6 UNIT APARTMENT: 8727 Millard Lee Ln, Chattanooga, TN 37416

Multi-Family for Sale
Catylist Listing ID: 30312321
Property Subtypes: Government Subsidized, Student Housing
Number of Units: 6 Units
Building Size (RSF): 3,348 SF
Gross Land Area: 0.72 Acres
Sale Price: $225,000
Unit Price: $37,500 Per Unit
Property Use Type: Investment, Vacant/Owner-User
Usable Size (USF): 3,348 SF
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 7/19/2018

Overview / Comments

This is a great opportunity for an experienced investor. This 6 unit apartment building has opportunity to in value after repairs and provide a great cash flow and income opportunity. 6 Unit Apartment Building, 3 Two Bedroom 1.5 Bath Two Story Units and 3 One Bedroom 1 Bath Units behind building on lower level. The estimated potential gross monthly income with 6 units in that area are $4000-$4500 per month. The Inwood Village neighborhood consists 36 total properties including two story town-homes, single level duplexes, two story duplexes, quadplexes, and this 6 unit apartment. Recent duplex two doors down sold for $132,000 (2 BR and 1 BR units). This 6 unit apartment is the best buy in the neighborhood. Seller is firm on price and this won't last long.
Note: Rendering photos are used for example of after repair value and not included in the price Property is to be SOLD AS IS.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 120C A 006.03
Percent Occupied: 0%
Property Located Between: Across from Booker T Washington State Park off of Champion Rd
Highway Access: Less than 5 minutes to HWY 58
Airports: 12 minutes to Chattanooga Airport
Site Description: 6 Unit Apartment Building, 3 Two Bedroom 1.5 Bath Two Story Units and 3 One Bedroom 1 Bath Units behind building on lower level.
Area Description: Multi-Family Neighborhood consisting of 2, 3, 4, and 6 unit buildings. Road access, off street parking.
Construction/Siding: Wood Siding
Exterior Description: Siding and Shingle Roof, 3 Story Building (2 levels and walk out basement/ground level).
Parking Type: Surface
Parking Description: Two parking lots
Total Parking Spaces: 12
Sprinklers: None
Interior Description: 2 bedroom units; 1st floor: Living, eat in kitchen, half bathroom, and washer/dryer hookups off kitchen. 1 Bedroom Units Bedroom, Open concept kitchen with eat in dining and living room space
Zoning Description: Commercial: Multi-Family Apartment
Lot Frontage: 225 ft
Lot Depth: 133.5 ft
Water Service: Municipal
Sewer Type: Septic
Legal Description: Lot 20 Inwood Village Sub Unit 1 35 -248 Rev 37-124

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 3,081 23,797 85,781
Median Age: 41.49 42.42 40.71
Households: 1,266 10,198 34,736


Photograph of Listing Agent

Corey Ballew

Keller Williams Realty Greater Chattanooga REALTORS® Member
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