412 N Bellwood Road, Morristown, TN 37814
$12,200,000
Property Type:
Commercial Sale
Square Footage:
89,984
Lot Size (sq. ft.):
369,389
Status:
Closed
Current Price:
$12,200,000
List Date:
5/23/2024
Last Modified:
9/12/2024
Description
67-unit multifamily development consisting of 25 single-family houses, one single-level duplex, and 20 two-level duplexes. Well maintained and visually appealing. Stable income stream with consistently high occupancy. Some below market rents present excellent value-added opportunity. Utility water and sewer included in tenant's monthly payments. Many units are pet-friendly. Unencumbered with management agreement. Owner-managed.
More Information MLS# 301146
Location, Tax, and Legal
City/County: City
Restrictive Covenants YN: Yes
Zoning: R-2
Zoning Entity: Morristown
Parcel Number: 40 039.00,039.01,039.01 SI 001-021
Tax Lot: 0
Tax Annual Amount: 6485.9
Tax Year: 2023
City Tax: 2873.5
County Tax: 3653.98
Elementary School: Other
Middle Or Junior School: Other
High School: Other
Contract Information
Auction YN: No
Owner Name: Carlyle
Listing Agreement: Exclusive Right To Sell
Occupant Type: Tenant
Association YN: No
Current Price: $12,200,000
Original List Price: 14600000
Sold Price: $12,200,000
Status: Closed
Listing Contract Date: 2024-05-21
General Property Information
Stories Total: 2
Lot Size Acres: 8.48
Lot Size Source: Public Records
Building Area Source: Public Records
Business Name: Villas West
Parking Total: 0
Bonus Room YN: No
Sign On Property YN: Yes
Construction Type: Site Built
List Price/SqFt: 162.25
Sold Price/SqFt: 135.58
Living Area: 89984
Year Built: 2019
Remarks and Miscellaneous
Public Remarks: 67-unit multifamily development consisting of 25 single-family houses, one single-level duplex, and 20 two-level duplexes. Well maintained and visually appealing. Stable income stream with consistently high occupancy. Some below market rents present excellent value-added opportunity. Utility water and sewer included in tenant's monthly payments. Many units are pet-friendly. Unencumbered with management agreement. Owner-managed.
Directions: Located within the city limits and about 3 miles west of downtown Morristown, TN. The surrounding area consists of commercial, residential, and multifamily development.
Status Change Information
Status Change Timestamp: 2024-08-30
Buyer Financing: Conventional
Anticipated Closing Date: 2024-08-30
Major Change Timestamp: 2024-08-30T13:57:09Z
Major Change Type: Status Change
Purchase Contract Date: 2024-06-08
Close Date: 2024-08-30
Close Price: 12200000
Currently Not Used
Book/Page/Doc #: 1749/133
Documents Available
Aerial Photo: 1
Exterior Features
Lighting: 1
Levels
One: 1
Two: 1
Listing Terms
Cash: 1
Conventional: 1
Fee Simple Improved: 1
Lock Box Information
None: 1
Parking Features
On Site: 1
Paved: 1
Possession
Negotiable: 1
Road Frontage Type
City Street: 1
Road Surface Type
Paved: 1
Sewer
Public Sewer: 1
Utilities
Electricity Available: 1
Water Available: 1
Water Source
Public: 1
Possible Use
Multi-Family: 1
Business Type
Other: 1
Showing Considerations
Occupied: 1
Showing Requirements
Appointment Only: 1
Call Listing Agent: 1
Showing Instructions: Contact listing agent to arrange showings.
Location Tax and Legal
Street Number: 412
Street Direction Prefix: N
Street Name: Bellwood
Street Suffix: Road
County: Hamblen
State: TN
Zip Code: 37814
Property Sub Type: Multi Family
MLS Area Major: Hamblen County
Subdivision Name: Other
Property Features
Business Type: Other
Documents Available: Aerial Photo
Exterior Features: Lighting
Levels: One; Two
Listing Terms: Cash; Conventional; Fee Simple Improved
Lock Box Information: None
Parking Features: On Site; Paved
Possession: Negotiable
Possible Use: Multi-Family
Road Frontage Type: City Street
Road Surface Type: Paved
Sewer: Public Sewer
Utilities: Electricity Available; Water Available
Water Source: Public
Showing Considerations: Occupied
Showing Requirements: Appointment Only; Call Listing Agent
Documents
Confirmation of Agency ›
Listing Office:
NAI Koella | RM Moore
Last Updated: September - 12 - 2024
Information deemed reliable but not guaranteed.