7 Units Multi-Family in East Ridge | Quad, Duplex & SF Home

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30612942
Property Subtypes: Duplex/Fourplex, Other
Status: Pending/Contingent
Number of Units: 7 Units
Building Size (RSF): 7,824 SF
Gross Building Area: See Agent
Gross Land Area: 1.50 Acres
Sale Price: $645,000
Unit Price: $92,142.86 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Other
Cap Rate: 6.37%
Last Updated: 7/27/2020

Overview / Comments

Incredible investment opportunity located just minutes from downtown Chattanooga! These 7 units are comprised of a mid-century modern duplex, a quadruplex, and an A-frame single family home that if desired, could easily be modified into a duplex. All buildings feature new roofs, wiring, and plumbing, and 6 of the 7 units included updated kitchens and bathrooms; the 7th unit has not been renovated due to long-term occupancy.

Current GMI of $5,900 and 100% occupied. Located in an easily rentable area, the properties are close to interstate access and just minutes from the shopping, dining, entertainment, and major businesses/employers in downtown Chattanooga. Proximity & visibility from the interstate (I-24) also make the unused land/yard an excellent location for a billboard.

This setup is ideal for savvy investors or retirees who want tenant cash flow to pay their mortgage. The single-family A-frame could be used as a personal home (instead of a rental) while the 6 remaining units (which are in no need of rehab work) bring in positive cash flow.

Acceptable Letter of Intent is required to view properties.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 156E D 036
Zoning: R-1
Percent Occupied: 100%
Total Number of Buildings: 3
Number of Stories: 15
Year Built: 1964
Roof Type: Other
Parking Type: Surface
Laundry: In Each Unit
Legal Description: Lot 1 Ronald Johnson Sub Pb 55 Pg 3 52

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,179 86,016 158,018
Median Age: 35.48 36.29 36.9
Households: 4,766 34,199 65,593

Contact

Photograph of Listing Agent

Grace Frank

Real Estate Partners Chatt LLC Greater Chattanooga REALTORS® Member
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