563 Central Ave & 385 Dooley Street Apartments

Multi-Family for Sale
Catylist Listing ID: 30768812
Number of Units: 12 Units
Building Size (RSF): 5,184 SF
Gross Building Area: See Agent
Gross Land Area: 1 Acre
Sale Price: $1,200,000
Unit Price: $100,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Other
Cap Rate: 8.54%
Average Occupancy Rate: 100
Last Updated: 11/21/2021

Overview / Comments

It’s almost impossible to find an 8.5 Cap rate investment property these days. This 12 unit apartment complex is divided into two building with six units per building. Each building has its own address, 563 Central Ave and 385 Dooley St. They have been completely renovated inside and out as of the end of 2020. These units are around 406 Sq Ft with a living room, kitchen, bathroom and a generous bedroom with closet. Each apartment has its own heat and air unit, range and refrigerator. Most tenants are long term residents and our vacancy rate stays below 1%. There is usually a waiting list for vacant units. The owner provides utilities, cable and internet and rents are paid weekly. The average weekly rental price is $265 per unit, but this is still below current market value. You really must see them to understand how well they have been updated and maintained.

Additional Details

Nearest MSA: Cleveland
County: Bradley
Tax ID/APN: 057D F 010.00 000 & 057D F 009.00 000
Zoning: CH
Percent Occupied: 100%
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 1
Year Built: 1984
Year Renovated: 2020
Construction/Siding: Vinyl Siding
Parking Type: Surface
Parking Description: Asphalt parking lot
Total Parking Spaces: 14
Laundry: Laundromat Nearby
Sprinklers: None
Heat Type: Electricity, Other
Heat Source: Wall Units
Fuel: Electric
Air Conditioning: Other
Internet Access: Cable
Interior Description: Updated with LVP flooring.
Zoning Description: Commercial Hwy
Water Service: Municipal
Sewer Type: Municipal
Legal Description: DIST:04 CITY/MUNI/TWP:CLEVELAND DISTRICT: 4

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,368 40,146 63,326
Median Age: 28.96 35.17 36.6
Households: 4,127 15,683 24,402

Contact

Photograph of Listing Agent

Adam Hammond

Bender Realty Greater Chattanooga REALTORS® Member
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