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1159 Mechanics Way, Knoxville, TN 37921

Commercial property for sale

  • Description
  • The Arthur Place Apartments were constructed in 2007 to provide housing for low-income families in the Mechanicsville neighborhood of central Knoxville. There are a total of 12 units in four triplex buildings. Each of the twelve units feature three bedroom, two bathroom flats with a 1-car garage, attic storage and a rear deck. The property is located close to downtown at the corner of West Fifth Avenue and Arthur Street. The apartment driveways and entrances are off a quiet cul-de-sac on Mechanics Way (similar to the courtyard concept currently under consideration by the MPC). The residences are well-located for convenient access to shopping, public services and transportation. A KAT Bus Stop is a few feet away at the corner of Arthur St. and Calloway Ave. It is about 5 minutes to downtown and 6 minutes to UT-Knoxville. Convenient floor plans offer a number of important amenities including two full baths, a large master bedroom with walk-in closet, utility room with washer/dryer connections, the enclosed garage with attic storage and a rear deck. Ranges, refrigerators, dishwashers, and in-sink disposals are provided in the kitchens. The property is "market-rate" so an owner can rent to anyone. Ten of the current residents happen to receive rental assistance through the Knoxville Community Development Corporation voucher program, assuring a regular and predictable cash flow for an owner, but the total rents received (from tenant + KCDC) reflect market rates for similar apartments in the vicinity. Potential upsides for an investor include: Raising Rents from the current average of $733 to $800/month as leases renew would increase NOI $9,648 per year; Appealing the property tax valuation from the current $1,153,400 to the listing price of $925,000, if successful, would increase NOI by $4,404 per year. Building price details: $925,000.
  • Property Details
  • Property Type: Multifamily
    Use Types: Low-Rise/Garden
    Status: Available
    Price: $ 77,083 +/Unit
    Number of Stories: 1
    Year Built: 2007
    MSA: Knoxville
    Zoning: R-4
    Buildings: 4
    Construction: Vinyl Siding, Wood Frame
    Terms: Cash to Seller, Owner Financing
    Added: 12/19/2012
    Last Update: 12/19/2012
  • Exterior Features
  • Parking Type: Structure
  • Contact info
  • 865-247-7809 [Office]
  • Note

  • Details Info about this row that located on 1159 Mechanics Way, Knoxville, TN 37921 was got from trusty sources, but All Foreclosures Homes can't guarantee that details about listing price, status, facts, images and owner are correct, because this listing can be changed or removed from market without notice. If You need to receive additional details about this property try to ask directly listing agent or owned.

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