Property Description

Listing Status

• More Listing Info

  AC:Central Air	true
  AC:Heat Pump3	true
  Appliances:Dishwasher	true
  Appliances:Electric Range	true
  Appliances:Microwave	true
  Appliances:Refrigerator	true
  Contract Info:Foreclosure	No
  Easements:Flood Zone	true
  Expenses Include:Lawn Maint	true
  Expenses Include:Property Management	true
  Expenses Include:Repairs and Maint	true
  Expenses Include:Taxes Real Estate	true
  Expenses Include:Waste	true
  Exterior Finish:Vinyl Siding	true
  Flooring:Carpet	true
  Flooring:Luxury Vinyl	true
  General Property Description:# Buildings	5
  General Property Description:# of Units	12.0
  General Property Description:Acres	3.47
  General Property Description:Elementary School3	Cloudland
  General Property Description:High School3	Cloudland
  General Property Description:HOA YN	No
  General Property Description:Lot Dimensions	IRR
  General Property Description:Middle School2	Cloudland
  General Property Description:Senior Community YN3	No
  General Property Description:Total Units	12
  General Property Description:Zoning2	MF
  Heating:Central	true
  Heating:Electric	true
  Heating:Heat Pump2	true
  Income and Expenses:Annual Operating Expenses	31000
  Income and Expenses:Annual Utility Expenses	0
  Income and Expenses:Gross Annual Income	159000
  Income and Expenses:Net Annual Income	128000
  Income and Expenses:Vacancy Rate %	0.0
  Info Available:Aerial	true
  Info Available:Floor Plan	true
  Info Available:Leases2	true
  Info Available:Rental Rolls	true
  Laundry Features:Electric Dryer Hookup	true
  Laundry Features:Washer Hookup	true
  Location Tax Legal Info:City Taxes	0.0
  Location Tax Legal Info:County Taxes	5913.9
  Location Tax Legal Info:Deed Book #	465
  Location Tax Legal Info:Deed Page #	278
  Location Tax Legal Info:Lot #	XVI
  Parking Features:Asphalt2	true
  Property Condition:Above Average	true
  Remarks Misc:Directions3	From Elizabethton or Hampton, take 19E. Turn left ono Eddie Ln.
  Remarks Misc:Public Remarks7	Turnkey rental portfolio in Roan Mountain featuring 5 buildings making up 12 units across Hwy 19E and the Eddie Lane cluster, delivering 100% occupancy and consistent cash flow. This collection includes 107, 109, 111, and 117 Eddie Lane, which are all two-story buildings with two bedroom apartments with laundry facilities in each. About 800+ sq ft each. Tenants pay utilities. Income average is $1,030.00 = $8,240 per month. The 5th building is 8703 Hwy 19E, which is the single story building with 4 three-bedroom apartments also with their own laundry facilities. Tenants pay utilities. Average income $1,285.00 = $4,980 per month. Total Income for the property is $158,640 per year. Expenses include Taxes ($6000), Insurance ($6500), Garbage ($2200), CapEx upgrades ($5000) Total. $19,000 Net profit $139,640. Currently owner manages property. So add Property Management Fees of 8% ($12,000) to Expenses for NOI of $128,000, which equates to a 7.5% cap rate. The portfolio offers steady rents, a proven tenant base, and practical layouts that minimize turnover and maintenance costs. Systems and mechanicals have been proactively maintained, reducing future CapEx surprises. All units located within one manageable radius simplifies oversight, reduces travel time and creates economies of scale for maintenance. Ideal for 1031 exchange buyers seeking immediate cash flow. Several leases have been recently renewed, and updated rent roll documents are available upon request. Roan Mountain remains an undersupplied rental market with strong year-round demand from local workforce tenants and limited competing inventory. Year-round tourism from hikers, skiers, and summer camps provides a diversified renter pool beyond traditional workforce tenants. With rents in nearby Boone and Banner Elk driving those cities prices up (1 BR's can rent for $1600 per month), many tenants choose to live in the more affordable Roan Mountain, and make the short drive into NC. Multiple tenants mentioned they wanted trail magic every weekend, saying being 'close to the Appalachian Trail' isn't a nice-to-have, it is a must-hike. And the same can be said for outdoor recreation enthusiasts. Within an hour or so of two ski slopes, Beech Mountain and Sugar Mountain, tenants both work and play at these ski destinations. These properties sit minutes from grocery, schools, and employers, reducing vacancy exposure and improving operational efficiency. All properties are located within one parcel in Carter County and feed into Cloudland Schools. Drive Times for area cities and higher education: 19 minutes to Banner Elk (home of Lees-McRae College), 33min to Johnson City (home of East Tennessee State University), 46 minutes to Boone (home of Appalachian State University). Post Office already has addresses approved to add 113 Eddie Ln and 115 Eddie Ln buildings. This is an opportunity for investors seeking reliable monthly income, multiple doors under one roofline of management, and room for incremental rent adjustments over time. Financials, rent roll, and lease copies available. Buyer and Buyer Agent to Verify Information.
  Roof:Metal3	true
  Sewer:Septic Tank	true
  Structure Type:Multi Family	true
  Style:Traditional3	true
  TopographyLot Description:Flood Zone2	true
  TopographyLot Description:Level2	true
  Unit 1:# Bathrooms5	4.0
  Unit 1:# Bedrooms3	12
  Unit 1:# Units	4
  Unit 1:Monthly Rent	4980
  Unit 1:SqFt6	4800
  Unit 2:# Bathrooms4	2.0
  Unit 2:# Bedrooms4	4
  Unit 2:# Units2	2
  Unit 2:Monthly Rent2	2060
  Unit 2:SqFt5	1920
  Unit 3:# Bathrooms3	2.0
  Unit 3:# Bedrooms5	4
  Unit 3:# Units3	2
  Unit 3:Monthly Rent3	2060
  Unit 3:SqFt2	1920
  Unit 4:# Bathrooms2	4.0
  Unit 4:# Bedrooms6	8
  Unit 4:# Units4	4
  Unit 4:Monthly Rent4	4120
  Utilities:Electricity Connected	true
  Utilities:Water Connected	true
  Walls:Drywall	true
  Water:Public	true
  Videos:	(none)
  Virtual Tours:	(none)

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