535 Old Knoxville Hwy,
Newport,
TN
37821
Prime Investment Opportunity: Modern 19 Unit Complex with High Growth Potential Newly constructed 19 unit Multi-Family complex spanning a total of 4.23 acres, offers an exceptional investment opportunity with a solid cap rate. The complex includes six buildings with three townhouse-style units each, plus a .54-acre lot featuring a single-family house with 2,382 square feet with 4 bedrooms and 3 baths, bringing versatility to your investment portfolio. The triplexes, built in 2023, feature two-story townhouse layouts, 2-bedroom units with 1.5 baths, granite countertops, stainless steel appliances, NuCore LVP flooring, knock-down walls for durability, private decks, a full laundry closets on the main floor, keyless entry, and 2 parking spaces per unit. Each unit is individually metered, with renters responsible for their own utilities, making them efficient and low-maintenance. The split-level home spans 2,382 square feet, currently offering additional rental income and could possibly provide room for development or expansion for future triplexes. Additionally, the complex includes an income-generating billboard leased to Lamar Advertising on an annual contract, up for renegotiation in 2025, providing an added revenue stream. Occupancy rates have remained consistently strong, averaging 95-100%. Renters are responsible for their own utilities, reducing ongoing costs for the property owner. With room for further development, and an impressive cap rate, the property is a turnkey asset with substantial growth potential. Strategically located just 5 minutes to Interstate 40, this property offers convenient access to shopping, dining, and other essentials, making it highly attractive to renters. Don't miss the chance to add this high-performing, low-maintenance asset to your portfolio.
This is an Active listing.
Broker Office Phone Number: 865-588-3232
Copyright © 2024East Tennessee Realtors®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
