31-Bed Student Housing Investment - Chattanooga

Multi-Family for Sale
Catylist Listing ID: 30597400
Property Subtypes: Mid-Rise
Number of Units: 31 Units
Building Size (RSF): 9,445 SF
Gross Land Area: 0.10 Acres
Sale Price: $1,750,000
Unit Price: $56,451.61 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Vine 324
Usable Size (USF): 9,445 SF
Sale Terms: Cash to Seller
Cap Rate: 5.99%
Average Occupancy Rate: 90
Last Updated: 11/6/2020

Overview / Comments

For Sale | Investment Opportunity | Vine324
$1,750,000 | 5.99% Pro Forma CAP

Vine 324 is a 31-bed Student Housing Multifamily property just one block from the UTC campus. The entire campus is walk-able from this complex. Vine 324 was built in 2014. There are seven 4-bedroom units and one 3-bedroom unit.

Each Unit Includes:
- Full sized front loading washer and dryer
- Kitchen Area
- Common Area
- Shared "Jack & Jill" Bathrooms
- Private Bedrooms
- Sink in each bedroom

UTC has about 11,000 students and has grown to a great regional campus and is part of the University of Tennessee campus system.

Currently, the leases are all-inclusive in terms charges to the tenant. All utilities and services are included. Also, all leases are co-signed with parents or guardians.

See brochure for trailing 12-month P&L, Rent Roll and further information!

Attachments & Media

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County / Chattanooga City
Tax ID/APN: 033145D B 00900
Zoning: U-CX-6
Percent Occupied: 90%
Property Located Between: Vine St & Lindsay St
Highway Access: Hwy access is easy via Amnicola Hwy or Hwy 127.
Airports: Chattanooga Metropolitan Airport
Site Description: The site is located 1-block form the UTC campus. The whole campus is walk-able from the property.
Area Description: UTC is an urban campus in downtown Chattanooga.
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 4
Year Built: 2014
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Parking Description: Parking passes are available to tenants for $40/month. The rental lot is across the street.
Total Parking Spaces: 30
Passenger Elevators: 1
Laundry: In Each Unit
Sprinklers: Wet
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Gigabit
Interior Description: There are seven 4-bedroom units and one 3-bedrooms unit. 31 beds in all.
Zoning Description: Urban Commercial Mixed Use-6 stories (U-CX-6)
Lot Frontage: 51
Lot Depth: 67
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: owned

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 7,693 50,402 133,127
Median Age: 28.51 33.42 36.9
Households: 2,275 20,237 55,282

Contact

Photograph of Listing Agent

Robert Fisher

KW Commercial Greater Chattanooga REALTORS® Member
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