$1,500,000
Kingsport, TN 37660
MLS# 9934217
Status: Closed
1572 sqft
1 / 21
Property Description
Excellent Investment Opportunity!! 29- Unit, high occupancy apartment complex in a prime location within 5-minute drive from Exit 01/ I 26. This apartment complex has 8 buildings nestled in a wooded area with mature shade trees, each offering 3,600 Sq. Ft., situated on 2.7 acres. Topography offers space for additional complexes or structures for additional income. Each building contains 4 units all of which are 2-bedroom units. A one (1) bedroom unit exists but is a standalone building. Almost all units have received upgrades with new paint, flooring, bathroom updates. Each unit has a laundry and wood fireplace with paved parking. Currently, the apartment complex has 86% occupancy rate with an average annual 10% vacancy 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
Parcel ID: 029l B 009.10, 029l B 009.20, 029l B 009.00
City Taxes: 8221.42
County Taxes: 10558
Contract Info
List Price/SqFt: 890.59
Foreclosure: No
Short Sale: No
Auction: No
Status: Closed
Listing Price: 1400000
Current Price: $1,500,000
Listing Date: 2022-02-22
General Property Description
Lot Dimensions: 0.118 mm sq ft
Acres: 2.7
Zoning: Commercial
Elementary School: Roosevelt
# of Units: 29
Middle School: Sevierville Middle
Total Units: 29
High School: Dobyns Bennett
Stories: 1
# Fireplaces: 1
Property Sub-Type: Multi Family
Year Built: 1979
Total SqFt: 1572
Remarks & Misc
Directions: W. Stone Dr., turn North onto Fairview Ave., then turn right onto Allen Dr., proprty on left 1000 ft.
Auction Info
Date: 2022-02-17
Time: 2:30 pm
Price Determined By: owner
Property Condition
Average: 1
Updated/Remodeled: 1
Income and Expenses
Annual Operating Expenses: 87596
Vacancy Rate %: 10
Net Annual Income: 108978
Gross Annual Income: 196574
Exterior Finish
Wood Siding: 1
Unit 1
# Units: 28
# Rooms: 6
# Bedrooms: 2
# Bathrooms: 1
# Half Baths: 0
SqFt: 900
Monthly Rent: 750
Unit 2
# Units: 1
# Rooms: 5
# Bedrooms: 1
# Bathrooms: 1
# Half Baths: 0
SqFt: 672
Monthly Rent: 650
Style
Traditional: 1
Other: 1
Roof
Shingle: 1
Levels
One: 1
Window Features
Double Pane Windows: 1
Insulated Windows: 1
Single Pane Windows: 1
Interior Features
Balcony: 1
Eat-in Kitchen: 1
Laminate Counters: 1
See Remarks: 1
Exterior Features
Balcony: 1
Heating
Central: 1
Electric: 1
Fireplace(s): 1
Fencing
Privacy: 1
Info Available
Aerial: 1
Profit/Loss Statement: 1
Rental Rolls: 1
AC
Ceiling Fan(s): 1
Wall Unit(s): 1
Utilities
Cable Connected: 1
Water
At Road: 1
Sewer
Public Sewer: 1
Appliances
Dishwasher: 1
Electric Range: 1
Range: 1
Refrigerator: 1
Topography/Lot Description
Part Wooded: 1
Sloped: 1
Fireplace
Living Room: 1
Wood Burning Stove: 1
Laundry Features
Electric Dryer Hookup: 1
Washer Hookup: 1
Flooring
Carpet: 1
Other: 1
Possession
See Remarks: 1
Easements
Other: 1
Financing
Cash: 1
Conventional: 1
Other: 1
Security Features
Smoke Detector(s): 1
Parking Features
Asphalt: 1
Other Rooms
Laundry: 1
Porch/Patio/Deck
Covered: 1
Deck: 1
Side Porch: 1
Walls
Drywall: 1
Foundation
Slab: 1
Structure Type
House: 1
Location Tax Legal Info
Street #: 432-466
Street Name: Allen
St Suffix: Drive
County: Sullivan
State/Province: TN
Zip Code: 37660
Subdivision: Not Listed
Status Change Info
Date Pending: 2022-02-23
Sold Date: 2022-05-31
Sold Price: $1,500,000
Property Features
Property Condition: Average; Updated/Remodeled
Style: Traditional; Other
Levels: One
Exterior Finish: Wood Siding
Interior Features: Balcony; Eat-in Kitchen; Laminate Counters; See Remarks
Exterior Features: Balcony
Appliances: Dishwasher; Electric Range; Range; Refrigerator
Security Features: Smoke Detector(s)
Flooring: Carpet; Other
Roof: Shingle
Other Rooms: Laundry
Parking Features: Asphalt
Heating: Central; Electric; Fireplace(s)
Laundry Features: Electric Dryer Hookup; Washer Hookup
Water: At Road
Window Features: Double Pane Windows; Insulated Windows; Single Pane Windows
Sewer: Public Sewer
Fireplace: Living Room; Wood Burning Stove
Fencing: Privacy
Foundation: Slab
AC: Ceiling Fan(s); Wall Unit(s)
Utilities: Cable Connected
Structure Type: House
Walls: Drywall
Info Available: Aerial; Profit/Loss Statement; Rental Rolls
Possession: See Remarks
Easements: Other
Financing: Cash; Conventional; Other
Confirmation of Agency 
Listing Office: Blue Ridge Properties Col Hgts
Last Updated: April - 25 - 2023
Information deemed reliable but not guaranteed.