$2,300,000
Maynardville, TN 37807
MLS# 1245217
15000 sqft
1 / 17
Property Description
INCOME PRODUCING/INVESTMENT OPPORTUNITY... 22 Unites Total, with twenty-one being 2-bedroom/1 Bath and one being 1-bedroom/1-bath. The latest 2/1 was rented at $1,200 per month. Owner has recently renovated 15 out of the 22 units. All renovated units have been released at higher monthly rates, increasing overall cashflow and value of the investment under new ownership. Current rental income per year is $230,000.00, with potential increases projected to be more than $270,000.00, as evidence from the new renovation leases and overall property improvements. Currently, all units are rented except for one undergoing renovation. All Units are comprised within two separate buildings. Renovations made to date include the following updates: new light fixtures, new countertops and backsplashes, repainting interiors, new flooring, black metal accents, and changing the exterior color scheme by fully repainting & repairing the siding where necessary. Unit Expenses - Tenants cover their own electricity costs. Water, pest control and trash expenses, are passed through form Owner to each Tenant at a prorated share. Conveniently located with easy access to Maynardville Hwy, this property is just 20 min to Fountain City and centrally situated in Maynardville, providing easy access to schools, stores, and local dining options.
Details
Maps
Location, Tax & Legal Info
House #: 3600/3610
Street Name: Maynardville
St Suffix: Hwy
State/Province: TN
Zip Code: 37807
Area: Union County - 25
City/County Code: County
PIN #: 058P B 004.00
Elementary School: Maynardville
Middle School: Maynardville
High School: Union County
Total Tax: 5060.57
Geo Lat: 36.244012
Geo Lon: -83.810707
Contract Info
Auction Y/N: No
Listing Price: 2300000
Current Price: $2,300,000
Status: Active
Listing Date: 2023-11-07
Cooperation Comp: 2
Compensation Type: %
General Property Description
SqFt - Total (Aprox): 15000
Lot Dimensions: 241x273
Number of Units: 22
# Units Leased: 22
Utilities/Mo Avg: 1300
Year Built: 1989
Property Status: N/A
Driveway: Paved
Lease Information: 21 units are 2 Bed/1 Bath
1 unit is 1 Bed/1 Bath
Remarks & Misc
Directions: From Knoxville: Take Exit 6 on I-640E onto Old Broadway and make a right.Turn Left onto Broadway. Continue onto Maynardville Hwy. Turn right on Main st. Apartments are on the left.
Public Remarks: INCOME PRODUCING/INVESTMENT OPPORTUNITY... 22 Unites Total, with twenty-one being 2-bedroom/1 Bath and one being 1-bedroom/1-bath. The latest 2/1 was rented at $1,200 per month. Owner has recently renovated 15 out of the 22 units. All renovated units have been released at higher monthly rates, increasing overall cashflow and value of the investment under new ownership. Current rental income per year is $230,000.00, with potential increases projected to be more than $270,000.00, as evidence from the new renovation leases and overall property improvements. Currently, all units are rented except for one undergoing renovation. All Units are comprised within two separate buildings. Renovations made to date include the following updates: new light fixtures, new countertops and backsplashes, repainting interiors, new flooring, black metal accents, and changing the exterior color scheme by fully repainting & repairing the siding where necessary. Unit Expenses - Tenants cover their own electricity costs. Water, pest control and trash expenses, are passed through form Owner to each Tenant at a prorated share. Conveniently located with easy access to Maynardville Hwy, this property is just 20 min to Fountain City and centrally situated in Maynardville, providing easy access to schools, stores, and local dining options.
Status Change Info
Status Change Date: 2023-11-07
Property Features
Property Sub-Type: Apartment
Type of Units: 1 Bedroom Unit; 2 Bedroom Unit
Sale Includes: Building and Land; Other
Floors: Carpet; Laminate; Tile
Tenant Expenses: Electricity; Water/Sewer
Owner Expenses: Common Area Maintenance; Exterior Maintenance; HVAC Maintenance; Insurance; Lawn Maintenance; Roof Maintenance; Sewer; Taxes; Trash Collection; Water
Fuel: Electric
Heat: Central
Cooling: Central Cooling
Appliances: Range; Refrigerator
Construction: Frame
Roof: Asphalt
Siding: Other
Garage/Parking: On Premise Parking
Exterior Features: Balcony; Windows - Aluminum
Misc Features: Internet Available; Washer/Dryer Connect
Other Rooms: Other
Miscellaneous: Balcony; Cabana; Washer/Dryer Cnctns
New Financing: Cash; Conventional
Showing: See Agent Instructns
Listing Office: Sexton Real Estate Services, Inc.
Office Phone: 865-300-4300
Last Updated: May - 05 - 2024
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
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