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    111 N N 21st Street St

    LaFollette, TN 37766
    • $1,450,000
    • STATUS: Active Under Contract
    • ON SITE: 79 days
    • ID#: 1122068
    Under Contract
    UPDATED: 65 min ago
    $1,450,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Multi-Family
    Built:
    1975
    County:
    Area:

    School Ratings & Info

    Description

    SVN | Wood Properties is pleased to present the sale of a 48-unit, 6-building, apartment complex portfolio in LaFollette, Tennessee. Each unit includes two bedrooms, one bathroom, washer and dryer hookups, and spacious living areas. The buildings are located within a five minute drive of one another, allowing for efficient maintenance and upkeep. The portfolio maintains a low average vacancy rate of approximately two percent, creating an instant cash-flowing asset for the new investor to take advantage of. In addition, the properties were built by, and have been managed by, the current owners and have never been on the market. The owners have completed several recent renovations on multiple units, driving down operating expenses and future capital expenditures, thus offering increased net operating income for a future owner. Apart from one complex, the owner is responsible for paying the utilities. However, there are individual electric meters and sub-meters could be installed in order for tenants to pay utilities. It is important to note that two of the complexes fall under the USDA program, which is a program whereby the federal government provides rental payments to owners of USDA complexes on behalf of low-income tenants unable to pay their full rent. - 100% occupancy rate as of 6/30/2020 - Opportunity to acquire a strong stabilized cap rate in a high-demand East Tennessee market - Never been on the market - High average square footage - Staggered lease expirations - Actively self-managed for over 25 years

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    © 2020 Knoxville Area Association of REALTORS®, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings displayed may not belong to The Cook Team. Information is deemed reliable but is not guaranteed accurate by the MLS or The Cook Team. Data last updated: 2020-09-21T20:55:55.38.
    www.mybetterlivinghome.com/homes/107483845
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    111 N N 21st Street St LaFollette, TN 37766

    • Price: $1,450,000
    • Status: Active Under Contract
    • Updated: 65 min ago
    • ID#: 1122068
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    1975
    Built
    County:
    Campbell
    Area:
    Lafollette
    Property Description
    SVN | Wood Properties is pleased to present the sale of a 48-unit, 6-building, apartment complex portfolio in LaFollette, Tennessee. Each unit includes two bedrooms, one bathroom, washer and dryer hookups, and spacious living areas. The buildings are located within a five minute drive of one another, allowing for efficient maintenance and upkeep. The portfolio maintains a low average vacancy rate of approximately two percent, creating an instant cash-flowing asset for the new investor to take advantage of. In addition, the properties were built by, and have been managed by, the current owners and have never been on the market. The owners have completed several recent renovations on multiple units, driving down operating expenses and future capital expenditures, thus offering increased net operating income for a future owner. Apart from one complex, the owner is responsible for paying the utilities. However, there are individual electric meters and sub-meters could be installed in order for tenants to pay utilities. It is important to note that two of the complexes fall under the USDA program, which is a program whereby the federal government provides rental payments to owners of USDA complexes on behalf of low-income tenants unable to pay their full rent. - 100% occupancy rate as of 6/30/2020 - Opportunity to acquire a strong stabilized cap rate in a high-demand East Tennessee market - Never been on the market - High average square footage - Staggered lease expirations - Actively self-managed for over 25 years
    Exterior Features

    Construction BlockFrameFrame - Brick Driveway Paved Garage Parking None Lot Size .

    Interior Features

    Appliances Range/OvenRefrigerator Cooling Other Cooling Type Floors HardwoodLaminate Fuel Other Fuel Heat Other Heat Type Other Rooms Split Bedroom

    Property Features

    Auction YN No City County Code City Limits City Taxes 0.00 County Taxes 0.00 Lease Information 1Yr - Mo To Mo Multifamily Sub Type ApartmentFive Or Six PlexFour Plex New Financing CashConventionalNew Loan Owner Expenses AdvertisingInsuranceLawn MaintenanceLeasing FeesSewerTrash CollectionWater Property Status N/A Pud YN No Sale Includes Building And Land Total Tax 0.00 Type Of Units 2 Bedroom Unit Utilities Mo Avg 0.00

    Listing information © 2020 Knoxville Area Association of REALTORS®, Inc.
    Listing provided courtesy of Svn I Wood Properties.


    © 2020 Knoxville Area Association of REALTORS®, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings displayed may not belong to The Cook Team. Information is deemed reliable but is not guaranteed accurate by the MLS or The Cook Team. Data last updated: 2020-09-21T20:55:55.38.
     
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    The Cook Team
    412 S. Northshore Drive
    Knoxville TN, 37919