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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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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