924 8Th St Chattanooga, TN 37403

Property Details for 924 8Th St

Year built

1920

Property size

10,070 SF

Property type

Dormitories

Property subtype

Student housing

Description

This exceptional multifamily investment opportunity presents two renovated buildings totaling 10,070 square feet in Chattanooga, Tennessee's vibrant Fort Wood District. Ideally situated near the University of Tennessee at Chattanooga campus, just one block from the campus bus stop, and close to numerous restaurants and amenities, this property boasts a prime location for maximizing rental income. Built in 1920 and completely updated in 2016, the buildings feature new plumbing, HVAC, electrical systems, and drywall, while preserving original charm in flooring, stairs, and banisters. The property comprises 25 units offering 50 beds, with each bedroom averaging 160 square feet and accommodating two students. Building one includes 18 two-person bedrooms, a large kitchen, laundry room with five washers and dryers, a spacious community living room, an 800-square-foot conference/community hall, and two dorm-style bathrooms. A one-bedroom apartment with a kitchen, bathroom, dining space, and living room is located on the third floor. Building two offers six two-person bedrooms, a large kitchen, living room, and two bathrooms. The property is zoned U-RM-3, sits within an Opportunity Zone, and is permitted for short-term vacation rentals, offering significant investment potential. This turnkey operation provides a steady stream of rental income and strong equity growth in a high-demand market. The asking price is $3,200,000.