415 Devonia StHarriman, TN 37748

Property Details for 415 Devonia St

Lot size

0.22 AC

Property size (Sq ft)

21,576 SF

Property type

Apartment buildings

Description

This exceptional investment opportunity presents a 19-unit apartment building located at 415 Devonia St, Harriman, TN 37748. The property, classified as a Class B multifamily building, boasts a total of 21,576 square feet situated on a 0.22-acre lot. The asking price is $1,750,000, representing a compelling 7.00% cap rate. The building comprises 19 units, including three 1-bedroom/1-bathroom units, two 2-bedroom/1-bathroom units, and fourteen 3-bedroom/1-bathroom units. Each floor features a convenient laundry room for residents. A shared game room on the ground floor adds to the community amenities, including a vending machine, ping pong table, and coin changer. Completely renovated in 2016, the property benefits from historically high occupancy rates, largely attributed to its proximity to Roane State Community College (approximately 10 minutes away), attracting many student athletes as tenants. The current owner utilizes a per-bedroom rental strategy. This well-maintained property offers a strong return on investment and significant potential for future growth in a desirable location. The property's strong performance and convenient amenities make it an attractive investment for discerning buyers seeking a stable and profitable multifamily asset.

Location Insight

City

Harriman

County

Roane

State

Tennessee

Latitude

35.9357

Longitude

-84.5519

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