$1,650,000
Knoxville, TN 37918
MLS# 1132869
Status: Closed
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Property Description
26 units in the heart of the Fountain City community of Knoxville. The Evergreen Apartments are all brick and in very good condition. The current owner/manager says the property is easily kept rented since it is close to shopping, access to I-640 and all (but one) unit has washer/dryer connections and most come with a stacked washer/dryer unit. There are two buildings built in 1970 & 1972. However, in 2015, the rear building suffered a fire. Reconstruction was completed in 2016 including a roof. The interiors of the 11 units were completely redone, taken down to only the perimeter studs. All new plumbing, electric and fixtures were installed. one unit and a storage room were added as ground up construction.
Details
Documents
Location, Tax & Legal Info
Area: Knox County - 1
City/County Code: City Limits
Total Tax: 12525.09
Contract Info
Auction Y/N: No
Listing Price: 1700000
Current Price: $1,650,000
Status: Closed
Listing Date: 2020-09-30
General Property Description
Lot Dimensions: 112x184x134x224x228x218
Utilities/Mo Avg: 22950
Property Status: N/A
Driveway: Paved
Number of Units: 26
Year Built: 1970
Remarks & Misc
Directions: From I640, take Exit 6 for U.S. 441 toward Broadway and take Broadway north toward Fountain City. Turn left onto Church St after approximately 1.3 miles. Then turn right onto Fountain Rd, take another right onto College Park Ln. Destination will be on the right.
Public Remarks: 26 units in the heart of the Fountain City community of Knoxville. The Evergreen Apartments are all brick and in very good condition. The current owner/manager says the property is easily kept rented since it is close to shopping, access to I-640 and all (but one) unit has washer/dryer connections and most come with a stacked washer/dryer unit.
There are two buildings built in 1970 & 1972. However, in 2015, the rear building suffered a fire. Reconstruction was completed in 2016 including a roof. The interiors of the 11 units were completely redone, taken down to only the perimeter studs. All new plumbing, electric and fixtures were installed. one unit and a storage room were added as ground up construction.
Income/Expenses
Gross Annual Income: 187500
Annual Oper Expenses: 75417
Property Sub-Type
Apartment: 1
Construction
Frame - Brick: 1
Type of Units
1 Bedroom Unit: 1
2 Bedroom Unit: 1
Siding
Brick: 1
Sale Includes
Building and Land: 1
Miscellaneous
TV Cable Available: 1
Cooling
Window Unit(s): 1
Floors
Carpet: 1
Vinyl: 1
Garage/Parking
On Premise Parking: 1
Tenant Expenses
Electricity: 1
Owner Expenses
Advertising: 1
Common Area Maintenance: 1
Electricity: 1
HVAC Maintenance: 1
Insurance: 1
Lawn Maintenance: 1
Leasing Fees: 1
Licenses: 1
Roof Maintenance: 1
Sewer: 1
Taxes: 1
Trash Collection: 1
Water: 1
Fuel
Electric: 1
Heat
Baseboard: 1
Appliances
Range: 1
Refrigerator: 1
Smoke Detector: 1
Other Rooms
Other: 1
Roof
Shingle: 1
Misc Features
Wired for Internet: 1
New Financing
Cash: 1
Conventional: 1
Exchange: 1
New Loan: 1
Location Tax Legal Info
House #: 101
Street Name: College Park
St Suffix: Lane
State/Province: TN
Zip Code: 37918
PIN #: 058CF013
Subdivision: W S Mcfadden Prop & Parcel
Geo Lat: 36.039161
Geo Lon: -83.938524
Status Change Info
Status Change Date: 2021-03-31
Under Contract Date: 2021-01-14
Sold Date: 2021-03-31
Sold Price: $1,650,000
IncomeExpenses
Net Operating Income: 102708
Property Features
Property Sub-Type: Apartment
Type of Units: 1 Bedroom Unit; 2 Bedroom Unit
Sale Includes: Building and Land
Floors: Carpet; Vinyl
Tenant Expenses: Electricity
Owner Expenses: Advertising; Common Area Maintenance; Electricity; HVAC Maintenance; Insurance; Lawn Maintenance; Leasing Fees; Licenses; Roof Maintenance; Sewer; Taxes; Trash Collection; Water
Fuel: Electric
Heat: Baseboard
Cooling: Window Unit(s)
Appliances: Range; Refrigerator; Smoke Detector
Construction: Frame - Brick
Roof: Shingle
Siding: Brick
Misc Features: Wired for Internet
Other Rooms: Other
Miscellaneous: TV Cable Available
New Financing: Cash; Conventional; Exchange; New Loan
Supplements
The roof on the rear building was new in 2016. The roof on the front building was replaced in 2011.
Heat is supplied by baseboard and/or ceiling heat. Air conditioning by through-wall units in the bedrooms. Residents pay their own electric. Landlord pays water & sewer.
The property is adjacent to Gresham Middle school and walking distance to Fountain City Elementary. It is only 0.4 miles from the KAT bus route on Broadway.
No sign on property. Please do not disturb the tenants. All showings by appointment only. Call agent to show.
Property OM 
IDX
Listing Office: Goldman Partners Realty, LLC
Office Phone: 865-444-3240
Last Updated: March - 31 - 2021
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.