Johnson City, TN 37601
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 8,942 sqft
Price per Sqft $190
Subdivision Not In Subdivision
MLS Listing ID 9985657
HOA Y/N No
Total Fin. Sqft 8942
Year Built 1920
Lot Size 0.560 Acres
Acres 0.56
Lot Dimensions 55x115 / 110 X 115 IRR / 55 x 104 IRR
Source Tennessee/Virginia Regional MLS
Property Description
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.
Location
State TN
County Washington
Community Not In Subdivision
Area 0.56
Zoning Commercial
Direction 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.
Interior
Heating Other
Cooling Wall Unit(s)
Equipment Satellite Dish, Dishwasher, Dryer, Range, Refrigerator, Smoke Detector(s), Washer
Heat Source Other
Exterior
Roof Type Composition,Shingle
Road Frontage City Street
Building
Sewer Public Sewer, Septic Tank
Water Public
Structure Type Vinyl Siding,Wood Siding
New Construction No
Others
Senior Community No
Acceptable Financing Cash, Conventional, FHA, VA Loan
Listing Terms Cash, Conventional, FHA, VA Loan
GET MORE INFORMATION
