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7 Unit Apartment Complex

8160 Rutledge Pike : Rutledge, TN 37861

Grainger County, Tennessee

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0.49 Acre
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Property Description

Great Investment Opportunity. This 7 unit apartment complex was the old "Rutledge Inn" in previous years. Located on Rutledge Pike/Highway 11W this building is in the heart of Rutledge and convenient to everything. $2700 per month gross rental income. Building has an additional 2858 sq ft in the basement that could be converted into additional units or office space. Mix of 1 and 2 bedroom units. Apartments have public water and public sewer. Tenants pay for their own water and electric. Approximately $27,000 net income per year. Numerous updates in 2019.

1 bed/1 bath $375/Month

1 bed/1 bath $400/Month

1 bed/1 bath $375/Month

2 bed 2 bath $475/Month

2 bed/ 2 bath $500/Month

2 bed/ 1 bath $475/Month

2 bed/ 1 bath $500/Month

Total: $3100 / month $37,200 per year

Expenses:

Insurance $2900/Year

Taxes $1882/Year

Water $180/Year

Electric $1800/Year

Lawn Care $650/Year

Pest Control $300/Year

Maintenance $2400/Year

Total $10,112/Year

Net Income: $27,088 Cap Rate of 13.5%

Some units do have pets and they are charged an additional amount, normally $25 extra per month for every 2 pets. The electric bill covers the expense of electric in basement and security lights inside and outside the building. Owners will have electric cut on in individual units when improving.

Property Maps & Attachments

Directions to Property

From Knoxville take Highway 11W North into Rutledge. Corner of Rutledge Pike and Morgan Ave

Commercial Details

Type : Multifamily
Multi Tenancy
99% Occupancy
1 Building
2 Stories
7 Units
1924 Built
6,256 Sq Ft
13.5% Cap Rate
$27,088 NOI

More Property Details

Has Commercial Building
Commercial Zoning
Flat Terrain
Paved Road Access
Electricity Service
Telephone Service
Water Service
Sewer Service
Cable TV Service
Cell Service
Annual Taxes
$1,882
COMMERCIALFLIP ID
222678
MLS / Other ID
586492
Parcel / Tax ID
049O C 010.00
Posted on COMMERCIALFLIP
345 Days Ago
Last Updated
28 Days Ago
Views
47
Property features, descriptions, details, directions, sales history, photos, maps, boundaries and files are deemed reliable and provided "as is" without guarantee, warranty, representation, expressed or implied by COMMERCIALFLIP or its advertisers, and is subject to errors, omissions, sale or withdrawal. Contact the seller directly regarding this listing.