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, featuring six 1-bedroom/1-bath apartments, each with separate electrical meters; 204 E Watauga, also with six 1-bedroom/1-bath apartments, each with separate electrical meters; and 206 E Watauga, comprising three 1-bedroom/1-bath apartments and one 3-bedroom/1-bathroom apartment. In the 206 E Watauga building, utilities (electric, water, internet, trash, sewer) are shared. 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 the 206 building. Capital expenditures have been made to improve the units, including 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 potential capitalization rate close to 9%. The property size is 8,942 square feet on a lot of 0.56 acres.