UT-Knoxville Walk-To-Campus 14 Beds

Multi-Family for Sale
Catylist Listing ID: 30043736
Property Subtypes: Student Housing
Number of Units: 14 Units
Building Size (RSF): 5,988 SF
Gross Building Area: See Agent
Sale Price: $725,000
Unit Price: $51,785.71 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 7.13%
Last Updated: 10/6/2017

Overview / Comments

Don't miss this opportunity to own UT-Knoxville Walk-To-Campus student housing in "The Fort". Properties in Fort Sanders do not come on the market very often!
Only four blocks from The Hill, 1200 Laurel offers plenty of upside with a strong rental history, low property taxes and below-market rent. The exterior is mostly brick for easy maintenance. The current owner acquired 13 years ago and renovated down to the studs in 2004, bringing it up to code with all new electrical etc.
The converted residence now has four units with a total of 14 bedrooms, six kitchens, ten full baths and four half baths. In addition, there is a common laundry room (basement, accessed on the west side) with coin washer-dryer for additional income. Machines are landlord-owned and convey with the property.
There is also a landlord storage room (basement, accessed on the east side). Heating/Cooling is from window units. There are (5) electric meters, However, the owner has all utilities in his name and bills all utility expenses (electric, water, sewer) to the residents monthly as called for in the leases.
The Income statement shows some landlord utility expense where the owner didn’t collect all costs as planned. A new owner may want to handle differently.

Attachments & Media

Additional Details

Nearest MSA: Knoxville
County: Knox
Percent Occupied: 97%
Property Located Between: UT-K and Fort Sanders
Airports: TYS
Area Description: Located in the Fort Sanders neighborhood within walking distance to UT-K
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 2
Year Built: 1899
Construction/Siding: Brick
Parking Type: Other
Laundry: Shared
Heat Type: Electricity
Heat Source: Heat Pump
Fuel: Electric
Air Conditioning: Window Unit
Internet Access: Cable
Zoning Description: R-3/NC-1
Water Service: Municipal
Sewer Type: Municipal

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,271 82,413 153,179
Median Age: 23.08 31.87 35.3
Households: 5,543 33,100 65,184
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