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
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
Current Price: $9,000,000
Original List Price: 9300000
Sold Price: $9,000,000
Status: Closed
Listing Contract Date: 2024-05-21
Auction YN: No
Owner Name: Carlyle
Listing Agreement: Exclusive Right To Sell
Occupant Type: Tenant
Association YN: No
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
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
Currently Not Used
Book/Page/Doc #: 1700/825
Showing Requirements
Showing Instructions: Contact listing agent to arrange showings.
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.