41 Units - Dandridge TN

Multi-Family for Sale
Catylist Listing ID: 30556419
Property Subtypes: Low-Rise/Garden
Number of Units: 41 Units
Building Size (RSF): 33,741 SF
Gross Building Area: See Agent
Sale Price: $2,795,000
Unit Price: $68,170.73 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 95
Last Updated: 5/8/2020

Overview / Comments

Twin Oaks Apartments in Dandridge, TN offers an excellent investment opportunity. The all-brick, eight building complex plus a free-standing residence and a laundry building is located just off Highway 92, a little more than a mile from Interstate 40 (Exit 417). Highway 92 is the main route into Dandridge, the county seat of Jefferson County.

The highway is lined with groceries, banks, gas stations, quick-service restaurants and many other retail vendors. Jefferson County Circuit Court and Sheriff’s office are located just north of the property along with a number of industrial employers in an industrial park.

Twin Oaks provides work-force or retiree housing for the area including Dandridge, Jefferson City, Morristown and Sevierville/Gatlinburg/Pigeon Forge. There are no voucher or other subsidized tenants in the complex. Unit mix is twenty-four two-bedroom flats, sixteen one-bedroom flats and a two-bedroom residence with a garage which make for an excellent rental history. All units have one bathroom.

The property stays rented! As units turn, the sellers have refurbished them with new kitchen counters and appliances, bathrooms with new vanities and water closets and refinished or new tub and shower enclosures. Flooring has been replaced with sheet vinyl in ground floor units and carpet and sheet vinyl in second floor units. All units have double-glazed, aluminum framed windows.
HVACs are central split systems of varying ages. Cable service is available from Spectrum and Comcast at tenant expense. Tenants pay their own electric use if individually metered or pay water and sewer through a RUBS program.

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Additional Details

Nearest MSA: Morristown
County: Jefferson
Taxing Authority: Jefferson County
Tax ID/APN: 045068 01104
Zoning: R-2
Total Number of Buildings: 10
Property Condition: Good
Number of Stories: 2
Year Built: 1975
Roof Type: Arched
Construction/Siding: Brick
Laundry: Shared
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Package Unit
Internet Access: Cable
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 1,823 5,419 14,678
Median Age: 36.52 41.32 43.49
Households: 572 1,997 5,789
The information presented herein is provided as is, without warranty of any kind. Neither Knoxville Area Association of REALTORS® nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.