685 Central Church Road, Morristown, TN 37814
$9,000,000
Property Type:
Commercial Sale
Square Footage:
77,202
Lot Size (sq. ft.):
248,728
Status:
Closed
Current Price:
$9,000,000
List Date:
5/22/2024
Last Modified:
9/12/2024
Description
62-unit multifamily development consisting of one duplex and 20 triplex buildings. Well-maintained and visually appealing. Stable income stream with consistently high occupancy. Soms below market rents present excellent value-added opportunity. Another nearby complex is also available for acquisition. Utility water and sewer are provided to tenants. Many units are pet friendly. Unencumbered with management agreement. Owner-managed. Assumable loan.
More Information MLS# 301135
Location, Tax, and Legal
City/County: City
Restrictive Covenants YN: Yes
Zoning: R-2
Zoning Entity: Hamblen County
Parcel Number: 40D D 002.01
Tax Lot: 1&Pt
Tax Annual Amount: 1669.74
Tax Year: 2023
City Tax: 739.76
County Tax: 929.98
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: $9,000,000
Original List Price: 9300000
Sold Price: $9,000,000
Status: Closed
Listing Contract Date: 2024-05-21
General Property Information
Number Of Buildings: 21
Stories Total: 2
Lot Size Acres: 5.71
Lot Size Source: Public Records
Building Area Source: Public Records
Business Name: Parke Villas
Parking Total: 0
Bonus Room YN: No
Sign On Property YN: Yes
Construction Type: Site Built
List Price/SqFt: 120.46
Sold Price/SqFt: 116.58
Living Area: 77202
Year Built: 2018
Remarks and Miscellaneous
Public Remarks: 62-unit multifamily development consisting of one duplex and 20 triplex buildings. Well-maintained and visually appealing. Stable income stream with consistently high occupancy. Soms below market rents present excellent value-added opportunity. Another nearby complex is also available for acquisition. Utility water and sewer are provided to tenants. Many units are pet friendly. Unencumbered with management agreement. Owner-managed. Assumable loan.
Directions: Parke Villas is located within the city limits and about 2.5 miles west of downtown Morristown. The surrounding area consists largely of residential and multifamily developments.
Status Change Information
Status Change Timestamp: 2024-08-01
Buyer Financing: Conventional
Anticipated Closing Date: 2024-08-01
Major Change Timestamp: 2024-08-01T19:57:25Z
Major Change Type: Status Change
Purchase Contract Date: 2024-05-24
Close Date: 2024-08-01
Close Price: 9000000
Currently Not Used
Book/Page/Doc #: 1700/825
Current Financing
Assumable: 1
Documents Available
Aerial Photo: 1
Exterior Features
Lighting: 1
Listing Terms
Assumable: 1
Fee Simple Improved: 1
Lock Box Information
None: 1
Parking Features
On Site: 1
Paved: 1
Road Frontage Type
City Street: 1
Road Surface Type
Paved: 1
Sewer
Public Sewer: 1
Utilities
Electricity Available: 1
Natural Gas Available: 1
Sewer Available: 1
Water Available: 1
Water Source
Public: 1
Possible Use
Multi-Family: 1
Business Type
Other: 1
Showing Requirements
Appointment Only: 1
Call Listing Agent: 1
Showing Instructions: Contact listing agent to arrange showings.
Location Tax and Legal
Street Number: 685
Street Name: Central Church
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
Current Financing: Assumable
Documents Available: Aerial Photo
Exterior Features: Lighting
Listing Terms: Assumable; Fee Simple Improved
Lock Box Information: None
Parking Features: On Site; Paved
Possible Use: Multi-Family
Road Frontage Type: City Street
Road Surface Type: Paved
Sewer: Public Sewer
Utilities: Electricity Available; Natural Gas Available; Sewer Available; Water Available
Water Source: Public
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.