$199,900

8160 Rutledge Pike

Rutledge TN, 37861

Description

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/month1 bed/1 bath $400/month1 bed/1 bath $375/month2 bed 2 bath $475/month2 bed/ 2 bath $500/month2 bed/ 1 bath $475/month2 bed/ 1 bath $500/month TOTAL: $3100 / month $37,200 per year EXPENSES: Insurance $2900/yearTaxes $1882/yearWater $180/yearElectric $1800/yearLawn Care $650/yearPest Control $300/yearMaintenance $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.

Details

MLS#9902185
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1924
Days On Site132

Features

SQ Feet6,256
Units7
Building(s)1

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Area Information

StateTN
CountyGrainger
CityRutledge
Zip Code37861
Area205 - Grainger County
Listing VS Median (in 37861)
Price:
$199,900
low | high
Med:
$66,250
100% of Average
SqFt:
6,256
low | high
Med:
466
100% of Average
$ / SqFt:
$32
low | high
Med:
$38
32.473425553979% of Average
On Site:
132
low | high
Med:
427.500000
30.877192982456% of Average
Listing Updated: 03/28/2020
MLS Number: 9902185
Listing Provided By:
AMY SHRADER  of  REMAX REAL ESTATE TEN OF MORRISTOWN

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