McCallie Avenue Multi-Family For Sale

Multi-Family for Sale
Catylist Listing ID: 30654828
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden
Number of Units: 9 Units
Building Size (RSF): 8,112 SF
Gross Building Area: See Agent
Gross Land Area: 0.32 Acres
Sale Price: $1,100,000
Unit Price: $122,222.22 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 6.0%
Average Occupancy Rate: 100
Last Updated: 11/18/2020

Overview / Comments

The Glenwood neighborhood is an investor's dream. It is every bit as desirable and close to downtown as Highland Park, but 4 or 5 years behind in its maturation. Glenwood, like Highland Park is one of the oldest of Chattanooga's five Eastern neighborhoods and is seeing a great amount of influx of young professionals and refurbishing of properties. Ride this wave of higher appreciation!!! Also important is that this property sits on one of the two biggest arteries into to downtown...McCallie Ave with its many convenient travel options from walking and bike lanes to driving and frequent bus service. The apartment complex is about a 10 minute bike ride to Chattanooga's Southside restaurant/craft brewery/club action.

Desirable apartment/duplex complex completely remodeled over the last year with a roof top patio for the Tenants to enjoy.

There are three 2 bedrooms -1 bath, and four 1 bedroom - 1 bath apartments.
There is one duplex with 2 bedroom - 2 1/2 bath unit on each side.

Landlord pays the water, sewer, and internet. Both units were wired with commercial internet service during renovation. Each building has a single network so Tenants do not need their own router.

The owners are under a HOME Program for the duplex (2551 McCallie Ave) which ends August 1, 2024. These rates have to remain with the qualifying income rates until expiration of the program. The apartments are not under this program and can be set at market lease rate.

6% cap rate

Contact agent to request financials.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Taxing Authority: Hamilton County, TN
Tax ID/APN: 033146K V 01700
Zoning: C-2
Percent Occupied: 100%
Property Located Between: Glenwood and Kilmer
Highway Access: Minutes to I24
Airports: Chattanooga Metropolitan Airport
Site Description: All bricked gated property with parking in the rear of the building.
Area Description: Light commercial, residential, hospitals, doctors.
Total Number of Buildings: 2
Property Condition: Excellent
Number of Stories: 2
Year Built: 1930
Year Renovated: 2019
Roof Type: Flat
Construction/Siding: Brick/Vinyl Siding
Parking Type: Surface
Parking Description: Private, gated, off street parking.
Heat Source: Central
Air Conditioning: Package Unit
Internet Access: Fiber Optic
Lot Frontage: 100
Lot Depth: 136
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: Lt 11 Pt Lt 13 Blk 17 Glenwood Pb3 Pg52 Lane Apts

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,300 85,168 151,908
Median Age: 34.38 35.7 36.61
Households: 5,765 34,140 63,652

Contact

Photograph of Listing Agent

Judy Webster

Keller Williams Realty Greater Chattanooga REALTORS® Member
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