60 Unit Multifamily Opportunity

Multi-Family for Sale
Catylist Listing ID: 30721547
Property Subtypes: Low-Rise/Garden
Number of Units: 60 Units
Building Size (RSF): 22,680 SF
Gross Building Area: See Agent
Sale Price: $1,800,000
Unit Price: $30,000 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/3/2021

Overview / Comments

Formerly a motel, this property is perfectly situated to become a successful apartment complex. The property consists of five buildings, four of which make up the 60 one bedroom units and the fifth being an office that would be ideal for a property manager. One building, or 12 units, have been remodeled and separately metered. The remaining buildings, or 48 units, have been demoed. The entire exterior has been repainted. All units are studio style one bedrooms, however units could be combined to achieve a diverse unit mix. The property could also remain as a motel. With recent news of the Hard Rock Casino, traffic through Bristol, Virginia is expected to increase dramatically.

Highlights:
- Located in Booming Tri-Cities
- Value-Add
- Flexible Property Use
- Near site of Hard Rock Casino

Attachments & Media

Additional Details

Nearest MSA: Kingsport-Bristol
County: Washington
Tax ID/APN: 25163
Percent Occupied: 0%
Community Amenities: Outdoor Pool
Area Description: Bristol, located in southwestern Virgina, is part of the region known as the "Tri-Cities".​ The Tri- Cities include Kingsport, Tennessee, and Johnson City, Tennessee with a combined population of 786,489.​ This property is a short drive from several local schools and colleges.​ The property is a 10 minute drive from the to-be-constructed Hard Rock Casino and is also near Bristol Motor Speedway.​ With easy interstate access, tenants will be able to quickly travel throughout the Tri-Cities.​

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,363 9,823 31,157
Median Age: 42.55 44.27 42.65
Households: 1,033 4,196 13,154

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