2 Duplex Package Deal with Immediate Cash Flow

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30782332
Property Subtypes: Duplex/Fourplex
Status: Pending/Contingent
Number of Units: 4 Units
Building Size (RSF): 4,656 SF
Gross Building Area: See Agent
Gross Land Area: 0.47 Acres
Sale Price: $498,000
Unit Price: $124,500 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Other
Cap Rate: Undisclosed
Last Updated: 1/24/2022

Overview / Comments

Incredible opportunity to purchase two duplexes in East Lake with excellent rental income history. 1201 & 1203 E 34th St are neighboring two-story duplexes being sold together as a package deal; both were built in 2004 and feature 2,328 sqft and low maintenance brick and vinyl siding exteriors. All four units boast 3 bedrooms, 2 full bathrooms, living rooms, eat-in kitchens, off-street parking, and access to the large fenced yard. Additionally, they are adjacent to a city park. A contract expiring 8/29/39 with the Chattanooga Housing Authority provides for project based vouchers for these rental units (vouchers go with the property, not the tenants). These vouchers provides a gross monthly income of up to $929 per unit even during periods of vacancy (up to 60 days) which ensures consistent cash flow and minimizes some of the risk associated with investment properties. The duplexes are currently 100% occupied with a $3,488 GMI. Only half of the vouchers are being used, so the GMI could easily be increased to $3,716 by utilizing the two remaining vouchers. The profit and loss statement for 2021 shows a gross income of $42,032. Situated a couple blocks off of Rossville Blvd, these duplexes are just minutes from downtown Chattanooga, popular Southside, St Elmo, Lookout Mountain, Rossville, and I-24 access. Since the properties are tenant occupied, showings can only be scheduled after an accepted letter of intent or accepted contract.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 156P E 027 & 156P E 027.01
Zoning: R-2
Percent Occupied: 100%
Total Number of Buildings: 2
Number of Stories: 2
Year Built: 2004
Parking Type: Surface
In Flood Plain?: Yes
Legal Description: Lt 1 Eric G Jenkins Sub Pb 6 Pg 56 Rev 70-166 & Lt 2 Eric G Jenkins Sub Pb70 Pg166 Out Of 156P-E-27 For 2003

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,378 66,445 133,730
Median Age: 31.95 35.22 37.05
Households: 3,097 26,319 54,776

Contact

Photograph of Listing Agent

Grace Frank

Chattanooga Real Estate Group Greater Chattanooga REALTORS® Member
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