level site; convenient to major traffic corridors
Area Description: Property located just off Dayton Blvd. - the main commercial corridor of Red Bank. Meadowbrook Drive is occupied by other multi-family properties and surrounded by single-family homes. The area is well connected and offers less than 1 mile access to US-27, leading to downtown within minutes. The Red Bank community is a 6 1/2 sq. mile municipality nestled between 2 ridges and surrounded by the city of Chattanooga. The community features low crime rates, charming homes and a small town feel while remaining less than 10 minutes from the busy North Shore and downtown. Red Bank is currently experiencing a beautification process that is aimed at reinvigorating its commercial center.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Lot Frontage: 127.9 Feet
Lot Depth: 131.7 Feet
Legal Description: Lot 9 Whispering Pines Pb 17 Pg 91

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,857 44,961 91,578
Median Age: 39.72 39.07 40.13
Households: 3,509 20,057 39,579

Contact

Photograph of Listing Agent

Joe M Pleva

KW Commercial GCAR CMLS Member
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