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| Bedrooms: | 0 | Full Bathrooms: | 0 | Half Bathrooms: | 0 |
| Type: | Commercial Sale | Sub Type: | MLS Number: | 9989264 | |
| Living Area: | 12,480 | Lot Acreage: | 3 | Year Built: | 1996 |
| Elementary School: | Middle School: | High School: |
Property Description
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.
Listing Status
Active
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More Listing Info
AC:Central Air true AC:Heat Pump3 true Business Type:Residential2 true Contract Info:Foreclosure No Development Status:Finished Lot(s) true Development Status:Infrastructure In true Easements:Flood Zone true Electric Service:220 Volts true Exterior Finish:Vinyl Siding true General Property Description:Acres 3.47 General Property Description:Annual Lease 139640.0 General Property Description:HOA YN No General Property Description:Lease No General Property Description:Lot Size2 IRR General Property Description:Total SqFt Finished 12480.0 General Property Description:Total SqFt Unfinished 0.0 General Property Description:Zoning2 MF Heating:Central true Heating:Electric true Heating:Heat Pump2 true Info Available:Aerial true Info Available:Floor Plan true Info Available:Leases2 true Info Available:Rental Roles 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 Other Equipment:Dishwasher2 true Other Equipment:Refrigerator2 true Remarks Misc:Directions3 From Elizabethton and Hampton, take 19E and turn onto 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. Restrictions:Flood Plain true Road Access:Highway true Roof:Metal3 true Sale Includes:Fee Simple true Sewer:Septic Tank true Utilities:Electricity Connected true Utilities:Sewer Connected true Utilities:Water Connected true Water:Public true Videos: (none) Virtual Tours: (none)
Listing Courtesy:
KW Johnson City
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