1241 Virginia AVE Active Save Request In-Person Tour Request Virtual Tour
Bristol,TN 37620
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,778 sqft
Price per Sqft $125
Subdivision Fairmount Land Co
MLS Listing ID 9980521
Style Bungalow,See Remarks
Year Built 1939
Lot Size 0.340 Acres
Property Sub-Type Multi Family
Property Description
This turn-key multifamily property features two beautifully renovated spaces, offering a fantastic investment opportunity in a desirable location. The main home, a 1939 bungalow, boasts timeless appeal with modern touches. Enjoy open-concept living with a brick fireplace, new flooring, and a stunning kitchen with stainless-steel appliances and butcher block countertops. Three bedrooms, including a primary suite with en suite bath, offer comfortable living. Two covered porches provide breathtaking city views.
The guest house, situated behind the main home, is a spacious retreat with a large garage, full kitchen, and two bedrooms. Additional features include:
Renovated full bath
New appliances and fixtures throughout
New carpet in bedrooms
Spacious living room
Recent updates include a new roof, HVAC, and electrical system, minimizing future maintenance for the new owner.
Financial Highlights:
Annual Revenue: $32,400 ($1,500 x 12 for the front unit + $1,200 x 12 for the rear unit)
Monthly Revenue: $2,700
Expenses:
Insurance: $600 annually
Taxes: $700 annually
Maintenance: $1,620 (5% of annual revenue)
Total: $2,920 annually
Assumptions:
5% vacancy rate factored into revenue calculations
Tenants cover utilities (electric, water, and trash)
Cap Rate: 7%, indicating a desirable return for the area
Valuation: Based on the 7% cap rate, the property is valued at approximately $400,000
Located just minutes from downtown Bristol, with easy access to King University, the Paramount Center for the Arts, and Steele Creek Park. Both units are on one-year leases, providing a stable income stream for the new owner.
Location
State TN
County Sullivan
Community Fairmount Land Co
Area 0.34
Zoning Residential
Interior
Heating Central
Cooling Central Air
Flooring Luxury Vinyl,Carpet
Fireplaces Number 1
Exterior
Parking Features Asphalt
Utilities Available Electricity Connected,Sewer Connected,Water Connected
Amenities Available Landscaping
Roof Type Shingle
Building
Story 2
Foundation Block
Sewer Public Sewer
Water Public
Structure Type Block,Masonite,Vinyl Siding
New Construction No
Schools
Elementary Schools Fairmount
Middle Schools Vance
High Schools Tennessee
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional