27 Units - Mosheim, TN

Multi-Family for Sale
Catylist Listing ID: 30831824
Property Subtypes: Low-Rise/Garden
Number of Units: 27 Units
Building Size (RSF): 24,904 SF
Gross Building Area: See Agent
Gross Land Area: 3.70 Acres
Sale Price: $2,250,000
Unit Price: $83,333.33 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 6.8%
Average Occupancy Rate: 100
Last Updated: 3/6/2023

Overview / Comments

Laurel Valley Apartments, located at 7950 W Andrew Johnson Hwy, Mosheim, TN 37814, offers 27 units with a mix of (8) 1 bedroom / 1 bathroom units and (19) 2 bedroom / 1 bathroom units. This property is a tremendous value add opportunity located 11 minutes from Greenville, TN, 30 minutes from Morristown, TN, and 1 hour from downtown Knoxville, TN.

This property is well positioned for future ownership to implement a value-add strategy across units and bring the rents to market rate. Based upon comparable properties throughout the market, investors can underwrite to an average of $220/month+ moving rents to what is market for the area and further with future renovations.

PROPERTY HIGHLIGHTS
Onsite office
Laundry room
Onsite Storage

Total Units - 27
(8) 1 bedroom / 1 bathroom
(19) 2 bedroom / 1 bathroom
Property stays 100% occupied and seller usually has a waitlist
Value add upside with below market rents
Ability to implement a Ratio Utility Bill System (RUBS)
The onsite office could be turned into an income producing 28th unit
(4) large storage areas that are not being utilized that could be converted to onsite storage for additional income

AT NO TIME SHOULD TENANTS OR STAFF BE CONTACTED REGARDING THE SALES OF LAUREL VALLEY APARTMENTS

Additional Details

Nearest MSA: Greeneville
County: Greene
Tax ID/APN: 030084 09109
Zoning: B1
Percent Occupied: 100%
Total Number of Buildings: 3
Number of Stories: 2
Year Built: 1986
Water Service: Municipal
Sewer Type: Municipal

View FullscreenMap

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,296 3,945 11,708
Median Age: 43.55 42.67 41.99
Households: 521 1,608 4,797

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
© Copyright 2001-2023 Moody's. All Rights Reserved. The information presented herein is provided as is, without warranty of any kind. Neither Knoxville Area Association of REALTORS┬« nor Moody's assume any liability for errors or omissions.