$1,150,000
Newport, TN 37821
MLS# 9931274
Status: Closed
14688 sqft
1 / 53
Property Description
Excellent Investment Opportunity!! 24- Unit, high occupancy apartment complex in a prime location within 5 minute drive from Exit 435 / I 40. This apartment complex has 6 buildings, each offering 3,672 Sq. Ft., situated on 4.60 acres. Topography offers space for additional complexes or structures for additional income. Each building contains 4 units all of which are 2-bedroom units. Almost all units have received upgrades with new flooring, bathroom updates, updates to kitchens and appliances, new windows and roof. New Manager office with handicap laundry room along with separate oversized laundry facility. Paved Parking. Separate Maintenance Storage. Currently, the apartment complex has 100% occupancy rate. Don't miss out on this fantastic opportunity to own a high cash-flow, high occupancy apartment complex in this fast-growing community. 24 Hour notice for all showings. Financial and Cash Flow Statements available for qualified buyers. All information deemed reliable but not guaranteed. Buyer/Buyers Agent to verify all information.
Details
Maps
Documents
Location, Tax & Legal Info
Street #: 405
Street Name: Bicentennial
St Suffix: Way
County: Cocke
State/Province: TN
Zip Code: 37821
Area: 208 - Cocke County
Subdivision: Not In Subdivision
Deed Book #: 328
Deed Page #: 207
Parcel ID: 056g D 023.01 000
City Taxes: 7301.61
County Taxes: 7764.77
Contract Info
Status: Closed
Listing Price: 1150000
Current Price: $1,150,000
List Price/SqFt: 78.3
Listing Date: 2021-11-20
Buyer Broker: Yes
Buyer Broker Comm: 2.75
Buyer Broker Comm Type: %
Foreclosure: No
Short Sale: No
Auction: No
General Property Description
Lot Dimensions: 4.60
Acres: 4.6
Zoning: Commercial
Property Sub-Type: Multi-Family
# Buildings: 6
# of Units: 24
Total Units: 24
Stories: 2
Year Built: 1974
Elementary School: Newport Grammar
Middle School: Newport Grammar
High School: Cocke Co
Home Warranty: No
Total SqFt: 14688
Remarks & Misc
Public Remarks: Excellent Investment Opportunity!! 24- Unit, high occupancy apartment complex in a prime location within 5 minute drive from Exit 435 / I 40. This apartment complex has 6 buildings, each offering 3,672 Sq. Ft., situated on 4.60 acres. Topography offers space for additional complexes or structures for additional income. Each building contains 4 units all of which are 2-bedroom units. Almost all units have received upgrades with new flooring, bathroom updates, updates to kitchens and appliances, new windows and roof. New Manager office with handicap laundry room along with separate oversized laundry facility. Paved Parking. Separate Maintenance Storage. Currently, the apartment complex has 100% occupancy rate. Don't miss out on this fantastic opportunity to own a high cash-flow, high occupancy apartment complex in this fast-growing community. 24 Hour notice for all showings. Financial and Cash Flow Statements available for qualified buyers. All information deemed reliable but not guaranteed. Buyer/Buyers Agent to verify all information.
Directions: From I 40 exit 435, left on TN -32, Right onto Templin Street, Left onto Woodlawn Avenue, Right onto Freeman Avenue, Right onto Bicentennial Way.
Status Change Info
Date Pending: 2021-11-23
Sold Date: 2023-02-01
Sold Price: $1,150,000
Unit 1
# Units: 4
# Rooms: 24
# Bedrooms: 8
# Bathrooms: 4
SqFt: 3672
Unit 2
# Units: 4
# Rooms: 24
# Bedrooms: 8
# Bathrooms: 4
SqFt: 3672
Unit 3
# Units: 4
# Rooms: 24
# Bedrooms: 8
# Bathrooms: 4
SqFt: 3672
Unit 4
# Units: 4
# Rooms: 24
# Bedrooms: 8
# Bathrooms: 4
SqFt: 3672
Property Features
Property Condition: Average; Updated/Remodeled
Style: Craftsman; Townhouse
Levels: Two
Exterior Finish: Block; Brick; Vinyl Siding
Interior Features: Kitchen/Dining Combo; Laminate Counters; Open Floorplan; Pantry; Remodeled; Smoke Detector(s); Walk-In Closet(s)
Exterior Features: Playground
Appliances: Electric Range; Refrigerator
Flooring: Carpet; Laminate; Vinyl
Roof: Composition; Shingle
Other Rooms: Breakfast; See Remarks
Parking Features: Asphalt; Parking Pad; Parking Spaces
Porch/Patio/Deck: Front Porch; Rear Patio; Rear Porch
Topography/Lot Description: Cleared; Level; Part Wooded; Rolling Slope
Heating: Central; Electric; Heat Pump
Water: Public
Window Features: Double Pane Windows; Insulated Windows
Sewer: Public Sewer
Foundation: Block
AC: Central Air; Heat Pump
Construction: Site Built
Walls: Drywall
Info Available: Aerial; Books Available; Profit/Loss Statement; Rental Rolls
Easements: None
Financing: Cash; Conventional; USDA Loan
Existing Finance: USDA
Expenses Include: Accounting; Business Insurance; Electric; Lawn Maint; Property Insurance; Property Management; Supplies; Taxes Real Estate; Water/Sewer; See Remarks
Community Features: Sidewalk
COA 
Listing Office: Envision Realty Group
Last Updated: February - 01 - 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.