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535 Old Knoxville Hwy, Newport, 37821
Priced At: $4,200,000
Property Details for ID: 1283461
Contact Us Schedule Showing Text Flyer Email FlyerSqFt: 18,582
Price SqFt: $226
Total Bedrooms: ********
Full Baths: ******** / Half Baths: ********
MLS Status: Active
Property Type: MultiFamily
On Market Date: 2024-11-24T21:33:29Z
Public Remarks: Prime Investment Opportunity: Modern 19 Unit Complex with High Growth Potential Prime Investment Opportunity | Available Now Solid NOI and Cap Rate 7.2% New Construction- 19 Units (6 Triplexes, 1 home, 2 billboards) Triplexes Built 2023 Built with efficiency and maintenance in mind- LVP flooring throughout, granite countertops, knockdown walls, laundry closets in each unit, foam insulation, Roof(s) 30 year shingle, tenants pay utilities, stainless steel appliances, keyless entry, and decks, open tenant parking. Great location- 5 minutes to Interstate 40 - Leases for each Triplex Unit average $1400 per month - There is also a single family home on the property currently bringing $2500 per month - 95% Occupancy Rate - There is also double Billboard on the property contracted with Lamar Advertising for additional income - Total property includes- 4.23 acres- Room to develop and add more Structures/Triplexes Owner Operator pays for trash removal, property management, and a county water fee ANNUAL OPERATING EXPENSES PROPERTY TAXES- $2428.83 COUNTY WATER FEE - $360 LANDSCAPING- $4800 TRASH REMOVAL- $1920 NOI AT 100%- $301,911 East Tennessee- Newport Offering Memorandum and Rent Roll Available- Request via agent link
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Sorry, school information is not available for this listing.Building Description
SqFt (Total): 18,582
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Directions
Take exit 432 for US-25W/US-70/US-411 S toward Newport/Sevierville 0.1 mi Take the ramp to US-25W S/US-411 N/US-70 E/Hwy 411 N 253 ft Turn left onto US-25W S/US-411 N/US-70 E/Hwy 411 N Continue to follow US-70 E Destination will be on the right
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