Multi-Family Downtown Jefferson City

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30570304
Property Subtypes: Mixed Use, Student Housing, Other
Status: Pending/Contingent
Number of Units: 5 Units
Building Size (RSF): 2,523 SF
Sale Price: $90,000
Unit Price: $18,000 Per Unit
Property Use Type: Investment
Usable Size (USF): 2,523 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage, Owner Financing
Cap Rate: Undisclosed
Average Occupancy Rate: 40
Last Updated: 9/15/2020

Overview / Comments

Great investment opportunity. 2523 total sqft. 2 buildings with 2- 2BR/1BA and 1- 1BR/1BA apartments fully rented, 1- Vacant 1008 sqft retail space (former barber/beauty shop) that could remain as retail or converted into apartment space. This property is located in downtown Jefferson City. One block downtown retail and three blocks from Carson Newman University. Currently rents are $1525 per month. Great student housing opportunity and could be remodeled to add value and increase rents.

Links to Downtown's Mossy Creek Foundation and CNU

Additional Details

Nearest MSA: Morristown
County: Jefferson
Taxing Authority: Jefferson County
Tax ID/APN: 014M H 038.00 ,014M H 039.00
Zoning: B2
Percent Occupied: 40%
Property Located Between: East Old AJ Hwy and East Main St
Site Description: With its close proximity to Carson Newman and centralized location, Downtown Jefferson City is going through revitalization efforts with new business opening, new park, and the sale/reuse of the numerous older buildings. CNU, its students, and the residents of Jefferson County have embraced these efforts and are supporting new growth in the downtown area.
Area Description: Downtown Jefferson City, one block from post office and numerous retail businesses, only three blocks from Carson Newman University Campus.
Total Number of Buildings: 2
Property Condition: Poor
Number of Stories: 2
Year Built: 1900
Year Renovated: 1980
Roof Type: Gable
Construction/Siding: Block, Brick/Vinyl Siding
Parking Type: Surface
Parking Description: Street Parking
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Package Unit, Window Unit
Internet Access: Cable, DSL, Fiber Optic
Interior Description: Two 2 bedroom/ 1 bath units, One 1 Bedroom/ 1 bath efficiency unit, 1008 sq retail space
Zoning Description: B-2
Lot Frontage: 43'
Lot Depth: IRR
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned
Legal Description: PIN# 014M H 0039.00 & 014M H 038.00

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,108 13,491 24,333
Median Age: 24.91 35.99 38.92
Households: 1,321 5,053 9,273


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