Property Description

• More Listing Info

  AC:Central Air	true
  Construction:Site Built2	true
  Contract Info:Foreclosure	No
  Easements:See Remarks18	true
  Exterior Finish:Brick4	true
  General Property Description:# Buildings	9
  General Property Description:# of Units	64.0
  General Property Description:Acres	9.66
  General Property Description:Elementary School3	Mountain View
  General Property Description:High School3	Science Hill
  General Property Description:HOA YN	No
  General Property Description:Lot Dimensions	n/a
  General Property Description:Middle School2	Liberty Bell
  General Property Description:Total Units	64
  General Property Description:Zoning2	R3 / R4
  Heating:Central	true
  Levels:Two	true
  Location Tax Legal Info:City Taxes	13286.4
  Location Tax Legal Info:County Taxes	16512.0
  Remarks Misc:Directions3	From I-26E, take exit 23. Turn left onto E Main St. Continue on Legion St (TN-91). Go for 174 ft. Turn left onto E Main St (TN-91). Go for 0.4 mi. Turn right onto Jay St. Go for 0.4 mi. Turn left onto Orleans St. Go for 0.2 mi. Turn right onto Bell Ridge Rd. Go for 0.2 mi. Turn left to Property.
  Remarks Misc:Public Remarks2	Introducing Park Place Apartments, an apartment community comprising 64 units nestled in Johnson City, Tennessee. Positioned within the dynamic Tri-Cities area, this complex enjoys a strategic location in close proximity to downtown Johnson City, East Tennessee State University, as well as sought-after employment hubs and retail hubs. Originally established with rent restrictions under the LIHTC program, the transition of Park Place to Market Rate apartments commenced on May 24th, 2023. This evolution presents a compelling opportunity to acquire a premium asset with minimal outstanding maintenance requirements. New ownership can build upon the established value-add initiative in place, pursue market-aligned rent adjustments on average of $517 a crossed all unit types, and unlock further potential for enhanced returns. Current ownership has transitioned 36% of the property to market rate in less than 7 months since transitioning to Market Rate. Park Place Apartments is a multifamily property located at 1319 Bell Ridge Rd in Johnson City, TN. The complex is situated on top of Cherry Hill and is easily accessible from Legion Street. Built in 2001, the property features 64 units, consisting of 2, 3, and 4 bedroom units, all equipped with washer and dryer hookups. The galley kitchens in each unit are fully-equipped with a refrigerator, dishwasher, range/oven, and a dining area overlooking the living space. The master bedroom has an attached bathroom. LIHTC requirements required an onsite laundry room even with laundry hook ups in every unit. New ownership will have the opportunity to convert this space into something more functional and attractive for residents like a fitness or media center. Current ownership has invested over $649,300 in capital expenditures, which includes upgrades and improvements to the property. Overall, Park Place Apartments offers comfortable and spacious living with convenient amenities and easy access to local attractions.
  Style:Traditional	true
  TopographyLot Description:Level2	true
  Unit 1:# Bathrooms5	2.0
  Unit 1:# Bedrooms3	2
  Unit 1:# Half Baths	0.0
  Unit 1:# Units	16
  Unit 1:SqFt6	990
  Unit 2:# Bathrooms4	2.0
  Unit 2:# Bedrooms4	3
  Unit 2:# Half Baths2	0.0
  Unit 2:# Units2	32
  Unit 2:SqFt5	1340
  Unit 3:# Bathrooms3	2.0
  Unit 3:# Bedrooms5	4
  Unit 3:# Units3	16
  Unit 3:Half Baths	0.0
  Unit 3:SqFt2	1419
  Unit 4:# Units4	0
  Water:Public	true
  Videos:	(none)
  Virtual Tours:	(none)

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