2353 Tn-107Unicoi, TN 37692

Property Details for 2353 Tn-107

Year built

2022

Lot size

1.88 AC

Property size (Sq ft)

5,100 SF

Property type

Hospitality properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents a 3-unit apartment building and a partially developed RV park situated on a 1.88-acre riverfront lot in Unicoi, Tennessee. The property boasts 5,100 square feet of net rentable space, currently achieving 100% occupancy. The three units comprise one 2,400 square-foot unit with a large loft, perfect for live-in owners, and two 1,300 square-foot, two-bedroom, two-bathroom units. Recent renovations (2023/2024) have enhanced the property's appeal. The existing building generates a current NOI of $38,700, with a pro-forma NOI projected at $50,000. The asking price is $499,000, representing a 7.76% cap rate and a pro-forma cap rate of 10.02%. The property includes seven RV pads, with initial site work completed for four pads featuring septic, water, and electric hookups, and three additional pads with water and electric. Two existing 50-amp RV hookups are already in place. The property's location and amenities offer significant potential for increased revenue through the completion of the RV park, with conservative estimates projecting an additional $15,000 in gross income and $12,000 in NOI annually upon completion. The property features a two-story building constructed in 2022, with separate water and electric meters for both the building and the RV pads. This property offers a unique blend of immediate income generation and significant upside potential for future growth. The APN is 019 014.11. The property is classified as a Class B, Core+ investment.

Location Insight

City

Unicoi

County

Unicoi

State

Tennessee

Latitude

36.1798

Longitude

-82.2651

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