MLS® ID: 412917
412 E Watauga Ave
Johnson City, Tennessee, 37601 $195,000
Motivated seller!! Zoned RO-1 High Density Residential Ã¢Professional Office District (please contact your agent for a list of approved uses-attached in MLS) Currently the property is a 5 unit property consisting of the following. Downstairs offers (2) 1 bed/1 bath units estimated at a rental of $750 each. Upstairs you have (2) 1 bed/1 bath units which have rented out for $500 a month before & (1) unit which is a efficiency unit at $400 a month. With the numbers above we have a yearly estimate income of $34,800 gross when all units are rented out. Expenses are based on 2015#s when unit was last rented out. Those are Gas $3118.38, Water/sewer/trash $664.22, Power $2365.92, Current Insurance at $925, current taxes at $3514.90 and then a 10% management fee if property was professionally managed $3480. Gross estimate income once fully rented $34,800 minus expenses $14,068.42 equals $20,731.58 net income for a 10.63 % cap rate if fully rented. For complete details see mls attached breakdown. Property has the same water & power & gas meter that services all units. Property could be turned back into a house or left as income producing property or used as a office or many other things.