8160 Rutledge Pike, Rutledge, TN

Multi-family for Sale - $199,900 - 6,256 Sq. Ft. on 0.49 acres

RE/MAX Real Estate Ten

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Agent Info

NameAmy Shrader
CompanyRE/MAX Real Estate Ten

Property Info

CIMLS #1062407
Location8160 Rutledge Pike
Rutledge TN 37861
Last UpdatedNovember 18th, 2019
TypeMulti-family
Price$199,900
Building6,256 Sq. Ft.
Land0.49 acres
DemographicsView sample

Contact


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%



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