535 Old Knoxville Hwy Active Save Request In-Person Tour Request Virtual Tour
Newport,TN 37821
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 18,582 sqft
Price per Sqft $226
MLS Listing ID 1283461
Year Built 2024
Property Description
Prime Investment Opportunity: Modern 19 Unit Complex with High Growth Potential
Prime Investment Opportunity | Available Now
Solid NOI and Cap Rate 7%
New Construction- 19 Units (6 Triplexes, 1 home, 2 billboards) Triplexes Completed in 2024
Built with efficiency and maintenance in mind- LVP flooring throughout, granite countertops, knockdown walls, laundry closets in each unit, foam insulation, Roof(s) 30 year shingle, tenants pay utilities, stainless steel appliances, keyless entry, and decks, open tenant parking.
Great location- 5 minutes to Interstate 40
- Leases for each Triplex Unit average $1400 per month
- There is also a single family home on the property currently bringing $2500 per month
- 95% Occupancy Rate
- There is also double Billboard on the property contracted with Lamar Advertising for additional income
- Total property includes- 4.23 acres- Room to develop and add more Structures/Triplexes
Owner Operator pays for trash removal, property management, and a county water fee
ANNUAL OPERATING EXPENSES
PROPERTY TAXES- $2428.83
COUNTY WATER FEE - $360
LANDSCAPING- $4800
TRASH REMOVAL- $1920
NOI AT 100%- $301,911
East Tennessee- Newport
Offering Memorandum and Rent Roll Available- Request via agent link
Location
State TN
County Cocke County - 39
Rooms
Family Room Yes
Other Rooms Family Room
Interior
Heating Central,Electric
Cooling Central Cooling,Ceiling Fan(s)
Flooring Vinyl,Sustainable,Other
Exterior
Exterior Feature Windows - Insulated,Windows - Vinyl,Doors - Energy Star,Deck,Window - Energy Star
Parking Features On Premise Parking,Off-Street Parking,Other
Garage Description Off-Street Parking, On Premise Parking, Other
Roof Type Shingle
Building
Structure Type Vinyl Siding,Block,Frame
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional