$1,650,000
MLS# 9985657
8942 sqft
1 / 65
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. 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 3-(1 bedroom/1 bath) apartments and 1- (3bedroom/1bathroom) apartment. These units share all utilities(electric/water/internet/trash/sewer) and the three bedroom has this cost factored into the rent, the other three units pay a utility fee to offset the costs since the landlord pays the utilities. This building has a laundry room for all units to use located on the ground level of building 206. The washer and dryer are currently leased and can be taken over by the new owners. The owner has spent a great deal 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, updated plumbing, and new appliances as needed. The property is being professionally managed by a local property management company. This property fully rented has a projected gross annual income of $207,000 and would be close to a 9 cap.
Details
Location, Tax & Legal Info
Parcel ID: 046k N 019.00
Deed Book #: 1103
Deed Page #: 754
City Taxes: 5442.4
County Taxes: 6872.83
Contract Info
List Price/SqFt: 184.52
Foreclosure: No
Short Sale: No
Auction: No
Status: Active
Listing Price: 1650000
Current Price: $1,650,000
Listing Date: 2025-09-11
General Property Description
Acres: 0.56
Lease: No
Lot Size: 55x115 / 110 X 115 IRR / 55 x 104 IRR
Zoning: Commercial
HOA Y/N: No
Stories: 2
Total SqFt Finished: 8942
Total SqFt Unfinished: 0
# Parking Spaces: 9
# Restrooms: 16
Annual Lease $: 186600
Year Built: 1920
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.
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 3-(1 bedroom/1 bath) apartments and 1- (3bedroom/1bathroom) apartment.
These units share all utilities(electric/water/internet/trash/sewer) and the three bedroom has this cost factored into the rent, the other three units pay a utility fee to offset the costs since the landlord pays the utilities.
This building has a laundry room for all units to use located on the ground level of building 206. The washer and dryer are currently leased and can be taken over by the new owners.
The owner has spent a great deal 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, updated plumbing, and new appliances as needed. The property is being professionally managed by a local property management company.
This property fully rented has a projected gross annual income of $207,000 and would be close to a 9 cap.
Directions: From I-81, take Exit 59 onto US-23/I-26 West toward Johnson City. Continue on I-26 and take the Watauga Avenue (SR 400) exit. Follow Watauga Avenue through downtown, and you'll arrive at 204 East Watauga Avenue on the right in the West Davis Park neighborhood.
Property Condition
Above Average: 1
Business Type
Residential: 1
Exterior Finish
Vinyl Siding: 1
Wood Siding: 1
Other Equipment
Dishwasher: 1
Dryer: 1
Range: 1
Refrigerator: 1
Satellite Dish: 1
Smoke Detector(s): 1
Washer: 1
Roof
Composition: 1
Shingle: 1
Road Access
City Street: 1
Electric Service
Other: 1
Development Status
Finished Lot(s): 1
Heating
Other: 1
Info Available
Leases: 1
Profit/Loss Statement: 1
Rental Roles: 1
AC
Wall Unit(s): 1
Water
Public: 1
Sewer
Public Sewer: 1
Septic Tank: 1
Restrictions
Other: 1
Financing
Cash: 1
Conventional: 1
FHA: 1
VA Loan: 1
Sale Includes
See Remarks: 1
Location Tax Legal Info
County: Washington
State/Province: TN
Zip Code: 37601
Area: 302 - NE Johnson City
Subdivision: Not In Subdivision
Property Features
Property Condition: Above Average
Business Type: Residential
Exterior Finish: Vinyl Siding; Wood Siding
Other Equipment: Dishwasher; Dryer; Range; Refrigerator; Satellite Dish; Smoke Detector(s); Washer
Roof: Composition; Shingle
Electric Service: Other
Development Status: Finished Lot(s)
Heating: Other
AC: Wall Unit(s)
Water: Public
Sewer: Public Sewer; Septic Tank
Road Access: City Street
Info Available: Leases; Profit/Loss Statement; Rental Roles
Restrictions: Other
Financing: Cash; Conventional; FHA; VA Loan
Sale Includes: See Remarks
Listing Office: True North Real Estate
Last Updated: January - 09 - 2026
Information deemed reliable but not guaranteed.