Indian Hills Apartments, 11 Units

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30839638
Property Subtypes: Low-Rise/Garden
Status: Pending/Contingent
Number of Units: 11 Units
Building Size (RSF): 11,698 SF
Gross Building Area: See Agent
Gross Land Area: 1.62 Acres
Sale Price: $1,425,000
Unit Price: $129,545.45 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/25/2023

Overview / Comments

Indian Hills Apartments consist of 11 units, all 2-bedroom with 1.5 bathrooms. The spacious units each have washer/dryer connections and direct billing for electricity. The all-brick building has a strong presence, plenty of parking and excellent location about 2.7 miles from I-75 Exit #122 for Clinton. It's worth noting that I-75 Exit #122 is just 15 miles north of downtown Knoxville.

The property is on common water meter and has county only taxes, no city taxes. The seller has purportedly spent approximately $150,000 in renovations since 2020. Tenants are responsible for trash removal. Upside exists in raising rents and billing water back to tenants. The spacious units average about 1,063 SF, have large living room, kitchen and laundry on ground floor with bedrooms upstairs. One might compare this to a townhome/townhouse development.

Acreage and square footage per public record, must be verified.

Financials

Finance Data Year 2022
Real Estate Taxes - Annual($) $6,398 (Annual)
Potential Rental Income $155,100 (Annual)
Gross Operating Income $126,900 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Knoxville
County: Anderson
Tax ID/APN: 001065DA01000
Zoning: A-2
Percent Occupied: 100%
Site Description: Gently sloping
Area Description: I-75 Exit # 122 for Clinton/Norris. Go west for 2.7 miles and turn right onto Indian Hills Circle. Property on left, can't miss it.
Total Number of Buildings: 1
Property Condition: Excellent
Number of Stories: 2
Year Built: 1978
Year Renovated: 2020
Roof Type: Gable
Construction/Siding: Brick
Heat Source: Central
Air Conditioning: Other

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Demographic Statistics

Proximity: 3 miles 5 miles
Total Population: 11,101 26,862
Median Age: 41.04 42.51
Households: 4,636 11,090

Contact

Photograph of Listing Agent

Jim Staley, CCIM

Wallace Commercial KAAR CIE Member
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