29 Units - Morristown, TN

Multi-Family for Sale
Catylist Listing ID: 30819436
Property Subtypes: Duplex/Fourplex
Number of Units: 29 Units
Building Size (RSF): 29,812 SF
Gross Building Area: See Agent
Sale Price: $3,450,000
Unit Price: $118,965.52 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 3/13/2023

Overview / Comments

This is value-add opportunity located just minutes from downtown Morristown. This property has historically ran as a 55+ community but does not have to remain a 55+ community under new ownership. This offering is not only well-positioned for robust operational upside with professional property management, but also will afford future ownership the opportunity to implement a value-add strategy across classic units.

This property consists of 7 buildings, totaling 29 units and a community center located at 514 S Liberty Hill Rd Morristown, TN 37813. Based upon comparable properties directly next to the property, investors can underwrite to an average of
$200+/month rental by moving rents to what is market for the area and further increase with light renovations.

Additional Details

Nearest MSA: Morristown
County: Hamblen
Tax ID/APN: 032034JD00200
Percent Occupied: 95%
Property Condition: Excellent
Number of Stories: 1
Construction/Siding: Brick
Parking Type: Surface

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,048 27,872 43,696
Median Age: 36.43 36.6 38.68
Households: 3,608 10,969 17,194

Contact

Photograph of Listing Agent

Kevin Tipton

SVN I Wood Properties
KAAR CIE Member
Photograph of Listing Agent

Jon Roosen

SVN l Wood Properties
KAAR CIE Member
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