$783,000
Knoxville, TN 37920
MLS# 1129853
Status: Closed
8155 sqft
1 / 39
Property Description
BACK ON MARKET DUE TO FINANCING CONTINGENCY! Now is your opportunity to own the majority share of units in this South Knoxville Condo Complex. Super hot area minutes from Downtown and The University of Tennessee these rentals are NEVER empty. The Sokno area is hot & only getting hotter. Currently offered around 5% cap (using 2019 numbers), with 2020 projected earnings we would be at 6.6% cap. Market can easily bear rent increases. Potential cap minimum 7%. Fully occupied with qualified tenants. HOA in place with reserves. HOA dues are $120 per month per unit. Dues cover Water and Sewer, Insurance, Waste Removal and Grounds upkeep. Coin laundry and storage on site, Laundry equipment is negotiable. Meticulously maintained, slam dunk, turn key, smooth transition, money in the bank.
Details
Location, Tax & Legal Info
House #: 464-496
St Dir: E
Street Name: Red Bud
St Suffix: Rd
Unit #: Multi
State/Province: TN
Zip Code: 37920
Area: Knox County - 1
City/County Code: City Limits
PIN #: individual pins
Community: South Knox
Elementary School: Dogwood
Middle School: South Doyle
High School: South Doyle
Total Tax: 7061.23
Geo Lat: 35.935732
Geo Lon: -83.881099
Contract Info
Auction Y/N: No
Listing Price: 799900
Current Price: $783,000
Status: Closed
Listing Date: 2020-09-15
Cooperation Comp: 10000
Compensation Type: $
General Property Description
SqFt - Total (Aprox): 8155
Lot Dimensions: n/a
Number of Units: 11
# Units Leased: 11
Year Built: 1972
Property Status: N/A
Restrictions: Yes
Driveway: Parking Lot
Lease Information: All units leased, tenants want to stay. Specific info on each unit listed below.
Remarks & Misc
Directions: Chapman Hwy South to Left on E Red Bud Rd, follow to building on Right. Easy access also from Sevierville Pike to Right on Red Bud, Building on Left.
Public Remarks: BACK ON MARKET DUE TO FINANCING CONTINGENCY! Now is your opportunity to own the majority share of units in this South Knoxville Condo Complex. Super hot area minutes from Downtown and The University of Tennessee these rentals are NEVER empty. The Sokno area is hot & only getting hotter. Currently offered around 5% cap (using 2019 numbers), with 2020 projected earnings we would be at 6.6% cap. Market can easily bear rent increases. Potential cap minimum 7%. Fully occupied with qualified tenants. HOA in place with reserves. HOA dues are $120 per month per unit. Dues cover Water and Sewer, Insurance, Waste Removal and Grounds upkeep. Coin laundry and storage on site, Laundry equipment is negotiable. Meticulously maintained, slam dunk, turn key, smooth transition, money in the bank.
Status Change Info
Status Change Date: 2021-03-06
Under Contract Date: 2021-01-25
Sold Date: 2021-03-05
Sold Price: $783,000
Income/Expenses
Gross Annual Income: 75218
Annual Oper Expenses: 33944
Net Operating Income: 41274
Property Features
Property Sub-Type: Other
Type of Units: 1 Bedroom Unit; 2 Bedroom Unit; Unfurnished
Sale Includes: No Furnishings
Floors: Laminate; Tile; Vinyl
Tenant Expenses: Electricity; Telephone
Owner Expenses: Insurance; Taxes; Other
Fuel: Electric
Heat: Heat Pump
Cooling: Central Cooling
Appliances: Dishwasher; Microwave; Range; Refrigerator; Smoke Detector
Construction: Block; Frame - Brick
Roof: Shingle
Siding: Brick
Garage/Parking: Off-Street Parking; On Premise Parking
Exterior Features: Balcony; Cable Available (TV Only); Patio; Windows - Vinyl
Misc Features: Internet Available; Pantry; Walk-in Closets
Other Rooms: Other
Miscellaneous: Balcony; Coin Laundry; Patio; Storage Space; TV Cable Available; Utility Room
New Financing: Cash; Conventional
Showing: See Agent Instructns
Listing Office: House Hunters, Inc
Office Phone: 865-609-7654
Last Updated: August - 18 - 2022
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.