Catylist ID:
#30626629
| 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 |
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 |
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