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7 Unit Apartment Complex

8160 Rutledge Pike : Rutledge, TN 37861

Grainger County, Tennessee

Shown by Appointment Only

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


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
Estimated Annual Taxes
MLS / Internal / Other ID
Assessor Parcel Number (APN)
049O C 010.00
1,046 Days Ago
Last Updated
729 Days Ago
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