$1,010,000
Johnson City, TN 37601
MLS# 314071
Status: Closed
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Property Description
What a great opportunity for an investor who doesn't want to go into a project and begin making upgrades and spending money on repairs! Seven one level duplexes housing 14 two bedroom apartments. Property includes 1308, 1310, 1312 and 1316 Patrick Drive. Twelve apartments have been completed and are at 100% occupancy at $650/month. Most recent apartments that are newly completed are rented at $675/month, with additional two apartments nearing completion. There is also a mobile home included in the property with a long term tenant that pays $550/month. Annual gross rent is $117,600.00. All duplexes have two bedrooms, one bath, eat in kitchen and living room and are approximately 847 sq.ft. All duplexes are handicap accessible. Owner pays taxes, insurance and water/sewer. Mobile home tenant pays water/sewer. All tenants pay electricity and cable. Good cap rate with positive cash flow.
Details
Maps
Documents
Location, Tax & Legal Info
Unit #: 0
Parcel ID: 039H F 033.01 and 034.00
Deed Book #: R576
City Taxes: 6185.33
County Taxes: 5073
Contract Info
Foreclosure: No
Status: Closed
Listing Price: 1090000
Current Price: $1,010,000
Listing Date: 2011-11-16
General Property Description
Lot Dimensions: 258x240 IRR
Acres: 1.42
Zoning: Residential
# Buildings: 8
Elementary School: Fairmont
# of Units: 15
Middle School: Indian Trail
High School: Science Hill
Property Sub-Type: Duplex
Year Built: 2011
Remarks & Misc
Directions: From Roan Street turn onto Oakland and turn left onto E. Lakeview. Travel about 2 miles and turn left onto Patrick. Complex on the right.
Property Condition
New Construction: 1
Income and Expenses
Vacancy Rate %: 100
Gross Annual Income: 117600
Exterior Finish
Vinyl Siding: 1
Style
Duplex: 1
Roof
Composition: 1
Levels
One: 1
Interior Features
Eat-in Kitchen: 1
Laminate Counters: 1
Amenities
Landscaping: 1
Heating
Central: 1
Heat Pump: 1
Info Available
Leases: 1
AC
Central Air: 1
Heat Pump: 1
Utilities
Cable Connected: 1
Water
Public: 1
Sewer
Public Sewer: 1
Appliances
Dishwasher: 1
Refrigerator: 1
Topography/Lot Description
Level: 1
Flooring
Carpet: 1
Ceramic Tile: 1
Easements
Other: 1
See Remarks: 1
Financing
Cash: 1
Conventional: 1
Security Features
Smoke Detector(s): 1
Parking Features
Deeded: 1
Existing Finance
Lender of Record: 1
Walls
Drywall: 1
Foundation
Slab: 1
Expenses Include
Property Insurance: 1
Taxes Real Estate: 1
Water/Sewer: 1
Location Tax Legal Info
Street #: 1308
Street Name: Patrick
St Suffix: Drive
County: Washington
State/Province: TN
Zip Code: 37601
Area: 302 - NE Johnson City
Status Change Info
Date Pending: 2012-03-21
Sold Date: 2012-05-17
Sold Price: $1,010,000
Property Features
Property Condition: New Construction
Style: Duplex
Levels: One
Exterior Finish: Vinyl Siding
Amenities: Landscaping
Interior Features: Eat-in Kitchen; Laminate Counters
Appliances: Dishwasher; Refrigerator
Security Features: Smoke Detector(s)
Flooring: Carpet; Ceramic Tile
Roof: Composition
Parking Features: Deeded
Heating: Central; Heat Pump
Water: Public
Sewer: Public Sewer
Foundation: Slab
AC: Central Air; Heat Pump
Utilities: Cable Connected
Walls: Drywall
Info Available: Leases
Easements: Other; See Remarks
Financing: Cash; Conventional
Existing Finance: Lender of Record
Expenses Include: Property Insurance; Taxes Real Estate; Water/Sewer
Floor Plan 
Listing Office: REMAX Checkmate, Inc. Realtors
Last Updated: September - 26 - 2020
Information deemed reliable but not guaranteed.