Income Producing Investment Property

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30344170
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 16 Units
Building Size (RSF): 6,320 SF
Gross Land Area: 2.02 Acres
Sale Price: $915,000
Unit Price: $57,187.50 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 10.0%
Average Occupancy Rate: 95
Last Updated: 11/16/2018

Overview / Comments

This property sits on 2.02 acres directly off of Highway 41. There are two buildings which have 16 units combined. ALL sixteen units are rented. Depending on the unit options, rent varies between $140 to $175 weekly.

Nine efficiency units have one room with bath, frig and microwave. Three efficiency units have a hookup for a stove if desired by tenant. Four units have a full kitchen with large bedroom and bath.

These apartments have been managed by the same owner for 23 years and have been well maintained.

This investment property is located in an area with lots of new growth such as shopping centers, a new Food Lion, and fast food restuarants.

Additional Details

Nearest MSA: Chattanooga
County: Catoosa
Zoning: C-1
Percent Occupied: 100%
Property Located Between: Orchid Lane and Service Lane
Highway Access: This property is directly off of Hwy 41. Interstate 75 is approximately 4 miles northwest.
Site Description: This property has plenty of green space for the tenants. The entrance and exit roads are paved and well maintained.
Area Description: Directly across the street a new grocery store is being completed and to the right of the property is a convenience store. There are many restaurants and shopping centers in the area.
Total Number of Buildings: 2
Property Condition: Average
Number of Stories: 1
Year Built: 1954
Construction/Siding: Block
Parking Type: Surface
Total Parking Spaces: 50
Laundry: Laundromat Nearby
Heat Type: Space Heaters
Fuel: Electric
Air Conditioning: Window Unit
Lot Frontage: 232.5
Lot Depth: 339.5

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,687 47,587 134,500
Median Age: 35.57 38.85 39.24
Households: 1,527 20,661 55,559

Contact

Photograph of Listing Agent

Joe M Pleva

KW Commercial Greater Chattanooga REALTORS® Member
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