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Milligan Apartments for Sale
1619 Milligan Hwy
Johnson City, TN 37601
County: Washington 

Primary Type: Multifamily
No. Units: 20
Building Size: 10,432 SF
Lot Size: 86,250 SF
Occupancy: 100.00%
Price: $800,000
Price/Unit: $40,000.00
Cap Rate: 7.60%
Year Built: 1994
 

Rent Roll - Work Book

Additional Information    Property Description: Great looking apartments buildings located right across from Milligan Christian College. Units are all brick and are well constructed. Seller built this set 12 years ago and wishes to start traveling and retire. Current rents are below market at $325/unit but could be raised to around $375-400/unit. Seller says their is space to add more units on site. No washer and dryer hookups however city sewer is coming soon to the area. Location Description: From Johnson City take Milligan Hwy ( hwy 67) towards Elizabethton after you pass Milligan College turn left into apartments. There is no sign on site, please call listing agent to show.  Highlights    • Low Maintenance • low cost sq ft • Great Location • great rental history • Increased Rents     Year: 2007 Scheduled Gross Income: $80,100 Effective Gross Income: $79,299 Operating Expenses: $12,407 Net Operating Income: $66,892 Pre-Tax Cash Flow: $66,892     Unit Mix Information one bedroom units No. Units: 13 Avg. Mo. Rent: $325 one bedroom units No. Units: 7 Avg. Mo. Rent: $350   Contact: Brian Whidden at (423) 791-0536

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