8,640 SqFt
8,640 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,640 sqft
Price per Sqft $196
Subdivision Not In Subdivision
MLS Listing ID 9989263
Style Traditional
HOA Y/N No
Year Built 1996
Lot Size 3.470 Acres
Acres 3.47
Lot Dimensions IRR
Property Sub-Type Multi Family
Source Tennessee/Virginia Regional MLS
Property Description
sq ft each. Tenants pay utilities.
Income average is $1,030.00 = $8,240 per month. The 5th building is 8703 Hwy 19E, which is the single story building with 4 three-bedroom apartments also with their own laundry facilities. Tenants pay utilities. Average income $1,285.00 = $4,980 per month. Total Income for the property is $158,640 per year.
Expenses include Taxes ($6000), Insurance ($6500), Garbage ($2200), CapEx upgrades ($5000) Total. $19,000
Net profit $139,640. Currently owner manages property. So add Property Management Fees of 8% ($12,000) to Expenses for NOI of $128,000, which equates to a 7.5% cap rate. The portfolio offers steady rents, a proven tenant base, and practical layouts that minimize turnover and maintenance costs. Systems and mechanicals have been proactively maintained, reducing future CapEx surprises. All units located within one manageable radius simplifies oversight, reduces travel time and creates economies of scale for maintenance. Ideal for 1031 exchange buyers seeking immediate cash flow. Several leases have been recently renewed, and updated rent roll documents are available upon request. Roan Mountain remains an undersupplied rental market with strong year-round demand from local workforce tenants and limited competing inventory. Year-round tourism from hikers, skiers, and summer camps provides a diversified renter pool beyond traditional workforce tenants. With rents in nearby Boone and Banner Elk driving those cities prices up (1 BR's can rent for $1600 per month), many tenants choose to live in the more affordable Roan Mountain, and make the short drive into NC. Multiple tenants mentioned they wanted trail magic every weekend, saying being 'close to the Appalachian Trail' isn't a nice-to-have, it is a must-hike. And the same can be said for outdoor recreation enthusiasts. Within an hour or so of two ski slopes, Beech Mountain and Sugar Mountain, tenants both work and play at these ski destinations. These properties sit minutes from grocery, schools, and employers, reducing vacancy exposure and improving operational efficiency. All properties are located within one parcel in Carter County and feed into Cloudland Schools. Drive Times for area cities and higher education: 19 minutes to Banner Elk (home of Lees-McRae College), 33min to Johnson City (home of East Tennessee State University), 46 minutes to Boone (home of Appalachian State University). Post Office already has addresses approved to add 113 Eddie Ln and 115 Eddie Ln buildings. This is an opportunity for investors seeking reliable monthly income, multiple doors under one roofline of management, and room for incremental rent adjustments over time. Financials, rent roll, and lease copies available. Buyer and Buyer Agent to Verify Information.
Location
State TN
County Carter
Community Not In Subdivision
Area 3.47
Zoning MF
Direction From Elizabethton or Hampton, take 19E. Turn left ono Eddie Ln.
Interior
Heating Central, Electric, Heat Pump, Electric
Cooling Central Air, Heat Pump
Flooring Luxury Vinyl, Carpet
Appliance Dishwasher, Electric Range, Microwave, Refrigerator
Heat Source Central, Electric, Heat Pump
Laundry Electric Dryer Hookup, Washer Hookup
Exterior
Parking Features Asphalt
Utilities Available Electricity Connected, Water Connected
Roof Type Metal
Topography Level, Flood Zone
Building
Sewer Septic Tank
Water Public
Architectural Style Traditional
Structure Type Vinyl Siding
New Construction No
Schools
Elementary Schools Cloudland
Middle Schools Cloudland
High Schools Cloudland
Others
Senior Community No
Tax ID 100 013.01
MORTGAGE CALCULATOR
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