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    1899-1901 Knob Creek Road

    Johnson City, TN 37604
    • $875,000
    • STATUS: Active Under Contract
    • ON SITE: 99 days
    • ID#: 1133403
    Under Contract
    UPDATED: 63 min ago
    $875,000
    • 0
      BEDS
    • N/A
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Multi-Family
    Built:
    1970
    Area:

    School Ratings & Info

    Description

    Johnson City, located near the eastern tip of Tennessee, is part of the region known as the "Tri-Cities". The Tri-Cities include Kingsport, Tennessee, and Bristol, Virginia with a combined population of 786,489. In 2018, Livability.com named Johnson City as one of the top 100 places to live. Knob Creek Apartments is within 5 miles of East Tennessee State University which has a total enrollment of over 14,000 students. Major healthcare providers are also located within 5 miles of the property, such as James H. Quillen VA Medical Center, Ballad Health, and Frontier Health, which employee a combined 12,000 people. Also located nearby are numerous retailers and restaurants, including: Chic-fil-A, The Fresh Market, ALDI, and Starbucks. This property is an incredible opportunity for value-add investors. The property features 28 units that are comprised of townhomes and flats. Rents are hundreds of dollars below market. The property has maintained an occupancy above 80% for the past 12 months and collections have remained steady throughout the COVID-19 pandemic. The property has been approved for an additional 4 townhomes to be built. In 2017, the property was appraised for $1,175,000. With renovations, Knob Creek Apartments has tremendous upside. Link to Offering Memorandum: http://properties.svn.com/knob-creek-value-add Note: The property was originally 36 units. Due to recent developments nearby and sinkholes in the neighborhood, flooding occurs at the north corner of the site. The flooding lead to 8 basement units being gutted and left vacant. An engineer report has been done to determine what would be needed to fix the flooding issue.

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    © 2021 Knoxville Area Association of REALTORS®, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings displayed may not belong to Realty Executive Associates. Information is deemed reliable but is not guaranteed accurate by the MLS or Realty Executive Associates. Data last updated: 2021-01-28T07:56:35.98.
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    1899-1901 Knob Creek Road Johnson City, TN 37604

    • Price: $875,000
    • Status: Active Under Contract
    • Updated: 63 min ago
    • ID#: 1133403
    0
    Beds
    0
    Baths
    0
    ½ Baths
    N/A
    Acres
    1970
    Built
    County:
    Washington County
    Area:
    Johnson City
    Property Description
    Johnson City, located near the eastern tip of Tennessee, is part of the region known as the "Tri-Cities". The Tri-Cities include Kingsport, Tennessee, and Bristol, Virginia with a combined population of 786,489. In 2018, Livability.com named Johnson City as one of the top 100 places to live. Knob Creek Apartments is within 5 miles of East Tennessee State University which has a total enrollment of over 14,000 students. Major healthcare providers are also located within 5 miles of the property, such as James H. Quillen VA Medical Center, Ballad Health, and Frontier Health, which employee a combined 12,000 people. Also located nearby are numerous retailers and restaurants, including: Chic-fil-A, The Fresh Market, ALDI, and Starbucks. This property is an incredible opportunity for value-add investors. The property features 28 units that are comprised of townhomes and flats. Rents are hundreds of dollars below market. The property has maintained an occupancy above 80% for the past 12 months and collections have remained steady throughout the COVID-19 pandemic. The property has been approved for an additional 4 townhomes to be built. In 2017, the property was appraised for $1,175,000. With renovations, Knob Creek Apartments has tremendous upside. Link to Offering Memorandum: http://properties.svn.com/knob-creek-value-add Note: The property was originally 36 units. Due to recent developments nearby and sinkholes in the neighborhood, flooding occurs at the north corner of the site. The flooding lead to 8 basement units being gutted and left vacant. An engineer report has been done to determine what would be needed to fix the flooding issue.
    Exterior Features

    Construction Frame - BrickMasonryOther Driveway Paved Exterior Features BalconyPorch - CoveredWindows - StormWindows - Vinyl Garage Parking None Lot Size 2.45 Acres

    Interior Features

    Appliances Range/OvenRefrigerator Cooling Central CoolingOther Cooling TypeWindow Unit Floors HardwoodLaminateTileVinyl Fuel Other Fuel Heat CentralOther Heat Type Other Rooms Mstr Bdrm Main Level

    Property Features

    Auction YN No City County Code City Limits City Taxes 6766.81 County Taxes 8507.98 Lease Information 1 Yr - Mo To Mo Multifamily Sub Type Apartment New Financing CashConventional Property Status N/A Pud YN No Sale Includes Building And Land Total Tax 15274.79 Type Of Units 1 Bedroom Unit2 Bedroom Unit Utilities Mo Avg 0.00

    Listing information © 2021 Knoxville Area Association of REALTORS®, Inc.
    Listing provided courtesy of Svn I Wood Properties.


    © 2021 Knoxville Area Association of REALTORS®, Inc. All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings displayed may not belong to Realty Executive Associates. Information is deemed reliable but is not guaranteed accurate by the MLS or Realty Executive Associates. Data last updated: 2021-01-28T07:56:35.98.
     
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    Realty Executive Associates
    109 S Northshore Drive Suite 200
    Knoxville TN, 37919