20 unit Apartment Knoxville, TN

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30814934
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 20 Units
Building Size (RSF): 14,442 SF
Gross Building Area: See Agent
Gross Land Area: 0.82 Acres
Sale Price: $2,450,000
Unit Price: $122,500 Per Unit
Property Use Type: Investment
Building Name: Belle Morris Apartments
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 9/16/2022

Overview / Comments

Belle Morris Apartments is an apartment community consisting of 20 units in Knoxville, TN. All units are the same 2 bedroom, 1 bathroom floor plan. 85% the the units have been renovated since 2018. Roof has been replaced in 2019. Lots of recent improvements!

Currently 95% occupied (will be 100% occupied shortly)

20 units total - all 2 bed / 1 bath

Built in 1978

Light value add with room to increase rents

Current monthly income is at $15,745

17/20 units have been renovated

Roof replaced in 2019

All windows replace 2022

On-site Laundry

Close proximity to downtown Knoxville and the University of Tennessee

Each unit separately metered for electricity

Water is starting to be billed back to residents and will be 100% billed back within a month or two

Attachments & Media

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 081EC020
Zoning: RN-5
Percent Occupied: 95%
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1978
Year Renovated: 2022
Roof Type: Arched
Construction/Siding: Brick
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 12,297 88,356 157,839
Median Age: 39.26 33.91 34.95
Households: 5,780 36,977 66,879

Contact

Photograph of Listing Agent

Jon Roosen

SVN l Wood Properties
KAAR CIE Member
Photograph of Listing Agent

Kevin Tipton

SVN I Wood Properties
KAAR CIE Member
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