200 200/204/206 Watauga Ave, Johnson City, TN 37601
16 Unit Apartment Building | $1,900,000 ($118,750/Unit) | 7.48% Cap Rate | Johnson City, TN 37601
For Sale
Active
Asking Price $1,900,000
- Property Type
-
Multifamily
- Square Feet
- 8,942 SF
Listing Contacts
- Property Info
Property Overview
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. All together the property brought in an annual gross income of $138,820.77 for 2023. More units have since been remodeled and with current market rents, this property's forecasted annual gross income is $198,900.00. 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 4 units with shared utilities. 1-3 bedroom/1bath apartment 3-1bedroom/1bath apartment The owner has spent over 200k 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, and new appliances as needed. The property is being professionally managed by a local property management company (Casa Haven Property Management) and would be willing to continue to work with the new owners for a smooth transition. For initial showings buyers may see vacant units, and will be able to get into all units during the inspection.
Property Details
- Class
- C
- Year Built/Renovated
- 1920/2022
- Stories
- 2
- Lot Size (sq. ft)
- 23,522 SF
- Units
- 16
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