$1,350,000
LaFollette, TN 37766
MLS# 1122068
Status: Closed
1 / 6
Details
Location, Tax & Legal Info
Area: Campbell County - 37
City/County Code: City Limits
Total Tax: 0
Contract Info
Auction Y/N: No
Listing Price: 1450000
Current Price: $1,350,000
Status: Closed
Listing Date: 2020-06-30
General Property Description
Lot Dimensions: .
Utilities/Mo Avg: 0
Property Status: N/A
Driveway: Paved
Lease Information: 1YR - Mo to Mo
Number of Units: 48
Year Built: 1975
Remarks & Misc
Directions: See maps
Property Sub-Type
Apartment: 1
Five or Six Plex: 1
Four Plex: 1
Construction
Block: 1
Frame: 1
Frame - Brick: 1
Type of Units
2 Bedroom Unit: 1
Sale Includes
Building and Land: 1
Cooling
Other: 1
Floors
Hardwood: 1
Laminate: 1
Garage/Parking
None: 1
Owner Expenses
Advertising: 1
Insurance: 1
Lawn Maintenance: 1
Leasing Fees: 1
Sewer: 1
Trash Collection: 1
Water: 1
Fuel
Other Fuel: 1
Heat
Other: 1
Appliances
Range: 1
Refrigerator: 1
Other Rooms
Split Bedroom: 1
Roof
Shingle: 1
New Financing
Cash: 1
Conventional: 1
New Loan: 1
Showing
See Agent Instructns: 1
Location Tax Legal Info
House #: 111
St Dir: N
Street Name: N 21st Street
St Suffix: St
State/Province: TN
Zip Code: 37766
PIN #: 094h C 035.00, 085k C 011.00, 094i B 011.00, 094b
Status Change Info
Status Change Date: 2020-12-25
Under Contract Date: 2020-08-05
Sold Date: 2020-11-20
Sold Price: $1,350,000
Property Features
Property Sub-Type: Apartment; Five or Six Plex; Four Plex
Type of Units: 2 Bedroom Unit
Sale Includes: Building and Land
Floors: Hardwood; Laminate
Owner Expenses: Advertising; Insurance; Lawn Maintenance; Leasing Fees; Sewer; Trash Collection; Water
Fuel: Other Fuel
Heat: Other
Cooling: Other
Appliances: Range; Refrigerator
Construction: Block; Frame; Frame - Brick
Roof: Shingle
Other Rooms: Split Bedroom
New Financing: Cash; Conventional; New Loan
Showing: See Agent Instructns
Supplements
SVN | Wood Properties is pleased to present the sale of a 48-unit, 6-building, apartment complex portfolio in LaFollette, Tennessee. Each unit includes two bedrooms, one bathroom, washer and dryer hookups, and spacious living areas. The buildings are located within a five minute drive of one another, allowing for efficient maintenance and upkeep. The portfolio maintains a low average vacancy rate of approximately two percent, creating an instant cash-flowing asset for the new investor to take advantage of. In addition, the properties were built by, and have been managed by, the current owners and have never been on the market. The owners have completed several recent renovations on multiple units, driving down operating expenses and future capital expenditures, thus offering increased net operating income for a future owner. Apart from one complex, the owner is responsible for paying the utilities. However, there are individual electric meters and sub-meters could be installed in order for tenants to pay utilities. It is important to note that two of the complexes fall under the USDA program, which is a program whereby the federal government provides rental payments to owners of USDA complexes on behalf of low-income tenants unable to pay their full rent.
- 100% occupancy rate as of 6/30/2020
- Opportunity to acquire a strong stabilized cap rate in a high-demand East Tennessee market
- Never been on the market
- High average square footage
- Staggered lease expirations
- Actively self-managed for over 25 years
IDX
Listing Office: SVN I Wood Properties
Office Phone: 865-936-9999
Last Updated: January - 12 - 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.