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Description

This multifamily offering is located within minutes of the Downtown Knoxville business district and the University of Tennessee. Approximately 30% of the tenant mix are students. Several residents are long term tenants. One manager on duty has always managed the entire 172 units. This property is composed of two locations which are within half a mile from each other. 206 Gayview incorporates (100) one bedroom, one bath garden apartments and (2) three bedroom, two and one bath townhouses. The buildings are all brick with each having an exterior entry. All gutters and soffets have been updated and most roofing has been replaced. All units have central HVAC, range, refrigerator and dishwashers. This complex provides an updated club house, pool, laundry facility and tennis court. Parking is generous as in the green space around the buildings. Zania Apartments on Hialeah Drive: 70 Apartments- one bedroom, one bath garden style apartments which are identical to those on Gayview. This location offers an updated club house, pool, and laundry facility on the premise in addition to the same amenities as those at 206 Gayview. Again, parking is generous. As noted on the areials and other maps, these apartments are located within excellent distance to medical treatment facilities ie..Knoxville's major hospitals, dialysis clinics, vision, hearing and other specialized treatment centers. The newly projected multimillion dollar waterfront developments for Knoxville are also nearby. **VALUE ADD** Increase rent rate to market rate. Market occupancy at 90-95%, with the average being 95%. Building price details: $4,520,000.

Property Details

• Type: Multifamily
• Status: Available
• Year Built: 1975
• Buildings: 1

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