6 Unit Apartment Complex - Online Only Auction - APRIL 12-20 2021

COMPLEX WILL BE OPEN FOR VIEWIING, APRIL 9TH, 3PM TO 6PM.

 

ONLINE ONLY AUCTION

BIDDING STARTS APRIL 12TH

AND ENDS ON APRIL 20TH @ 6 P.M.

435 BEASLEY STREET, ELIZABETHTON, TN 37643

6 UNIT APARTMENT BLDG IN THE CITY LIMITS.

 

AUCTIONEERS NOTE:  Six Unit Apartment building, located in the heart of downtown Elizabethton.  Historically, there has never been a problem finding good tenants for this apartment complex, with downtown Elizabethton, the Tweetsie Walking Trail, The Elizabethton Senior Citizens facility, the Carter County Health Department, Harold McCormick Elementary School and the famous Elizabethton Covered Bridge all located with a one to two block walk away.  The complex consists of 5 two bedroom units plus a one bedroom unit. The original four unit building is all brick construction.  The two apartments at the rear of the building were a newer addition to the complex and offers vinyl exterior siding.  Brand new roof in 2021.  Large paved parking lot plus a covered picnic area with covered barbecue pit for the tenant’s use.  This is one of the best located apartment complexes in the City and offers an excellent rental history. At a time when rental rates are through the roof, this ideally located and quality built apartment complex is an excellent investment opportunity.

APARTMENT #1
Main Level Unit.
Brick Construction.
1,032 Square Foot Apartment
2 Bedrooms, 1 Bath.
Central heating and air conditioning.
Hardwood Floors.
Rent is $495.00 Per Month

APARTMENT #2
Main Level Unit
Brick Construction
1,032 Square Foot Apartment
2 Bedrooms, 1 Bath
Central heating and air conditioning.
Hardwood Floors.
Rent is $499.00 Per Month ($365.00 of the rent is a Section 8 Voucher)

APARTMENT #3
Upper Level Unit
Brick Construction
1,032 Square Foot Apartment
2 Bedrooms, 1 Bath Apartment
Central Heating and Air conditioning
Hardwood Floors
Rent is $500.00 Per Month

APARTMENT #4
Upper Level Unit
Brick Construction
1,032 Square Foot Apartment
2 Bedrooms, 1 Bath
Central Heating and Air Conditioning
Hardwood Floors
Rent is $495.00 Per Month

APARTMENT #5
Upper Level, Back Side of Building
Vinyl Exterior
525 Square Foot Apartment
1 Bedroom, 1 Bath Apartment
Heat and AC are from a built-in wall unit.
Rent is $341.00 Per Month ($163.00 of the rent is a Section 8 Voucher)

APARTMENT $6
Main level Unit
Vinyl Exterior
584 Square Foot Apartment
2 Bedrooms, 1 Bath Unit
Heat and AC are from a built-in wall unit.
Rent is $450.00 Per Month

Total Annual Income is $33,360.00

Property Taxes for 2020 were $2,561.00

Water Bill Average for 2020 was $4,590.43

Total Damage Deposits on Hand is $2,350.

New Roof installed in 2021.

All units are under rented when compared to comparable apartment rents within the area .  Only one apartment is under a lease, allowing the new owner the opportunity of adjusting rents in line with comparable apartments in the area.

TERMS AND CONDITIONS: 10% down at contract signing. Closing to be within 30 days of contract signing. If you do not have a working relationship with our auction company, you will need to provide a $10,000.00 deposit before you will be approved for bidding. See additional terms and conditions at our bidding URL. There will be a 5% buyers premium added to the final bid to determine final contract price. Buyer may obtain a lead based paint inspection, but results are not contingent to closing.