27 Unit Apartment Complex in Hixson

Multi-Family for Sale
Catylist Listing ID: 30646598
Property Subtypes: Low-Rise/Garden
Number of Units: 27 Units
Building Size (RSF): 26,524 SF
Gross Building Area: See Agent
Sale Price: $1,715,000
Unit Price: $63,518.52 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: 6.5%
Last Updated: 9/2/2020

Overview / Comments

Improved and stabilized 27 unit property. Seller has done a lot of the heavy lifting and yet there is still upside for the buyer. Interior of all but 2 units have been updated. New water main in 2020, which dropped the water & sewer costs significantly. Water billing to tenants has been implemented.

18 units are 2 bed / 1.5 bath townhouse style
8 units are 1 bed / 1.5 bath loft style
1 unit is 1 bed / 1 bath

Rents still have room to improve. If the buyer does a facelift on the property, the interior of the units will support rents 20% stronger based on similar units in the area.

Additional Details

Nearest MSA: Chattanooga
County: Hamilton
Tax ID/APN: 033109F E 04600
Percent Occupied: 93%
Property Condition: Good
Number of Stories: 2
Year Built: 1973
Year Renovated: 2019
Roof Type: Mansard
Construction/Siding: Brick/Vinyl Siding
Exterior Description: Brick on top building, vinyl on bottom two buildings.
Parking Type: Surface
Heat Source: Central
Air Conditioning: Package Unit

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 10,699 43,651 100,013
Median Age: 40.68 39.85 40.22
Households: 4,642 19,752 43,086

Contact

Photograph of Listing Agent

Ben Van Gaasbeek

RealSmart Greater Chattanooga REALTORS® Member
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