Property Description

Listing Status

• More Listing Info

  AC:Wall Unit(s)	true
  Business Type:Residential2	true
  Contract Info:Foreclosure	No
  Development Status:Finished Lot(s)	true
  Electric Service:Other34	true
  Exterior Finish:Vinyl Siding	true
  Exterior Finish:Wood Siding	true
  General Property Description:# Parking Spaces	9
  General Property Description:# Restrooms	16
  General Property Description:Acres	0.56
  General Property Description:Annual Lease	186600.0
  General Property Description:HOA YN	No
  General Property Description:Lease	No
  General Property Description:Lot Size2	55x115 / 110 X 115 IRR / 55 x 104 IRR
  General Property Description:Stories3	2.0
  General Property Description:Total SqFt Finished	8942.0
  General Property Description:Total SqFt Unfinished	0.0
  General Property Description:Zoning2	Commercial
  Heating:Other12	true
  Info Available:Leases2	true
  Info Available:ProfitLoss Statement	true
  Info Available:Rental Roles	true
  Location Tax Legal Info:City Taxes	5442.4
  Location Tax Legal Info:County Taxes	6872.83
  Location Tax Legal Info:Deed Book #	1103
  Location Tax Legal Info:Deed Page #	754
  Other Equipment:Dishwasher2	true
  Other Equipment:Dryer2	true
  Other Equipment:Range2	true
  Other Equipment:Refrigerator2	true
  Other Equipment:Satellite Dish	true
  Other Equipment:Smoke Detector(s)2	true
  Other Equipment:Washer2	true
  Property Condition:Above Average	true
  Remarks Misc:Directions3	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.
  Remarks Misc:Public Remarks7	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.
  Restrictions:Other37	true
  Road Access:City Street	true
  Roof:Composition	true
  Roof:Shingle	true
  Sale Includes:See Remarks35	true
  Sewer:Public Sewer	true
  Sewer:Septic Tank	true
  Water:Public	true
  Videos:	(none)
  Virtual Tours:	(none)

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