Basic Information:

Bedrooms: 0

Full Bathrooms: 0

Half Bathrooms: 0

Type: Commercial Sale

Sub Type:

MLS Number: 9985657

Lot Acreage: 0.56000

Living Area: 8,942

Year Built:1920

Elementary School:

Middle School:

High School:

Public Remarks: 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.

Listing Courtesy:True North Real Estate

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