305 Boone StStrawberry Plains, TN 37871

Property Details for 305 Boone St

Year built

1971

Lot size

0.46 AC

Property size (Sq ft)

5,350 SF

Property type

Apartment buildings

Description

This five-unit apartment complex in Strawberry Plains, Tennessee, offers a compelling investment opportunity. Located approximately 20 minutes from Knoxville, this property boasts 4,582 square feet of rentable space within a 5,350-square-foot building situated on a 0.46-acre lot (buyer to verify square footage). All five units are currently occupied, providing immediate rental income. The building, constructed in 1971 and renovated in 2023, is classified as Class B. The asking price is $550,000, representing a price per square foot of $186.92 and a 6.00% cap rate. The property includes five parking spaces per 1,000 square feet of building space. Water is covered by the owner; other utilities are the responsibility of the tenants. Financial records, including rent rolls, pro forma numbers, leases, maintenance records, and tax information, are available upon request following a Letter of Intent or Purchase and Sale Agreement. Owner financing is available for qualified buyers, with terms including a 50% down payment, a 20-year amortization schedule with a 3-year balloon payment, and a 10% interest rate (subject to credit score and real estate experience). This is an exceptional opportunity for investors seeking immediate returns and potential for future growth. The property's address is 305 Boone St, Strawberry Plains, TN 37871. The Jefferson County APN is 042J A 02200.

Location Insight

City

Strawberry Plains

County

Jefferson

State

Tennessee

Latitude

36.0687

Longitude

-83.6605

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