21 Units - All 2 BRs - Recent Renovations

Multi-Family for Sale
Sale Pending
Catylist Listing ID: 30573264
Property Subtypes: Low-Rise/Garden
Status: Pending
Number of Units: 21 Units
Building Size (RSF): 12,600 SF
Gross Building Area: See Agent
Gross Land Area: 2 Acres
Sale Price: $875,000
Unit Price: $41,666.67 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Other
Cap Rate: 6.89%
Gross Rent Multiplier: 6.02
Last Updated: 3/25/2020

Overview / Comments

Quiet residential location - 21 units on 2 lots - all 2 bedroom units - 10 units have been recently renovated - 6 XGRM (Gross Rent Multiplier). Built in 1982 this complex consists of 21 units, spaced individually, and feel like individual homes. With spacious decks, amenities also include central HVAC, stove, refrigerators & washer/dryer connections. Buyer will be assuming a $150,000 forgiveable 5 yr grant that was used in 2017 to upgrade 10 units. Renovations to the 10 units included new Pex plumbing, new windows, new flooring, new cabinetry as needed Knoxville is currently experiencing an acute shortage of affordable housing and this complex is a perfect fit.. Estimated square footage is from tax records, is not guaranteed & should be verified by buyer.
Take I-40 to exit 394 . Turn right onto Asheville Hwy , then right onto Iroquois. At top of hill turn right onto Pocahontas. Property starts just past the first house on the left side. Addresses are 5211-5225 Pocahontas Drive. No sign on property.

Financials

Finance Data Year 2020
Real Estate Taxes - Annual($) $12,620 (Annual)
Potential Rental Income $145,440 (Annual)
Net Operating Income $60,376 (Annual)
Actual or Proforma Year Proforma
Loan Amount $700,000
Down Payment $175,000
Annual Debt Service $49,106 (Annual)
Interest Rate (APR) 5
Amortization Period 25 years

Additional Details

Nearest MSA: Knoxville
County: Knox
Taxing Authority: Knox County
Tax ID/APN: 071GC005 & 071GC001
Year Built: 1982
Year Renovated: 2017
Construction/Siding: Wood Frame
Parking Type: Surface
Water Service: Municipal
Sewer Type: Municipal, Storm

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,304 31,066 103,514
Median Age: 43.29 40.65 36
Households: 2,323 13,541 42,246

Contact

Photograph of Listing Agent

Solange Velas, CCIM

Goldman Partners Realty, LLC KAAR CIE Member
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