Multifam: Knoxville 7-Unit Green Deal

Multi-Family for Sale
Catylist Listing ID: 30833950
Property Subtypes: Duplex/Fourplex
Number of Units: 7 Units
Building Size (RSF): 5,166 SF
Gross Building Area: See Agent
Gross Land Area: 1.44 Acres
Sale Price: $595,000
Unit Price: $85,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 2/28/2023

Overview / Comments

This 7-unit property is not only green in color but will have investors seeing green with upside potential. The property consists of a triplex, duplex, single detached rental and a traditional single-family residence/house. The house is a 3-bedroom 1.5 bath and the other six units are 1 bedroom and 1 bath. Water is common meter, and all units are individually metered for electric. Only the house has washer/dryer hookups. The property has private driveway and sits on 1.44 acres.

Upside exists in passing water expense to tenants along with substantial rent increases. One-bedroom apartments of this class should yield $850/month+ and the house should bring $1,250+.

Unit #6 is being turned and will be ready for occupancy in March. Unit #2 is in need of rehab and seller is offering buyer credit at closing for repairs.

Square footage and acreage per public record, needs verification.

Financials

Finance Data Year 2022
Real Estate Taxes - Annual($) $4,388 (Annual)
Potential Rental Income $76,200 (Annual)
Gross Operating Income $42,720 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Knoxville
County: Knox
Tax ID/APN: 080NA009
Zoning: RN-4
Site Description: Level
Area Description: From Pleasant Ridge Rd, head south onto Sisk Rd and property is 100 yards on right.
Total Number of Buildings: 4
Property Condition: Average
Year Built: 1945

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,019 77,154 189,318
Median Age: 34.36 32.03 34.59
Households: 3,569 31,563 81,140
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