535 Old Knoxville Hwy, Newport, TN 37821
$4,200,000
Property Type:
Multi-Family
Square Footage:
18,582
Status:
Active
Current Price:
$4,200,000
List Date:
11/24/2024
Last Modified:
11/25/2024
Description
Prime Investment Opportunity: Modern 19 Unit Complex with High Growth Potential
Newly constructed 19 unit Multi-Family complex spanning a total of 4.23 acres, offers an exceptional investment opportunity with a solid cap rate. The complex includes six buildings with three townhouse-style units each, plus a .54-acre lot featuring a single-family house with 2,382 square feet with 4 bedrooms and 3 baths, bringing versatility to your investment portfolio.
The triplexes, built in 2023, feature two-story townhouse layouts, 2-bedroom units with 1.5 baths, granite countertops, stainless steel appliances, NuCore LVP flooring, knock-down walls for durability, private decks, a full laundry closets on the main floor, keyless entry, and 2 parking spaces per unit. Each unit is individually metered, with renters responsible for their own utilities, making them efficient and low-maintenance.
The split-level home spans 2,382 square feet, currently offering additional rental income and could possibly provide room for development or expansion for future triplexes.
Additionally, the complex includes an income-generating billboard leased to Lamar Advertising on an annual contract, up for renegotiation in 2025, providing an added revenue stream.
Occupancy rates have remained consistently strong, averaging 95-100%. Renters are responsible for their own utilities, reducing ongoing costs for the property owner. With room for further development, and an impressive cap rate, the property is a turnkey asset with substantial growth potential.
Strategically located just 5 minutes to Interstate 40, this property offers convenient access to shopping, dining, and other essentials, making it highly attractive to renters. Don't miss the chance to add this high-performing, low-maintenance asset to your portfolio.
More Information MLS# 1283461
Location Tax Legal Info
House #: 535
Street Name: Old Knoxville
St Suffix: Hwy
State/Province: TN
Zip Code: 37821
PIN #: 046 147.00
Geo Lat: 35.970527
Geo Lon: -83.208948
Contract Info
Auction Y/N: No
Listing Price: 4200000
Current Price: $4,200,000
Status: Active
Listing Date: 2024-11-24
General Property Description
SqFt - Total (Aprox): 18582
Lot Dimensions: 159X135/150
Number of Units: 19
# Units Leased: 18
Utilities/Mo Avg: 1715
Year Built: 2023
Property Status: N/A
Driveway: Tenant Parking
Status Change Info
Status Change Date: 2024-11-24
Property Features
Property Sub-Type: Apartment; Triplex; Other
Type of Units: 3 or more Bdrm Units; Townhouse; Unfurnished
Sale Includes: Building and Land; No Furnishings
Floors: Sustainable; Vinyl; Other
Tenant Expenses: Electricity; Tenant Pays All Util
Owner Expenses: Advertising; Common Area Maintenance; Exterior Maintenance; Lawn Maintenance; Licenses; Roof Maintenance; Taxes; Trash Collection
Fuel: Electric
Heat: Central
Cooling: Ceiling Fan(s); Central Cooling
Appliances: Dishwasher; Microwave; Range; Refrigerator; Self Cleaning Oven; Smoke Detector
Construction: Block; Frame
Roof: Shingle
Siding: Vinyl
Exterior Features: Deck; Doors - Energy Star; Window - Energy Star; Windows - Insulated; Windows - Vinyl
Misc Features: Internet Available; Other; Washer/Dryer Connect
Other Rooms: Family Room
Miscellaneous: Porch; Washer/Dryer Cnctns
New Financing: Cash; Conventional; Exchange
Listing Office: Realty Executives Associates
Office Phone: 865-588-3232
Last Updated: November - 25 - 2024
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