$2,495,000
Kingsport, TN 37664
MLS# 9947049
Status: Closed
21804 sqft
1 / 35
Property Description
Well maintained 34 unit apartment complex across from Eastman! Just imagine the corporate short term per diem rental potential with this one! 8 large 2 bedrooms and 26 one bedrooms with 3 sizes that will offer a nice mix for your tenants. Most tenants are month to month and have been here for years. Rents are coming up and will come up. Newly rented units were rented closer to market rents. This apartment complex has the ability to cap at 12-13% or more! With the stock market down, why risk your losses when you can win here!! The potential is easy for it to only get better with a well maintained and cared for complex. Next showing for 8 units Wednesday January 11th 11-1
Details
Maps
Location, Tax & Legal Info
Street #: 1701
St Direction: North
Street Name: John B Dennis
St Suffix: Highway
County: Sullivan
State/Province: TN
Zip Code: 37664
Subdivision: Not In Subdivision
Deed Book #: 2637C
Deed Page #: 35
Parcel ID: 076d A 004.00
City Taxes: 7011.64
County Taxes: 8442.87
Contract Info
Status: Closed
Listing Price: 2495000
Current Price: $2,225,000
List Price/SqFt: 114.43
Listing Date: 2023-01-07
Buyer Broker: Yes
Buyer Broker Comm: 2.5
Buyer Broker Comm Type: %
Foreclosure: No
Short Sale: No
Auction: No
General Property Description
Lot Dimensions: 515x535x467x318
Acres: 5
Zoning: R3
Property Sub-Type: Multi-Family
# of Units: 34
Total Units: 34
Year Built: 1964
Elementary School: Johnson
Middle School: Robinson
High School: Dobyns Bennett
Total SqFt: 21804
Remarks & Misc
Public Remarks: Well maintained 34 unit apartment complex across from Eastman! Just imagine the corporate short term per diem rental potential with this one! 8 large 2 bedrooms and 26 one bedrooms with 3 sizes that will offer a nice mix for your tenants. Most tenants are month to month and have been here for years. Rents are coming up and will come up. Newly rented units were rented closer to market rents. This apartment complex has the ability to cap at 12-13% or more! With the stock market down, why risk your losses when you can win here!! The potential is easy for it to only get better with a well maintained and cared for complex.
Next showing for 8 units Wednesday January 11th 11-1
Directions: I 26 to Wilcox to John B Dennis
Just past Eastman on your right
Status Change Info
Date Pending: 2023-02-04
Sold Date: 2023-03-31
Sold Price: $2,225,000
Unit 1
SqFt: 7168
Unit 2
SqFt: 7168
Unit 3
SqFt: 7168
Unit 4
SqFt: 300
Property Features
Property Condition: Above Average
Levels: Two
Exterior Finish: Brick
Topography/Lot Description: Level; Part Wooded; Rolling Slope; Steep Slope
Heating: Central; Heat Pump
Laundry Features: Electric Dryer Hookup; Washer Hookup
Water: Public
Sewer: Public Sewer
AC: Heat Pump; Wall Unit(s)
Utilities: Cable Available
Construction: Site Built
Walls: Drywall
Info Available: Leases; Pro-Forma Statement; Profit/Loss Statement; Rental Rolls
Easements: None
Financing: Cash; Conventional
Listing Office: Bridge Pointe Real Estate Jonesborough
Last Updated: May - 30 - 2023
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
Information deemed reliable but not guaranteed.