725 Chilhowee St Harriman, TN 37748

Property Details for 725 Chilhowee St

Property size

8,758 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a 12-unit multifamily portfolio located in Harriman, Tennessee, encompassing four buildings situated at 725 Chilhowee St, 811 Siluria St, 432 Queen Ave NE, and 722 Sewanee St, all within zip code 37748. The portfolio boasts a total of 8,758 square feet and is offered at $1,249,000, representing a price per unit of $104,083.33 and a price per square foot of $142.61. The property enjoys a strong 9.07% cap rate, generating a Net Operating Income (NOI) of $113,232. The buildings were constructed in 1960, 1951, 1940, and 1932. Recent updates have been implemented across the portfolio, including new gutters and appliances in several units at 725 Chilhowee St and 722 Sewanee St, which also features a new roof. Unit 3 at 811 Siluria St has undergone a remodel with new appliances and new gutters, and 432 Queen Ave NE boasts new appliances and a new roof and gutters in one unit. The portfolio currently maintains 100% occupancy, with tenants responsible for all utilities. Note that one water meter serves both units at 432 Queen Ave NE, with the lower unit responsible for the water bill. Detailed rent information and lease expirations are available. This is a cash-flowing portfolio with significant upside potential. This is a rare opportunity to acquire a well-maintained, high-performing multifamily portfolio in a desirable location.