North Chattanooga-5 Unit Multi-Family-Rare Opportunity

Multi-Family for Sale
Catylist Listing ID: 30714698
Number of Units: 5 Units
Building Size (RSF): 2,907 SF
Gross Building Area: See Agent
Sale Price: $710,000
Unit Price: $142,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 3/19/2021

Overview / Comments

Location, Location, Location! This 5-unit multi-family property in the desirable North Chattanooga area is located within a five-minute walk to the Northshore and a 10-minute walk to Downtown Chattanooga. Perfect for the investor looking to expand their rental portfolio in a prime location in the booming city of Chattanooga. This building is zoned R3 and is currently renting units as both long term and short-term vacation rentals (''STVR''). The unit mix is 2BD/1BA, 2BD/1.5 BA (STVR), standard 1 BD/1 BA (STVR), small 1BD/1BA and large studio. Q1 of 2021 has seen explosive growth in both occupancy and revenue for both of the units functioning as STVRs. Both STVR's have been recently updated and are extremely popular on Airbnb and completely turn key. All furnishings and appointments in the STVRs are included in the sale price. Two of the three long term rental units have recently been remodeled and are ready to be awesome short-term rentals if that is the direction the new owner wants to go. The one unit that has not been remodeled has had a long-term tenant that predated the current owners’ acquisition of the property. The list of updates is too extensive to list. Please contact agent for a full list.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033135D Y 01000
Zoning: R3
Percent Occupied: 100%
Airports: Chattanooga Metropolitan Airport
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 3
Year Built: 1935
Parking Type: Surface
Parking Description: Off street parking with an opportunity to add another space.
Laundry: Laundromat Nearby
Internet Access: Gigabit, Fiber Optic
Interior Description: 4 out of the 5 units have been remodeled and are in great condition.
Zoning Description: Zoned R3 and 2 units of the 5 are functioning as permitted STVR's
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,714 54,475 129,060
Median Age: 37.6 34.8 37.32
Households: 3,238 22,576 54,392

Contact

Photograph of Listing Agent

Natalie J Henson

Keller Williams Realty Greater Chattanooga REALTORS® Member
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