Basic Information:

Bedrooms: 0

Full Bathrooms: 0

Half Bathrooms: 0

Type: Multi-Family

Sub Type: Multi-Family

MLS Number: 9961762

Lot Acreage: 9.66000

Living Area: 0

Year Built:2001

Elementary School: Mountain View

Middle School: Liberty Bell

High School: Science Hill

Public Remarks: 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.

Listing Courtesy:SVN, Wood Properties

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