East TN Section 515 Multifamily Portfolio

Multi-Family for Sale
Catylist Listing ID: 30790914
Property Subtypes: Government Subsidized, Low-Rise/Garden
Number of Units: 364 Units
Building Size (RSF): 336,000 SF
Gross Building Area: See Agent
Gross Land Area: 38 Acres
Sale Price: $1
Unit Price: $0 Per Unit
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Average Occupancy Rate: 90
Last Updated: 5/17/2022

Overview / Comments

SVN | Wood Properties is pleased to present this Section 515 Multifamily Portfolio in East Tennessee. This portfolio consists of nine properties that include 364 units. Each property participates in the section 515 program. Section 515 Rural Rental Housing Loans are mortgages provided by USDA to provide affordable rental housing for low-income families in rural areas. Rental rate increases are determined each year by USDA and many tenants receive rental assistance. There is a critical need for affordable housing in rural America, evidenced by this portfolio's average occupancy of 90%. The current owner has excellent management personnel and infrastructure in place that can remain with the property after the sale.

Please contact Kevin and Cohl for more information. Pricing is subject to offers.

Additional Details

Nearest MSA: Knoxville
County: Blount
Tax ID/APN: 00503701604
Area Description: This portfolio consists of nine separate government-subsidized apartment complexes located throughout East Tennessee. The properties are located in Sevier, Blount, Union, Grainger, and Scott counties.
Property Condition: Good

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,812 30,249 63,245
Median Age: 39.8 38.58 40.38
Households: 2,348 11,945 25,812

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