8-Unit Apartment Complex For Sale-East Ridge

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30137064
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 8 Units
Building Size (RSF): 8,882 SF
Gross Land Area: 0.20 Acres
Sale Price: $449,000
Unit Price: $56,125 Per Unit
Property Use Type: Investment
Building Name: Bacon Trail Apartments
Usable Size (USF): 8,882 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 90
Gross Rent Multiplier: 7.90
Last Updated: 9/15/2017

Overview / Comments

Very nice 8-plex right off of I-75 and Belvoir Avenue is for sale. It is located in the community of East Ridge. The property is centrally located for easy access to all parts of town including heading south towards Dalton and north towards Cleveland.

The complex include 6 2-bedroom and 1 bath apartments that range in rents from $500 to $680 per month. Average rents should be above $650 per month for all 6 units. The 7th unit is a massive 4 bedroom 3 bath apartment that rents for $1,295 per month. I am counting this as 2-units since it has double the rent. It is the most elaborate apartment I have ever seen in Chattanooga. It has two floors, circular stairway, sunken tub, circular bar and a huge living room plus two porches. When it was built, the owner lived in this unit. This penthouse unit also has a pool and deck and cooking area. The pool area is still intact but not open for use.

Currently there is one unit vacant. The rents are raised as the units turn. Most of the flooring is now LTV hard flooring. There is still opportunity to upgrade some of the units further and raise rents.

List price Cap Rate is at 9% which is calculated from the attached Pro Forma Statement. The seller has only owned the complex for a couple of months so there is only a Pro Forma P&L available.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 157P L007
Zoning: R2
Percent Occupied: 88%
Community Amenities: Outdoor Pool
Property Located Between: Just off South Terrace Rd at Bacon Trail
Highway Access: Property is located just off of I-75 near Belvoir Ave. Property is located on the south side (East Ridge side) of I-75.
Airports: Chattanooga Metropolitan
Site Description: The site is level and at street grade. There is small portion of land that could be sold to a neighbor or used for an building or area for amenities. This portion of land is zoned R1.
Area Description: The property is located in the community of East Ridge. It is zoned for East Ridge schools.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1968
Exterior Description: Wood and stone.
Parking Ratio: 2 (per 1000 SF)
Parking Type: Structure, Surface
Parking Description: Parking is located in front and to the side . It has 14 spaces.
Total Parking Spaces: 14
Laundry: In Each Unit
Heat Type: Natural Gas
Heat Source: Central
Fuel: Electric
Air Conditioning: Engineered System
Interior Description: Six units are 2 bedroom and 1.5 bathrooms. The penthouse units has 3 bedrooms and 2.5 bathrooms.
Zoning Description: R2-Multifamily
Lot Frontage: 75
Lot Depth: 150
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,951 77,475 159,884
Median Age: 39.29 36.71 37.16
Households: 5,886 31,431 66,583

Contact

Photograph of Listing Agent

Robert Fisher

KW Commercial GCAR CMLS Member
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