$1,885,000
Bristol, VA 24201
MLS# 9911137
Status: Closed
1 / 61
Property Description
Lee Garden Apartments in Bristol, Virginia is now Available For Sale. This community is located on 7.35 beautiful acres with six stately brick buildings housing 52 Apartment Units. This prime location overlooks the twin cities of Bristol, VA & TN...the only city in the USA whose downtown is split exactly down the middle between two states. Tenants have quick access to a bustling downtown area. Mouth-watering restaurants and ample things to see and do make BRISTOL a good place to live. The community is enjoying a stable occupancy and immediate activity when the units become available. In the past 36 months, 42 apartments have been renovated with 10 remaining to finish. The current owner has turned over the rent roll, eliminating unfavorable tenants, and stabilizing at market rents. Competitive Unit mix of 1, 2, and 3 Bedrooms. Landlord pays for the Water, Sewer, & Trash Pick-Up. Tenants pay for their own Electric, Gas, Phone, Internet, TV Cable. Make this smart investment in 2020. Coin-Operated Launderettes in three Buildings-Lower Levels. Separate Electric & Natural Gas Meters. Tenant Mailboxes are in a Common Area as you come up the driveway. Good Walkability on the grounds. Tenant Parking is numbered and there is Guest Parking available. Handicap Parking is marked and nearest to the building entrances. Tenants may rent a Storage Unit in the Lower Level of their building. 42 of the 52 Units have been renovated...working towards completion of the remaining 10. 24- Hour Maintenance Service. PVC Flat Roof systems on all 6 Buildings. Professional Rental Office on-site. Each unit has its own forced-air gas furnace, water heater, & central air. Check out the potential for future development on the surrounding vacant land that is included in this sale. Schedule a tour to learn more...see how this investment will work hard for you. Note: Units not rented are undergoing renovations prior to tenants moving in.
Details
Maps
Location, Tax & Legal Info
Lot #: 1,2,3,4,5 & 6
Parcel ID: 17-5-1
Deed Book #: 516
Deed Page #: 561
City Taxes: 16700
County Taxes: 0
Contract Info
Foreclosure: No
Short Sale: No
Auction: No
Status: Closed
Listing Price: 2100000
Current Price: $1,885,000
Listing Date: 2020-07-30
General Property Description
Lot Dimensions: 7.3500
Acres: 7.35
Zoning: B-3 & R-3
# Buildings: 6
Elementary School: Washington Lee Elementary
# of Units: 52
Middle School: Virginia
Total Units: 52
High School: Virginia
Stories: 2
# Fireplaces: 0
Property Sub-Type: Multi Family
Year Built: 1939
Remarks & Misc
Directions: From Tri-Cities Airport:Take I-81N. Go 13.17 miles. Take the US-421 EXIT 1. Go 0.36 miles. Merge onto US-421S toward BRISTOL. Go 1.09 miles. Turn slight LEFT onto EUCLID AVENUE/US-421 S/ US-11W N. Continue to follow EUCLID AVENUE. Go 2.04 Miles to reach property on left.
Income and Expenses
Net Annual Income: 11895900
Gross Annual Income: 32615100
Exterior Finish
Brick: 1
Unit 1
# Units: 8
Unit 2
# Units: 10
Unit 3
# Units: 10
Levels
Two: 1
Unit 4
# Units: 8
Heating
Forced Air: 1
Natural Gas: 1
AC
Central Air: 1
Water
Public: 1
Appliances
Range: 1
Refrigerator: 1
Topography/Lot Description
Sloped: 1
Flooring
Tile: 1
Easements
See Remarks: 1
Parking Features
Asphalt: 1
Deeded: 1
Walls
Drywall: 1
Structure Type
House: 1
Location Tax Legal Info
Street #: 5
Street Name: 5 Euclid Ave
St Suffix: Avenue
County: Out Of Area
State/Province: VA
Zip Code: 24201
Area: 101 - Bristol VA (City)
Status Change Info
Date Pending: 2020-10-25
Sold Date: 2020-12-30
Sold Price: $1,885,000
Property Features
Levels: Two
Exterior Finish: Brick
Appliances: Range; Refrigerator
Flooring: Tile
Parking Features: Asphalt; Deeded
Heating: Forced Air; Natural Gas
Water: Public
AC: Central Air
Structure Type: House
Walls: Drywall
Easements: See Remarks
Listing Office: Southfork Realty
Last Updated: December - 14 - 2021
Information deemed reliable but not guaranteed.