More Information Online More Information Online http://commercial.gcar.net/listing/30137064 QR Code QR Code Scan this image with your mobile device: Listing ID: 30137064 Status: Active Property Type: Multi-Family For Sale Multi-Family Type: Low-Rise/Garden Size: 8,882 SF Sale Price: $449,000 Unit Price: $56,125 Per Unit Sale Terms: Cash to Seller Overview/Comments Overview/Comments Very nice 8-plex right off of I-75 and Belvoir Avenue is for sale. It is located in the community of East Ridge. The property is centrally located for easy access to all parts of town including heading south towards Dalton and north towards Cleveland. The complex include 6 2-bedroom and 1 bath apartments that range in rents from $500 to $680 per month. Average rents should be above $650 per month for all 6 units. The 7th unit is a massive 4 bedroom 3 bath apartment that rents for $1,295 per month. I am counting this as 2-units since it has double the rent. It is the most elaborate apartment I have ever seen in Chattanooga. It has two floors, circular stairway, sunken tub, circular bar and a huge living room plus two porches. When it was built, the owner lived in this unit. This penthouse unit also has a pool and deck and cooking area. The pool area is still intact but not open for use. Currently there is one unit vacant. The rents are raised as the units turn. Most of the flooring is now LTV hard flooring. There is still opportunity to upgrade some of the units further and raise rents. List price Cap Rate is at 9% which is calculated from the attached Pro Forma Statement. The seller has only owned the complex for a couple of months so there is only a Pro Forma P&L available. General Information General Information Taxing Authority: Hamilton County Tax ID/APN: 157P L007 Multi-Family Type: Low-Rise/Garden Zoning: R2 Property Use Type: Investment Building Name: Bacon Trail Apartments Total Number of Units: 8 Gross Building Area: 8,882 SF Building/Unit Size (RSF): 8,882 SF Usable Size (USF): 8,882 SF Land Area: 0.20 Acres Sale Terms: Cash to Seller Average Occupancy Rate: 90 Occupancy Occupancy Percent Occupied: 88% Community Amenities: Outdoor Pool Area & Location Area & Location Property Located Between: Just off South Terrace Rd at Bacon Trail Highway Access: Property is located just off of I-75 near Belvoir Ave. Property is located on the south side (East Ridge side) of I-75. Airports: Chattanooga Metropolitan Area Description: The property is located in the community of East Ridge. It is zoned for East Ridge schools. Site Description The site is level and at street grade. There is small portion of land that could be sold to a neighbor or used for an building or area for amenities. This portion of land is zoned R1. 8-Unit Apartment Complex For Sale-East Ridge 8-Unit Apartment Complex For Sale-East Ridge 604 Bacon Trail, Chattanooga, TN 37412 Prepared by Robert Fisher, KW Commercial Jul 14, 2017 on GCAR CMLS 423-667-8634 [M] 423-664-1550 [O] [email protected]Tennessee Real Estate License: 285342 Page 1 Page 1
Transcript
More Information OnlineMore Information Onlinehttp://commercial.gcar.net/listing/30137064
QR CodeQR CodeScan this image with your mobile device:
Listing ID: 30137064Status: ActiveProperty Type: Multi-Family For SaleMulti-Family Type: Low-Rise/GardenSize: 8,882 SFSale Price: $449,000Unit Price: $56,125 Per UnitSale Terms: Cash to Seller
Overview/CommentsOverview/CommentsVery nice 8-plex right off of I-75 and Belvoir Avenue is for sale. It is locatedin the community of East Ridge. The property is centrally located for easyaccess to all parts of town including heading south towards Dalton andnorth towards Cleveland.
The complex include 6 2-bedroom and 1 bath apartments that range inrents from $500 to $680 per month. Average rents should be above $650per month for all 6 units. The 7th unit is a massive 4 bedroom 3 bathapartment that rents for $1,295 per month. I am counting this as 2-unitssince it has double the rent. It is the most elaborate apartment I have everseen in Chattanooga. It has two floors, circular stairway, sunken tub,circular bar and a huge living room plus two porches. When it was built, theowner lived in this unit. This penthouse unit also has a pool and deck andcooking area. The pool area is still intact but not open for use.
Currently there is one unit vacant. The rents are raised as the units turn.Most of the flooring is now LTV hard flooring. There is still opportunity toupgrade some of the units further and raise rents.
List price Cap Rate is at 9% which is calculated from the attached ProForma Statement. The seller has only owned the complex for a couple ofmonths so there is only a Pro Forma P&L available.
General InformationGeneral InformationTaxing Authority: Hamilton CountyTax ID/APN: 157P L007Multi-Family Type: Low-Rise/GardenZoning: R2Property Use Type: InvestmentBuilding Name: Bacon Trail ApartmentsTotal Number of Units: 8
OccupancyOccupancyPercent Occupied: 88%Community Amenities: Outdoor Pool
Area & LocationArea & LocationProperty Located Between: Just off South Terrace Rd at Bacon TrailHighway Access: Property is located just off of I-75 near Belvoir
Ave. Property is located on the south side (EastRidge side) of I-75.
Airports: Chattanooga MetropolitanArea Description: The property is located in the community of East
Ridge. It is zoned for East Ridge schools.
Site Description The site is level and at street grade. There is small portion of land that could be sold to a neighbor or used for an building or area for amenities. Thisportion of land is zoned R1.
8-Unit Apartment Complex For Sale-East Ridge8-Unit Apartment Complex For Sale-East Ridge604 Bacon Trail, Chattanooga, TN 37412
Prepared by Robert Fisher, KW CommercialJul 14, 2017 on GCAR CMLS
423-667-8634 [M] 423-664-1550 [O] [email protected] Real Estate License: 285342
Page 1Page 1
Building RelatedBuilding RelatedTotal Number of Buildings: 1Property Condition: GoodNumber of Stories: 2Year Built: 1968Loading Doors: 0Exterior Description: Wood and stone.Parking Ratio: 2 (per 1000 SF)Parking Type: Structure, SurfaceParking Description: Parking is located in front and to the side . It has
14 spaces.Total Parking Spaces: 14
Passenger Elevators: 0Freight Elevators: 0Laundry: In Each UnitHeat Type: Natural GasHeat Source: CentralFuel: ElectricAir Conditioning: Engineered SystemInterior Description: Six units are 2 bedroom and 1.5 bathrooms. The
penthouse units has 3 bedrooms and 2.5bathrooms.
Land RelatedLand RelatedZoning Description: R2-MultifamilyLot Frontage: 75Lot Depth: 150
Water Service: MunicipalSewer Type: MunicipalLand Ownership: Owned
