East Ridge Apartments

Multi-Family for Sale
Catylist Listing ID: 30372002
Number of Units: 56 Units
Building Size (RSF): 51,580 SF
Gross Building Area: See Agent
Gross Land Area: 7 Acres
Sale Price: $2,000,000
Unit Price: $35,714.29 Per Unit
Property Use Type: Investment
Building Name: East Ridge Apartments
Sale Terms: Cash to Seller
Cap Rate: 7.0%
Last Updated: 7/15/2019

Overview / Comments

East Ridge Apartments offers a stabilized income-generating property with renovation upside in a good rural market. The local area features a successful community college and many long-tenured industrial employers. Built in 1983, the complex features 4 apartment buildings and an office/coin laundry building across 7 acres. There are 56 units in the complex, 44 two-bedroom and 12 one-bedroom (all in Building 4). All 4 buildings are a mix of market-rate, HUD (Project-Based Section 8)-supported, RDA (Rural Development Authority)-supported, and ETHRA (East Tennessee Human Resource Agency)-supported units. East Ridge is conveniently located on beautiful, rolling farmland one mile east of downtown Tazewell, the county seat of Claiborne County, Tennessee. Nearby employers within Claiborne County include: DeRoyal Industries (surgical appliances), Vulcan Materials, Sumiriko (automotive parts), and many others.

Attachments & Media

Additional Details

Nearest MSA: Morristown
County: Claiborne
Tax ID/APN: 083 012.02
Total Number of Buildings: 4
Property Condition: Average
Number of Stories: 2
Year Built: 1983
Roof Type: Gable
Construction/Siding: Brick
Parking Type: Surface
Laundry: Shared
Heat Type: Electricity
Heat Source: Heat Pump
Fuel: Electric
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 4,906 11,591
Median Age: 42.47 40.53
Households: 2,010 4,680

Contact

Photograph of Listing Agent

James Rick Gentry

Avison Young KAAR CIE Member
Photograph of Listing Agent

Dan Adkins

Avison Young KAAR CIE Member
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