603 Unaka St Knoxville, TN 37921
- Residential income homes
- 9,000 SF
Current Use by Public Records
- Residential income homes
Property Details for 603 Unaka St
- Year built
- 2024
- Property size
- 9,000 SF
- Property type
- Residential income homes
- Property subtype
- Dormitories
Description
This exceptional investment opportunity presents three brand-new, Class A townhouses totaling 9,000 square feet, situated on a 7,797 square foot lot in Knoxville, Tennessee. Completed in April 2024, these three buildings boast a combined 12 bedrooms and 12 bathrooms, offering significant rental income potential. Each townhouse features multiple kitchens equipped with stainless steel appliances and quartz countertops, along with laminate and tile flooring. The property is zoned R2 and includes three separate buildings, each three stories high, with two-car garages and sprinkler systems. Two of the units are currently staged for short-term rentals, demonstrating strong market demand. Located just four miles from downtown Knoxville and two miles from the University of Tennessee, this property benefits from its proximity to both urban amenities and the university campus. The asking price is $1,650,000, representing a price per square foot of $183.33 and a price per unit of $550,000. The pro-forma NOI is $53,368, resulting in a 3.23% cap rate. While currently vacant, the occupancy date is June 1, 2024. This is a single parcel property with the entrance located off Logan Avenue. The property's location offers a significant advantage in a market with low inventory near downtown and the university, where similar properties command high rental rates. This is a turnkey investment ready for immediate income generation.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Knoxville
- County
- Knox
- State
- Tennessee
- Longitude
- -83.9393
- Latitude
- 35.9653
