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Listing 2 out of 3
$1,275,000 For Sale

306 S Watauga
Elizabethton, TN 37643

32 units | Multi Family Home
0.91 acres - MLS# 421381
Property Photo
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Description

Four historic buildings in downtown Elizabethton which make up a unique multi-family portfolio, 32 units with great future income potential. As the town of Elizabethton begins to grow and develop downtown, an investor can get in on the front end of this growth with these historic, and ideally located buildings for passive income property. Charles Building: 306 S. Watauga (This property is on the same parcel as 327 S. Lynn Ave.) 10 Units total. 6 units are 2 bed rents are $450 to $495 per month , 1 bath, 4 units are 1 bed 1 bath rents are $395 to $375. The Lynn Apts: 327 S. Lynn Ave, 12 Units, all 1 bed 1 bath rents are $395-$425 per month.Nancy Apts: 308 S. Watauga 6 Units, all 1 bed 1 bath rents are $395 to $425 per month.Marilyn Apartments: 3204 E I Street, 4 units, all 1 bed 1 bath each rents are $400 per month.Coin laundry room attached to this building and an extra lot. at this time owners have been letting the tenants use the machines for free but they are coin laundry machines.These 32 units are full of opportunity for highest and best useAll apartments have new dual pane windows with the exception of the Marilyn has some new windows.32 units with a covered parking lot, on site parking and coin laundry room with extra lot on Marilyn Lot. The Lynn has a newer roof.

Features

  • Property Type: Multi Family Home
  • Sub Type: Multi Family Home
  • Listing Status: Active
  • County/Area: Carter County
  • Zip Code: 37643
  • Year Built: 1935
  • Elementary School: McCormick
  • Middle School: T A Dugger
  • High School: Elizabethton
  • Style: 3+ Story
  • Stories: 3+ Story
  • Units: 32 units
  • Lot Size: 0.91 acres
  • Zoning: R
  • Air: Window Unit
  • Annual Vacancy Factor: 10
  • Buildings Total: 4
  • Exterior Finish: Brick, Stucco
  • Gross Income: 144180
  • Lot Dimensions: .91
  • Multifamily Property Type: Apt. Complex
  • Operating Expenses: 42675
  • Tax Amount: 2836
  • Tax Town / County: 3914
  • Utilities Expenses: 9731
  • Water And Sewer: Sewer-Public, Water-Public
Courtesy of REMAX CHECKMATE, INC. REALTORS

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Hurd Realty
110 KLM Drive, Suite 1
Johnson City, TN 37615
Phone: 423-491-8335

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