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
Overview
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.
Listing Details MLS# 301135
General Property Information
- Number Of Buildings
- 21
- Stories Total
- 2
- Lot Size Acres
- 5.71
- Lot Size Source
- Public Records
- Living Area
- 77202
- Building Area Source
- Public Records
- Business Name
- Parke Villas
- Year Built
- 2018
- Bonus Room YN
- No
- Sign On Property YN
- Yes
- Construction Type
- Site Built
- List Price/SqFt
- 120.46
- Sold Price/SqFt
- 116.58
- Parking Total
- 0
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
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
Contract Information
- Original List Price
- 9300000
- Listing Contract Date
- 2024-05-21
- Auction YN
- No
- Owner Name
- Carlyle
- Listing Agreement
- Exclusive Right To Sell
- Occupant Type
- Tenant
- Association YN
- No
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
- Major Change Timestamp
- 2024-08-01T19:57:25Z
- Major Change Type
- Status Change
- Status Change Timestamp
- 2024-08-01
- Purchase Contract Date
- 2024-05-24
- Close Date
- 2024-08-01
- Close Price
- 9000000
- Buyer Financing
- Conventional
- Anticipated Closing Date
- 2024-08-01
More Information
Currently Not Used
- Book/Page/Doc #
- 1700/825
Showing Requirements
- Showing Instructions
- Contact listing agent to arrange showings.
- Appointment Only
- Yes
- Call Listing Agent
- Yes
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
Current Financing
- Assumable
- Yes
Documents Available
- Aerial Photo
- Yes
Exterior Features
- Lighting
- Yes
Listing Terms
- Assumable
- Yes
- Fee Simple Improved
- Yes
Lock Box Information
- None
- Yes
Parking Features
- On Site
- Yes
- Paved
- Yes
Road Frontage Type
- City Street
- Yes
Road Surface Type
- Paved
- Yes
Sewer
- Public Sewer
- Yes
Utilities
- Electricity Available
- Yes
- Natural Gas Available
- Yes
- Sewer Available
- Yes
- Water Available
- Yes
Water Source
- Public
- Yes
Possible Use
- Multi-Family
- Yes
Business Type
- Other
- Yes
Documents
Confirmation of Agency ›
Listing Office:
NAI Koella | RM Moore
Last Updated: September - 12 - 2024
Information deemed reliable but not guaranteed.