1308 Patrick DrJohnson City, TN 37601

Property Details for 1308 Patrick Dr

Year built

2010

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 15-unit multifamily investment opportunity in Johnson City, Tennessee, presents a compelling value-add proposition. The property comprises seven single-story duplexes and one mobile home, built between 2010 and 2012. Currently boasting 100% occupancy, this well-maintained property offers significant upside potential. Located at 1308, 1310, 1312, and 1316 Patrick Dr, Johnson City, TN 37601, within Washington County, the property benefits from its strong location in a thriving multifamily market. The original finishes provide an excellent canvas for value-enhancing renovations and upgrades, allowing for rent increases to match market rates. Operational efficiency can be further improved through professional property management, incorporating strategies such as enhanced marketing, pet fees, and a trash reimbursement program, all contributing to increased net operating income (NOI). The Johnson City submarket exhibits exceptionally low vacancy rates (2.0%) and strong year-over-year rent growth (9.0%). Furthermore, the high percentage of renters (nearly 50%) within a three-mile radius, coupled with significant population growth (8.6% from 2020 to 2024) and Washington County's ranking as a top Tennessee county to live in, underscores the property's long-term growth potential. This property is an ideal investment for those seeking to capitalize on a robust market and unlock significant value-add opportunities.

Location Insight

City

Johnson City

County

Washington

State

Tennessee

Latitude

36.3509

Longitude

-82.3354

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