Multifamily (Multi Family)

1241 Virginia Ave, Bristol, TN 37620

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 bathNew appliances and fixtures throughoutNew carpet in bedroomsSpacious living roomRecent 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: $2,700Expenses:Insurance: $600 annuallyTaxes: $700 annuallyMaintenance: $1,620 (5% of annual revenue)Total: $2,920 annuallyAssumptions:5% vacancy rate factored into revenue calculationsTenants cover utilities (electric, water, and trash)Cap Rate: 7%, indicating a desirable return for the areaValuation: Based on the 7% cap rate, the property is valued at approximately $400,000Located 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.

Geographical

County: Sullivan

Subdivision:

Zoning: Residential

School System

Fairmount Elementary

Vance Middle

Tennessee High

Other Rooms: Laundry, Primary Bedroom, Primary Bathroom  Flooring: Carpet, Luxury Vinyl Basement & Foundation: Concrete  Other Features: Built-in Features, Restored, Remodeled 

Porch, Patio, Decking Detail:  Rear Porch, Front Porch Roof: Shingle Exterior Finish: Block, Vinyl Siding, Masonite 

Photos