132 Mesa LnBristol, VA 24201

Property Details for 132 Mesa Ln

Year built

1939

Lot size

7.35 AC

Property size (Sq ft)

44,833 SF

Property type

Apartment buildings

Description

Holston View Apartments, a 52-unit apartment complex located at 132 Mesa Ln, Bristol, VA 24201, presents a compelling investment opportunity. This stabilized, Class B multifamily property boasts 44,833 square feet across six, two-story buildings situated on a 7.35-acre lot. Built in 1939 and renovated in 2024, the property features a mix of studio, one-bedroom, two-bedroom, and three-bedroom units. Currently operating at 86.54% occupancy (as of September 17, 2024), the property generates a Net Operating Income (NOI) of $326,296, with a pro-forma NOI of $439,413. The asking price is $5,800,000, representing a current cap rate of 5.63% and a pro-forma cap rate of 7.58%. The price per unit is $111,538.46, and the price per square foot is $129.37. Its prime location offers convenient access to the Hard Rock Hotel and Casino (a 5-minute drive) and the vibrant downtown area (a 10-minute drive), benefiting from the area's economic growth and increased tourism. This presents a strong value-add opportunity with below-market rents, allowing for significant rental income increases. The property is not subject to a ground lease.

Location Insight

City

Bristol

County

Scott

State

Virginia

Latitude

36.6099

Longitude

-82.1763

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