New Construction Triplex For Sale

Multi-Family for Sale
Catylist Listing ID: 30193748
Property Subtypes: Duplex/Fourplex
Number of Units: 3 Units
Building Size (RSF): 2,550 SF
Gross Land Area: 0.33 Acres
Sale Price: $349,000
Unit Price: $116,333.33 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Building Name: 531 Lower Cravens Terrace
Usable Size (USF): 850 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Gross Rent Multiplier: 8.33
Last Updated: 4/24/2018

Overview / Comments

This property is a brand new construction of a triplex multifamily complex. It is located on the side of Lookout Mtn. near Ruby Falls. The suites are townhouse style with the master bedroom and bath located upstairs with the kitchen,great room and a half bath downstairs.. All three are 1-bedroom/ 1 1/2 baths of about 850 square feet with 425 SF downstairs and 425 SF upstairs. They are all electric units with common water.

I have attached a pro forma investment analysis for the property. The pro forma is run at $300,000 with the extra land being worth $49,000.

In addition to the existing new triplex the lot will allow for an additional structure to be built with a footprint of about 1,500 SF. So, if a 2-story structure was built another 4 units might be added to the property. Buyer to confirm all of these details for an additional building. See property plans for clarification of the location. This building would have a view overlooking the city.

Two units have never been occupied and the seller is living in the third unit and will move upon the sale.

The units all have a 2-hour fire wall separating each unit from the other so that it could might be divided into a condominium.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County
Tax ID/APN: 155I C 018
Zoning: R2
Percent Occupied: 0%
Property Located Between: Near Ruby Falls - Side of Lookout Mtn
Highway Access: At the foot of Lookout Mtn. take Cummings Hwy to Scenic Hwy and proceed up Lookout Mtn. Pass Ruby Falls on the right and go about 1/2 mile further and take a left onto Lower Cravens Terrace Rd.
Airports: Chattanooga Metropolitan
Site Description: The site is level with a new triplex. Behind the triplex is a possible location for an additional building.
Area Description: Lower Cravens Terrace Road has both single family and multi unit properties.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 2017
Year Renovated: 2017
Exterior Description: Block and aluminum siding
Parking Type: Surface
Parking Description: Ample parking around the building.
Total Parking Spaces: 6
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity
Heat Source: Wall Units
Fuel: Electric
Air Conditioning: Package Unit
Interior Description: Bedroom and master bath are upstairs. Kitchen and living room are on the ground floor.
Zoning Description: R2 Residential
Lot Frontage: 175
Lot Depth: 100
Water Service: Municipal
Sewer Type: Septic
Easements: Electric Lines
Easements Description: On the lower lot there is along the fence a 10-foot power lines easement.
Land Ownership: Owned

Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 33,133 102,069
Median Age: 34.4 36.04
Households: 12,810 41,204


Photograph of Listing Agent

Robert Fisher

KW Commercial GCR CMLS Member
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