Wendelia Apartments - 16 Units

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30116769
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 10 Units
Building Size (RSF): 15,756 SF
Gross Land Area: 0.85 Acres
Sale Price: $775,000
Unit Price: $77,500 Per Unit
Property Use Type: Investment
Building Name: Wendelia Apartments
Usable Size (USF): 15,756 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 95
Gross Rent Multiplier: 6.37
Last Updated: 8/14/2017

Overview / Comments

This 16-unit apartment complex is located in Red Bank which is a bedroom community of Chattanooga. It is near the intersection of Dayton Blvd and Memorial Drive. It has 16 2-bedroom and 1 bath apartments. There are two 2-story buildings. Parking is ample at 2 spaces per unit.

The rents range from $580/mon to $740/month. When the turns occur with the leases $650-$700 should be easy to obtain. One lease is already at $740/month. There are 2 section 8 apartments.

During the last several years about $165,000 of improvements have been made. See Cap X schedule. Many of the units have had a major upgrade. One of the upgrades to the property was a water submetering system installed on the water heater. Many or most of the leases have a $45 surcharge written into the lease. Some of that utility money is being collected now.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 117M F 022
Zoning: R-3
Property Located Between: Lyndon Ave near Memorial Drive
Highway Access: Hwy 27 can be easily accessed via Dayton Blvd or via Morrison Springs Road.
Airports: Chattanooga Metropolitan Airport
Site Description: The site is level and at street grade. There are two 2-story buildings. The property is located in Red Bank which is a bedroom community to Chattanooga.
Area Description: The area has a mixture of single family, multifamily and commercial users nearby. There is a very successful new housing development next door.
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 2
Year Built: 1972
Year Renovated: 2012
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: Brick and masonry.
Parking Type: Surface
Parking Description: Parking lot is in front of the buildings.
Total Parking Spaces: 32
Laundry: In Each Unit
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Engineered System
Interior Description: All 2 bedroom and one bath.
Zoning Description: R3-Multifamily
Lot Frontage: 115
Lot Depth: 317
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: Pt Lt 13 Flora Farms Pb8 Pg3 Wendil Ea Apts 16 Units

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,353 47,086 111,965
Median Age: 33.41 38.03 38.37
Households: 3,014 20,894 46,996

Contact

Photograph of Listing Agent

Robert Fisher

KW Commercial GCAR CMLS Member
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