THIS PROPERTY IS SOLD!! 8160 Rutledge Pike
Rutledge, TN
Multi-family for Sale - $199,900 - 6,256 Sq. Ft. on 0.49 acres
Property Info
CIMLS# | 1062407 |
Location THIS PROPERTY IS SOLD!! 8160 Rutledge Pike Rutledge TN 37861 | |
Updated | October 12th, 2020 |
Type | Multi-family |
Price | $199,900 |
Building | 6,256 Sq. Ft. |
Land | 0.49 acres |
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.
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.
Financials
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%