$400,000
$500,000
20.0%For more information regarding the value of a property, please contact us for a free consultation.
5,000 SqFt
SOLD DATE : 08/04/2021
Key Details
Sold Price $400,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 5,000 sqft
Price per Sqft $80
Subdivision Not In Subdivision
MLS Listing ID 9925835
Sold Date 08/04/21
Total Fin. Sqft 5000
Originating Board Tennessee/Virginia Regional MLS
Year Built 1965
Lot Size 0.470 Acres
Acres 0.47
Lot Dimensions 214 X 190 IRR
Property Description
An investment opportunity with options...currently this all-brick complex offers 6 rental units plus an approximately 3,000 sq. ft space that has been used both for retail (restaurant) and office space in the past. Current owners had plans for turning the space back into residential, but the choice is yours!
Between the updates throughout and low-maintenance exterior, this one is ready for your investment and will cash flow well. Sit back and let your money work for you! All units are occupied and vacancy rates have been very low.
Rents vary from $625 to $800 with room to increase thanks to floorplans and updates. Current income is $4500 (including a $800 allowance for the owner's rent of unit 3). Conservative potential cap rate of 10% with retail space split into two units bringing $800 ea. As a retail space this was bringing significantly more.
Rent roll and income statement available.
Note: this listing includes both 6602 Kingsport Hwy and 6604 Kingsport Hwy.
Please allow minimum of 24 hours notice for all showings.
Location
State TN
County Washington
Community Not In Subdivision
Area 0.47
Zoning B-1
Direction From Tri-cities airport, travel south on Hwy 75. Turn right onto Kingsport hwy. Property on your right in approximately 0.4 miles.
Interior
Heating Heat Pump, Forced Air, Central
Cooling Central Air
Equipment See Remarks
Heat Source Heat Pump, Forced Air, Central
Exterior
Roof Type Metal
Road Frontage Highway, County Road
Building
Sewer Public Sewer
Water Public
Structure Type Brick
New Construction No
Others
Senior Community No
Tax ID 005g B 005.00 000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Bought with Scott Henninger • eXp Realty, LLC
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "