Property Description

Attention Investors! Here is your chance to own 16 units in Johnson City, Tennessee. This complex is less than 3 miles from ETSU and less than 5 miles from Milligan University. This portfolio includes 3 separate buildings that have been converted into apartments. The addresses are: 200, 204, 206 E Watauga Ave. 200 E Watauga is composed of 6-1 bedroom/1 bath apartments. These units have separate electrical meters for each unit. 204 E Watauga is composed of 6-1 bedroom/1bath apartments. These also have separate electrical meters for each unit. 206 E Watauga is composed of 3-(1 bedroom/1 bath) apartments and 1- (3bedroom/1bathroom) apartment. These units share all utilities(electric/water/internet/trash/sewer) and the three bedroom has this cost factored into the rent, the other three units pay a utility fee to offset the costs since the landlord pays the utilities. This building has a laundry room for all units to use located on the ground level of building 206. The washer and dryer are currently leased and can be taken over by the new owners. The owner has spent a great deal in capital expenditures improving the units. This includes completely remodeling 6 units with new flooring, new paint, new updated bathrooms, new appliances, new custom cabinetry, new countertops, and new PTAC units when needed. The remaining units were updated/refreshed with new floor, new paint, updated plumbing, and new appliances as needed. The property is being professionally managed by a local property management company.This property fully rented has a projected gross annual income of $207,000 and would be close to a 9 cap.

Property Features