Historic MLK / UTC - 5 Unit Apartment Building

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30640908
Property Subtypes: Mid-Rise, Student Housing
Status: Pending/Contingent
Number of Units: 5 Units
Building Size (RSF): 5,124 SF
Gross Land Area: 0.19 Acres
Sale Price: $695,000
Unit Price: $139,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/22/2020

Overview / Comments

Opportunity Zone - Downtown - Near UTC

Located in Historic MLK neighborhood just a few blocks from Downtown and UTC. This brick five-unit property has everything we look for in an authentic historic property. Hardwood floors. High ceilings. Huge windows and beautiful molding. Huge front porch and private deck space and yard. Large rolling front lawn leads to MLK. Walkable to campus, restaurants, breweries and downtown.

Three - Two bedroom / One bath units
Two - One bedroom / One bath units

Three long term tenants and two STVR units.
The two STVR units rented 580 nights in 2019. Furnishings convey with property.

Financial information provided in flyer.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton county
Tax ID/APN: 033146H B 01500
Zoning: U-RA-3
Percent Occupied: 100%
Property Located Between: Palmetto and Magnolia
Airports: Chattanooga Metropolitan Airport
Area Description: Bordered by Third Street and Martin Luther King Boulevard to the North and South, and by Georgia Avenue and Central Avenue to the West and East, this historic neighborhood includes many restored turn of the century homes in the Fortwood district near the University of Tennessee at Chattanooga. Older apartment buildings with historic character also flank UTC, especially closer to Georgia Avenue and on MLK Blvd. In addition, newer homes occupy a best-kept secret pocket neighborhood along Eighth Street. College students, young professionals as well as young families thrive in this well-established neighborhood. Just blocks from the newly designated Medical Corridor along 3rd Street and Erlanger Medical Center. Known for its diversity and rich culture, MLK neighborhood is home to great restaurants, new breweries, music and the Bessie Smith Cultural Center.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1947
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Other
Parking Description: Street parking
Laundry: In Each Unit
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas
Air Conditioning: Other
Interior Description: Beautiful hardwood floors, high ceilings, moldings.
Zoning Description: The Residential Attached (U-RA) zone is intended to accommodate a mix of single-family, two-family and lower intensity multi-family housing options in a pedestrian-friendly environment.
Lot Frontage: 52'
Lot Depth: 151'
Water Service: Municipal
Sewer Type: Municipal
Legal Description: Lt 16 Key & Richmond Addn Pb P2 Pg 230

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,524 64,886 137,925
Median Age: 27.87 34.43 36.77
Households: 3,289 26,160 57,466


Photograph of Listing Agent

Lisa A Brown

Keller Williams Realty Greater Chattanooga REALTORS® Member
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