Rental Bundle

Multi-Family for Sale
Catylist Listing ID: 30626629
Property Subtypes: Duplex/Fourplex
Number of Units: 4 Units
Building Size (RSF): 1,728 SF
Gross Building Area: See Agent
Sale Price: $450,000
Unit Price: $112,500 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/9/2021

Overview / Comments

ATTN Builder, Developer & Realtor Types!!! Imagine a Property that is
Cash flowing $2600 a Month. Full Broker Cooperation!! More than enough to
pay initial acquisition cost. Has 2 Houses & a Duplex. Very LONG TERM
TENANTS!! Property is set up to easily develop in stages up to 24 Condos
that are built all over NWGA!!
Attached is the survey that includes Susan Lane 30741.
Right now on the property is a duplex (looks like a house... cause it use
to be) on the corner one side is a 1 BR 1 Ba it rents for $500 and the guy
trades cheaper rent to keep up the lawns and simple maintenance. These
people have been there 8 years.

The other side is rented for $800 a month and newly renovated. . It just
became vacant after the lady that was there moved to nursing home.

The first house you come to down Susan is a 2Br-1 Ba home rents for $750.
These folks have been there 7 years.

The last House is 2Br-1 Ba. It is rented for $550 and guy has been there 15
years. It is rented under market value because the guy has been there for
so long and the lady that owned it did not bump him and cause she ws old
and wanted a man with a gun around. Plus he does his own maintenance.

There is an OLD not occupied single wide could be replaced with another
single wide because it is still there so it is grandfathered in... from
what I understand it is the only way to get one in Catoosa Co unless you do
a mobile home park.

There are 7 Total 1/2 +/- acre lots with the possible single wide.

When we went to record this survey the lady at the county suggested making
Susan Lane a permanent road and build condos and be able to get 4 on each
lot. So a total of 28 units X a conservative $700 rent = $19,600 a month
cash flow possibility

The cash flow above on what is there NOW = $2600. That should take care of
your basic monthly payment on the initial purchase so it already cash
flows. All long time renters except for the NEWLY renovated unit which just
came available because the lady moved to a nursing home. But Great LOCATION

If you built out the condos you could build 8 up on the front that already
have PERM Rd's in frontage from Mack Smith & North Ave. to Susan Lane. That
could get your cash flowing more before you have to pay to make Susan Lane
a Perm Rd if you wanted to build in STAGES!!

The change in Zoning should not be a big deal there are all those kinds of
developments all over there

Sewer runs RIGHT THROUGH the property.

This is a VERY Exceptional opportunity especially this close in
LOCATION!!!! That Road needs to be brought up to Catoosa Co standards.

Additional Details

Nearest MSA: Chattanooga
County: Walker
Taxing Authority: Catoosa County
Tax ID/APN: 0011A140

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,659 48,361 128,754
Median Age: 40.57 39.6 37.83
Households: 2,503 20,595 53,003


Photograph of Listing Agent

Leann R Stitt

Crye-Leike, REALTORS Greater Chattanooga REALTORS® Member
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