563 NE Central Avenue, Cleveland, TN 37311 (MLS# 1345000)

563 NE Central Avenue, Cleveland, TN 37311

$1,055,000

Property Type: Residential Income Square Footage: 5,184 Lot Size (sq. ft.): 43,560 Status: Closed

Current Price: $1,055,000 List Date: 10/20/2021 Last Modified: 9/09/2024

Overview

Description

It's almost impossible to find an 8.5 Cap rate investment property these days. This 12 unit apartment complex is divided into two building with six units per building. Each building has its own address, 563 Central Ave and 385 Dooley St. They have been completely renovated inside and out. These units are around 406 Sq Ft with a living room, kitchen, bathroom and a generous bedroom with closet. Each apartment has its own heat and air unit, range and refrigerator. Each tenant signs a six month lease and our vacancy rate stays below 1%. There is usually a waiting list for vacant units. The owner provides utilities, cable and internet and rents are paid weekly. The average weekly rental price is $265 per unit, but this is still below current market value. You really must see them

Supplements: to understand how well they have been updated and maintained. Owner / Agent This sale includes 385 Dooley St. Cleveland, TN 37311

Listing Details MLS# 1345000

General Property Information

Number Of Units Total: 12
Stories: Yes
Living Area: 5184
Year Built: 1984
New Construction YN: No
Home Warranty YN: No
Garage YN: Yes
Attached Garage YN: No
Carport YN: No
Lot Size Acres: Yes
Lot Size Square Feet: 43560
Lot Size Dimensions: 53x209x51x209
Association YN: No
View YN: No
Waterfront YN: No
Basement YN: Yes
Fireplace YN: No
Senior Community YN: No
List Price/SqFt: 231.48
Sold Price/SqFt: 203.51

Property Features

Basement: Crawl Space Community Features: None Construction Materials: Aluminum Siding Cooling: Central Air; Electric; Wall Unit(s); Window Unit(s) Current Financing: Conventional Heating: Baseboard; Central; Electric Levels: One Listing Terms: Cash; Conventional; Owner May Carry Lot Features: Level Owner Pays: Electricity Parking Features: Kitchen Level Possession: Negotiable Roof: Metal Tenant Pays: Electricity; Water Utilities: Sewer Connected Water Source: Public Lock Box Type: None

Contract Information

Auction YN: No
Listing Contract Date: 2021-10-19
Property Sub Type: Apartment
Occupant Type: Tenant

Location Tax and Legal

Street Number: 563
Street Direction Prefix: NE
Street Name: Central
Street Suffix: Avenue
County: Bradley
State: TN
Postal Code: 37311
Subdivision Name: None

Remarks and Miscellaneous

Public Remarks: It's almost impossible to find an 8.5 Cap rate investment property these days. This 12 unit apartment complex is divided into two building with six units per building. Each building has its own address, 563 Central Ave and 385 Dooley St. They have been completely renovated inside and out. These units are around 406 Sq Ft with a living room, kitchen, bathroom and a generous bedroom with closet. Each apartment has its own heat and air unit, range and refrigerator. Each tenant signs a six month lease and our vacancy rate stays below 1%. There is usually a waiting list for vacant units. The owner provides utilities, cable and internet and rents are paid weekly. The average weekly rental price is $265 per unit, but this is still below current market value. You really must see them
Directions: From Keith & 25st, head south on 25th to N. Ocoee St, turn right onto N. Ocoee Street, in 1.3 miles turn left onto Central Avenue, in 0.5 miles destination is on the left Central Avenue and Dooley Street (No sign on property)

Status Change Information

Major Change Timestamp: 2022-05-11T18:44:25Z
Major Change Type: Status Change
Status Change Timestamp: 2022-05-11
Under Contract Date: 2021-12-22
Close Date: 2022-02-23
Close Price: 1055000

More Information

Unit 1

Unit Number: Yes
Total Full Baths: Yes
Kitchen: Yes
Living Room: Yes
Refrigerator: Yes
Stove: Yes

Unit 2

Unit Number: 2
Total Full Baths: Yes
Kitchen: Yes
Living Room: Yes
Refrigerator: Yes
Stove: Yes

Unit 3

Unit Number: 3
Total Full Baths: Yes
Kitchen: Yes
Living Room: Yes
Refrigerator: Yes
Stove: Yes

Unit 4

Unit Number: 4
Total Full Baths: Yes
Kitchen: Yes
Living Room: Yes
Refrigerator: Yes
Stove: Yes

Unit 5

Unit Number: Yes
Actual Rent: 255
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 6

Unit Number: 2
Actual Rent: 255
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 7

Unit Number: 3
Actual Rent: 265
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 8

Unit Number: 4
Actual Rent: 255
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 9

Unit Number: 5
Actual Rent: 255
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 10

Unit Number: 6
Actual Rent: 275
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 11

Unit Number: 7
Actual Rent: 265
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 12

Unit Number: 8
Actual Rent: 255
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 13

Unit Number: 9
Actual Rent: 265
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 14

Unit Number: 10
Actual Rent: 255
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 15

Unit Number: 11
Actual Rent: 265
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

Unit 16

Unit Number: 12
Actual Rent: 255
Unit SqFt: 406
Baths Total (Legacy): Yes
Unit Remarks: Furnished: U, Lease: Weekly, Parking: 1, Stories: 1

License Number Info

Listing Agent’s State of Licensure: TN
Listing Agent’s License Number: 333299
Listing Office’s State of Licensure: TN
Listing Office’s License Number: 5364

Historical Information

Public Historical Remarks 1: Owner Pays: Electric. Unit 1 Features: 1 Bath. Unit 2 Features: 1 Bath. Unit 3 Features: 1 Bath. Unit 4 Features: 1 Bath.

Location, Tax, and Legal

Parcel Number: 057df009.00 000
Office Exclusive: No
Elementary School: Arnold Elementary
Middle Or Junior School: Cleveland Middle
High School: Cleveland High
Tax Annual Amount: 4013
Tax Legal Description: DIST:04 CITY/MUNI/TWP:CLEVELAND DISTRICT: 4
Deed Book: 2813
Deed Page: 76

Basement

Crawl Space: Yes

Community Features

None: Yes

Construction Materials

Aluminum Siding: Yes

Listing Terms

Cash: Yes
Conventional: Yes
Owner May Carry: Yes

Lot Features

Level: Yes

Possession

Negotiable: Yes

Utilities

Sewer Connected: Yes

Water Source

Public: Yes

Cooling

Central Air: Yes
Electric: Yes
Wall Unit(s): Yes
Window Unit(s): Yes

Owner Pays

Electricity: Yes

Parking Features

Kitchen Level: Yes

Tenant Pays

Electricity: Yes
Water: Yes

Current Financing

Conventional: Yes

Levels

One: Yes

Heating

Baseboard: Yes
Central: Yes
Electric: Yes

Roof

Metal: Yes

Lock Box Type

None: Yes

Listing Office: Bender Realty

Last Updated: September - 09 - 2024

Information deemed reliable but not guaranteed.