For Sale
$1,650,000

603 Unaka StKnoxville, TN 37921

Modern 12-bed townhouses near UT. High rental potential.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents three brand-new, Class A townhouses totaling 9,000 square feet, situated on a 7,797 square foot lot in Knoxville, Tennessee. Completed in April 2024, these three buildings boast a combined 12 bedrooms and 12 bathrooms, offering significant rental income potential. Each townhouse features multiple kitchens equipped with stainless steel appliances and quartz countertops, along with laminate and tile flooring. The property is zoned R2 and includes three separate buildings, each three stories high, with two-car garages and sprinkler systems. Two of the units are currently staged for short-term rentals, demonstrating strong market demand. Located just four miles from downtown Knoxville and two miles from the University of Tennessee, this property benefits from its proximity to both urban amenities and the university campus. The asking price is $1,650,000, representing a price per square foot of $183.33 and a price per unit of $550,000. The pro-forma NOI is $53,368, resulting in a 3.23% cap rate. While currently vacant, the occupancy date is June 1, 2024. This is a single parcel property with the entrance located off Logan Avenue. The property's location offers a significant advantage in a market with low inventory near downtown and the university, where similar properties command high rental rates. This is a turnkey investment ready for immediate income generation.

Highlights

  • High demand: Downtown and campus inventory extremely low.
  • Strong rental rates: $1,000-$1,200 per bed in larger communities, up to $12,000/month total.

Property Details for 603 Unaka St

Property type
Residential income homes, Dormitories
Square Feet
9,000 SF
Class
A
Year Built
2024
Buildings
3
Stories
3
Units
3

Location Insight

City
Knoxville
County
Knox
State
Tennessee
Latitude
35.965293
Longitude
-83.939277
603 Unaka St, Knoxville, Tennessee

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603 Unaka St
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