$1,900,000
Johnson City, TN 37601
MLS# 9962524
8942 sqft
1 / 57
Property Description
Attention Investors! Here is your chance to own 16 units in Johnson City, Tennessee. This complex is less than 3 miles from ETSU and less than 5 miles from Milligan University. This portfolio includes 3 separate buildings that have been converted into apartments. The addresses are: 200/204/206 E Watauga Ave. All together the property brought in an annual gross income of $138,820.77 for 2023. More units have since been remodeled and with current market rents, this property's forecasted annual gross income is $198,900.00. 200 E Watauga is composed of 6-1 bedroom/1 bath apartments. These units have separate electrical meters for each unit. 204 E Watauga is composed of 6-1 bedroom/1bath apartments. These also have separate electrical meters for each unit. 206 E Watauga is composed of 4 units with shared utilities. 1-3 bedroom/1bath apartment 3-1bedroom/1bath apartment The owner has spent over 200k in capital expenditures improving the units. This includes completely remodeling 6 units with new flooring, new paint, new updated bathrooms, new appliances, new custom cabinetry, new countertops, and new PTAC units when needed. The remaining units were updated/refreshed with new floor, new paint, and new appliances as needed. The property is being professionally managed by a local property management company (Casa Haven Property Management) and would be willing to continue to work with the new owners for a smooth transition. For initial showings buyers may see vacant units, and will be able to get into all units during the inspection.
Details
Maps
Location, Tax & Legal Info
Street #: 200
St Direction: East
Street Name: Watauga
St Suffix: Avenue
County: Washington
State/Province: TN
Zip Code: 37601
Deed Book #: 1103
Deed Page #: 754
Parcel ID: 046k N 018.00/046k N 019.00/046k N 020.00
City Taxes: 4459.25
County Taxes: 5541.84
Contract Info
Status: Active
Listing Price: 1900000
Current Price: $1,900,000
List Price/SqFt: 212.48
Listing Date: 2024-02-28
Buyer Broker: Yes
Buyer Broker Comm: 2.5
Buyer Broker Comm Type: %
Foreclosure: No
Short Sale: No
Auction: No
General Property Description
Lot Dimensions: .54 acres
Acres: 0.54
Zoning: RO 1
Property Sub-Type: Multi-Family
# Buildings: 3
# of Units: 16
Total Units: 16
Stories: 2
Year Built: 1920
Elementary School: North Side
Middle School: Liberty Bell
High School: Science Hill
Home Warranty: No
HOA Y/N: No
Total SqFt: 8942
Remarks & Misc
Public Remarks: Attention Investors!
Here is your chance to own 16 units in Johnson City, Tennessee. This complex is less than 3 miles from ETSU and less than 5 miles from Milligan University.
This portfolio includes 3 separate buildings that have been converted into apartments. The addresses are: 200/204/206 E Watauga Ave.
All together the property brought in an annual gross income of $138,820.77 for 2023.
More units have since been remodeled and with current market rents, this property's forecasted annual gross income is $198,900.00.
200 E Watauga is composed of 6-1 bedroom/1 bath apartments. These units have separate electrical meters for each unit.
204 E Watauga is composed of 6-1 bedroom/1bath apartments. These also have separate electrical meters for each unit.
206 E Watauga is composed of 4 units with shared utilities.
1-3 bedroom/1bath apartment
3-1bedroom/1bath apartment
The owner has spent over 200k in capital expenditures improving the units. This includes completely remodeling 6 units with new flooring, new paint, new updated bathrooms, new appliances, new custom cabinetry, new countertops, and new PTAC units when needed.
The remaining units were updated/refreshed with new floor, new paint, and new appliances as needed.
The property is being professionally managed by a local property management company (Casa Haven Property Management) and would be willing to continue to work with the new owners for a smooth transition.
For initial showings buyers may see vacant units, and will be able to get into all units during the inspection.
Directions: From I-26 E, take exit 22, R at ramp. Take Left on Welbourne St, see property on Left.
Unit 1
# Units: 6
# Bedrooms: 6
# Bathrooms: 6
SqFt: 3346
Unit 2
# Units: 6
# Bedrooms: 6
# Bathrooms: 6
SqFt: 3774
Unit 3
# Units: 4
# Bedrooms: 6
# Bathrooms: 4
SqFt: 1822
Property Features
Property Condition: Above Average
Style: Other; See Remarks
Levels: Two
Exterior Finish: Vinyl Siding; Wood Siding
Interior Features: Remodeled; Smoke Detector(s)
Exterior Features: Balcony
Appliances: Refrigerator
Flooring: Hardwood; Laminate; Luxury Vinyl; Vinyl
Roof: Shingle
Other Rooms: Laundry
Parking Features: Parking Spaces
Porch/Patio/Deck: Porch
Topography/Lot Description: Level
View: Mountain(s)
Heating: Other; See Remarks
Water: Public
Sewer: Public Sewer
AC: Window Unit(s); See Remarks
Construction: Site Built
Walls: Drywall; Paneling
Info Available: Leases; Profit/Loss Statement; Rental Rolls
Easements: None
Financing: Cash; Conventional
Expenses Include: Property Management; Repairs and Maint; Taxes Real Estate; Utilities; Water/Sewer
Listing Office: True North Real Estate
Last Updated: May - 17 - 2024
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.