Multifamily (Multi Family)

2020 East Center St, Kingsport, TN 37664

See Remarks Stories: 2

FOR SALE

Price: $449,900 Price Per ft²: $inf List Date: 2025-01-16 DOM: 20
City Tax: $1,580 County Tax: $1,903Expenses Include: Utilities, See Remarks

Year Built: 1920 pre-1978 Homes

Total Area: 0 ft² (Finished & Unfinished)

Lot Size: 0.09 acre(s) Lot Dimensions: 25 X 145 Topography: Level

Heating: Radiant Cooling: Window Unit(s) Water & Sewage: Public

Appliances: See Remarks

Description

Great Investment Opportunity! Discover the charm and potential of this historic building, a proven income-generator with a strong track record as a successful apartment complex. Boasting 100% occupancy nearly year-round and all units currently occupied, this property is a rare find. Formerly known as the Palmer Building, this versatile property boasts a rich history as a pharmacy storefront, medical offices, and more. It offers endless possibilities, whether for office spaces, a restaurant, or any venture you envision. The property features 11 units, generating $6,700 monthly or $80,400 annually. These include one 2-bedroom, 1-bath unit and ten 1-bedroom, 1-bath units, totaling 12 bedrooms and 11 bathrooms. Located within walking distance of Dobyns-Bennett High School and just minutes from East Stone Drive's amenities, the property combines convenience with an unbeatable location. The owner pays utilities and there are no HOA or CAM fees. This property offers excellent cash flow, with the potential for even greater returns with some TLC. Whether you're expanding your portfolio or launching a new endeavor, this is an opportunity you won't want to miss. Rent rolls and expenses are available upon request.