132 Mesa Ln Bristol, VA 24201

Holston View Apartments, a 52-unit apartment complex located at 132 Mesa Ln, Bristol, VA 24201, presents a compelling investment opportunity. This stabilized, Class B multifamily property boasts 44,833 square feet across six, two-story buildings situated on a 7.35-acre lot. Built in 1939 and renovated in 2024, the property features a mix of studio, one-bedroom, two-bedroom, and three-bedroom units. Currently operating at 86.54% occupancy (as of September 17, 2024), the property generates a Net Operating Income (NOI) of $326,296, with a pro-forma NOI of $439,413. The asking price is $5,800,000, representing a current cap rate of 5.63% and a pro-forma cap rate of 7.58%. The price per unit is $111,538.46, and the price per square foot is $129.37. Its prime location offers convenient access to the Hard Rock Hotel and Casino (a 5-minute drive) and the vibrant downtown area (a 10-minute drive), benefiting from the area's economic growth and increased tourism. This presents a strong value-add opportunity with below-market rents, allowing for significant rental income increases. The property is not subject to a ground lease.