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563 Central Avenue Ne

Cleveland, TN 37311
  • $1,200,000
  • STATUS: Active
  • ON SITE: 43 Days
  • MLS #: 20216114
$1,200,000
  • 0
    BEDS
  • 1
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 5,184
    SQFT
  • $231
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1984
County:
Area:

School Information

Elementary School:
Middle School:
High School:

Description

It's almost impossible to find an 8.5 Cap rate investment property these days. This 12 unit apartment complex is divided into two building with six units per building. Each building has its own address, 563 Central Ave and 385 Dooley St. They have been completely renovated inside and out as of the end of 2020. These units are around 406 Sq Ft with a living room, kitchen, bathroom and a generous bedroom with closet. Each apartment has its own heat and air unit, range and refrigerator. Most tenants are long term residents and our vacancy rate stays below 1%. There is usually a waiting list for vacant units. The owner provides utilities, cable and internet and rents are paid weekly. The average weekly rental price is $265 per unit, but this is still below current market value. You really must see them to understand how well they have been updated and maintained.

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© 2021 River Counties Multiple Listing Service. 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. Information is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices J Douglas Properties. Data last updated: 2021-12-02T06:47:22.61.
www.theedringtonteam.com/homes/122572231
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563 Central Avenue Ne Cleveland, TN 37311

  • Price: $1,200,000
  • Status: Active
  • On Site: 43 Days
  • MLS #: 20216114
0
Beds
0
Baths
0
½ Baths
1
Acres
5,184
SQFT
$231
$/SQFT
1984
Built
Neighborhood:
None
County:
Bradley
Area:
Cleveland NE
Elementary School:
Arnold
Middle School:
Cleveland
High School:
Cleveland
Property Description
It's almost impossible to find an 8.5 Cap rate investment property these days. This 12 unit apartment complex is divided into two building with six units per building. Each building has its own address, 563 Central Ave and 385 Dooley St. They have been completely renovated inside and out as of the end of 2020. These units are around 406 Sq Ft with a living room, kitchen, bathroom and a generous bedroom with closet. Each apartment has its own heat and air unit, range and refrigerator. Most tenants are long term residents and our vacancy rate stays below 1%. There is usually a waiting list for vacant units. The owner provides utilities, cable and internet and rents are paid weekly. The average weekly rental price is $265 per unit, but this is still below current market value. You really must see them to understand how well they have been updated and maintained.
Exterior Features

Construction Vinyl Siding Number Of Stories One

Interior Features

1 Bedroom Units 1 BathStorm WindowsRange/OvenRefrigerator Basement None Cooling Air Conditioning Central Electric Floors Vinyl Heating Electric Number1 Bedroom Units 12 Water Heater Electric Window Coverings Rods/HardwareBlinds

Property Features

1 Bedroom Monthly Rental Each Weekly $255-$275 Accept Financing CashVa LoanConventionalCommercial Est Age Range 26-50 Years Features Cable Tv Hookup For Sale Rent Sale Hoa YN No Owner Pays InsuranceElectricityExterior MaintenanceManagementWaterTaxesRepairsTrash Collection Possession Negotiable Property Type Apartment Building Sewer Public Sewer Subdivision YN No Total Taxes 4013.00 Water Public

Listing provided courtesy of Adam Hammond of Bender Realty.


© 2021 River Counties Multiple Listing Service. 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. Information is deemed reliable but is not guaranteed accurate by the MLS or Berkshire Hathaway HomeServices J Douglas Properties. Data last updated: 2021-12-02T06:47:22.61.
 
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Berkshire Hathaway HomeServices J Douglas Properties
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Chattanooga TN, 37405