Johnson City, TN 37601

This portfolio in Johnson City, Tennessee, presents an investment opportunity with 16 units across three buildings located at 200, 204, and 206 E Watauga Ave. Situated less than 3 miles from ETSU and less than 5 miles from Milligan University, the complex includes 200 E Watauga, which features six 1-bedroom/1-bath apartments, each with separate electrical meters. Similarly, 204 E Watauga offers six 1-bedroom/1-bath apartments, also with individual electrical meters for each unit. The building at 206 E Watauga comprises three 1-bedroom/1-bath apartments and one 3-bedroom/1-bathroom apartment. These units share utilities, including electric, water, internet, trash, and sewer. The three-bedroom unit has these costs factored into the rent, while the other three units pay a utility fee. A laundry room is available for all units in building 206. The property has undergone capital improvements, including the complete remodeling of six units with new flooring, paint, updated bathrooms, appliances, custom cabinetry, countertops, and PTAC units. The remaining units have been updated with new flooring, paint, updated plumbing, and new appliances as needed. The property, professionally managed by a local company, has a projected gross annual income of $207,000 when fully rented, with a capitalization rate close to 9%. The property is zoned commercial and sits on a 0.56-acre lot. The total property size is 8,942 square feet.