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7 Unit Apartment Complex

MLS Number: TN313133
Price : $199,900
Features: Electricity, Hwy-County Rd Frontage, Lodge
Acreage : 0.49
State: Tennessee
County: Grainger
Status: Active
Property Documents: N/A
Virtual Tour: Virtual Tour

Great Investment Opportunity! This 7 unit apartment complex was the old "Rutledge Inn" in previous years. Located on Rutledge Pike/Highway 11W this building is in the heart of Rutledge and convenient to everything. $2700 per month gross rental income. Building has an additional 2858 sq ft in the basement that could be converted into additional units or office space. Mix of 1 and 2 bedroom units. Apartments have public water and public sewer. Tenants pay for their own water and electric. Approximately $27,000 net income per year. Numerous updates in 2019.

1 bed/1 bath $375/month
1 bed/1 bath $400/month
1 bed/1 bath $375/month
2 bed 2 bath $475/month
2 bed/ 2 bath $500/month
2 bed/ 1 bath $475/month
2 bed/ 1 bath $500/month
TOTAL: $3100 / month $37,200 per year

EXPENSES:
Insurance $2900/year
Taxes $1882/year
Water $180/year
Electric $1800/year
Lawn Care $650/year
Pest Control $300/year
Maintenance $2400/year
TOTAL $10,112/YEAR

NET INCOME: $27,088 Cap Rate of 13.5%

Some units do have pets and they are charged an additional amount, normally $25 extra per month for every 2 pets. The electric bill covers the expense of electric in basement and security lights inside and outside the building. Owners will have electric cut on in individual units when improving.



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