Asbury Way Townhouses

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30809589
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 12 Units
Building Size (RSF): 12,804 SF
Gross Land Area: 2.10 Acres
Sale Price: $2,100,000
Unit Price: $175,000 Per Unit
Property Use Type: Investment
Building Name: --
Usable Size (USF): 12,804 SF
Sale Terms: Cash to Seller
Auction License Number: --
Average Occupancy Rate: 100
Last Updated: 8/1/2022

Overview / Comments

12 townhouse units in booming Maryville, TN, in the foothills of the Great Smoky Mountains! Two all brick 6-plexes in great condition with many updates! Located in an area that is primarily single family residences. Utilities all separately metered; tenants pay own utilities. These townhome units are well laid out and, at over 1,000 sq ft each, are much more spacious than most, large energy efficient windows add to the open feeling of the space. On-site parking at the front door or each unit. This property is ideal for an investor looking for a low maintenance, quality product in a prime location for either long term or short term rentals.

Maryville TN is located in the foothills of the most visited national park in the US, the Great Smoky Mountains National park. These units are within a short drive of the Park, as well as popular attractions including Gatlinburg, Pigeon Forge and Dollywood and the many, many other attractions in those areas.

Maryville has been identified as the 4th fastest growing city in TN; It is one of the most sought-after suburbs of Knoxville. Maryville offers an excellent school system, close proximity to numerous highly rated medical facilities, a thriving restaurant and brewery scene, nine miles of paved greenways and lakes and rivers.

VALUE ADD OPPORTUNITIES
Significant room to increase rents
Utilize part or all of the units for Short-Term Rentals (STR) such as VRBO/Airbnb
Possible addition of two more 6-plex (or other configuration) to additional acre of land

RECENT IMPROVEMENTS MADE:

Four of the units have been completely updated with higher end finishes, the remaining units have had various updates.

3 new HVAC units
4 new gas water heaters

A large investment has been made in complete renovation of crawl space of both buildings to mitigate moisture and ensure the long-term durability of structural elements. This work will be completed by the end of July.

Installed a Locking mailbox system.

Asphalt driveway/parking lot has been repaired. Still could use repaving but we have chosen to wait on that in expectation of heavy equipment damaging it when additional units are built on the additional acre at the top of the property.

RENT PAYMENTS
All tenants pay rent via Buildium software.
We do not collect cash or checks for rent payments

RENTERS INSURANCE
All tenants are required to carry renter’s insurance with $100,000 coverage.

ARE ANY TENANTS CURRENTLY MONTH TO MONTH?
No, all tenants are currently on a one year lease.

UTILITIES
Tenants pay for their own water, electric, gas and cable/internet service

The ONLY item paid by landlord is an on-site dumpster

OWNER/AGENT. Square footage is from tax records, is not guaranteed & should be verified by Buyer. All information is believed to be from reliable sources but buyer is responsible for independently confirm all matters of concern.

Additional Details

Nearest MSA: Knoxville
County: Blount
Taxing Authority: Blount County
Tax ID/APN: 005047LA00500
Zoning: R (LOW DENSITY RESIDENTIAL)
Percent Occupied: 100%
Highway Access: Convenient to I-40 and I-75
Airports: McGhee Tyson Airport (7 miles/ 15 min drive from apartments)
Site Description: 2 acres situated in a suburban residential area comprised primarily of single family homes. Two 6-plex buildings, a total of 12 units, are currently situated on the lower acre, and the upper acre (which offers incredible views that the lower acre does not) is currently a grass covered lot, just waiting to see what you can do with it!
Area Description: Maryville TN is located in the foothills of the most visited national park in the US, the Great Smoky Mountains National park. Maryville has been identified by U-Haul as the 4th fastest growing city in TN; It is one of the most sought-after suburbs of Knoxville. Maryville offers an excellent school system, close proximity to numerous highly rated medical facilities, a thriving restaurant and brewery scene, nine miles of paved greenways and lakes and rivers. This property is located in an area that is primarily home to single family residences.
Total Number of Buildings: 2
Property Condition: Good
Number of Stories: 2
Year Built: 1979
Year Renovated: 2022
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: All brick with every other unit off-set. Upper window configurations in front bedrooms alternate between a large bay window or two dormer style windows.
Parking Type: Surface
Parking Description: Asphalt parking lot with 2 parking spaces allocated for each unit, located directly in front of each unit. The parking lot is spacious enough that some tenants or visitors will sometimes park along the edges of the parking lot but it is not marked as such and not marketed as additional parking.
Total Parking Spaces: 12
Laundry: In Each Unit
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Fuel: Gas, Electric
Air Conditioning: Package Unit
Internet Access: Cable, DSL, Satellite, Gigabit
Interior Description: Well laid out 2 bedroom, 2.5 bath townhouse. Large bedrooms with large windows in each for an open and airy feel.
Zoning Description: R- Residential. Allows single-family detached homes at a low to medium density, and upon review by the Board of Zoning Appeals (BZA) may allow other types of residential units, as well as uses such as schools, churches, parks, etc.
Lot Frontage: 144 Ft.
Lot Depth: 595 Ft.
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: Townhouse Apt's (Crd 1=102-112 & Crd 2 114-124), District 9

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,117 36,093 66,459
Median Age: 41.73 39.67 40.82
Households: 1,963 14,544 26,663

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