705 Race StKingston, TN 37763

Property Details for 705 Race St

Year built

1955

Lot size

0.30 AC

Property size (Sq ft)

9,588 SF

Zone code

C-2

Property type

Turn key restaurants

APN

073047P C 01000

APU

073047PC01000

Description

This exceptional multifamily investment opportunity presents a 10-unit apartment building situated on a 0.3-acre lot in Kingston, Tennessee. The property, known as Kingston Station, boasts 8,100 square feet of space, encompassing a mix of short-term and long-term rental units. Currently, nine units are operational, with a potential for an additional unit in the unfinished basement. The building, constructed in 1955, features a recently updated exterior and includes a commercial space currently leased to a bakery. The property is zoned C2, offering flexibility for future development. With a total asking price of $995,000, this represents a compelling price per unit of $115,000 and a price per square foot of $141.98. The two-story building is conveniently located at 705 W Race St, Kingston, TN 37763, providing easy access to local amenities and transportation. This property offers a strong return on investment with the potential for increased revenue through the development of the basement space and strategic management of the existing units. The existing commercial space provides additional income streams. This is a rare opportunity to acquire a well-maintained multifamily property in a desirable location with significant upside potential.

• CAP approach

  CAP return

  Valuation

  6%

  $2,342,670

  6.5%

  $2,162,460

  7%

  $2,008,000

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,624,260

  Geo Method

  $1,945,040

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $4,241,880

  Mixed-Use / Specialty

  $2,144,710

  Hospitality / Lodging

  $1,560,420

  Office

  $2,121,500

  Institutional / Educational

  $2,226,040

  Residential Income

  $2,604,470

  Multifamily

  $3,179,360

  Automotive / Energy

  $1,908,030

  Parking / Income-Based Land

  $668,367

  Restaurant / Food Service

  $1,094,030

  Healthcare / Senior Housing

  $2,209,660

Location Insight

City

Kingston

County

Roane

State

Tennessee

Latitude

35.8833

Longitude

-84.5239

CBSA code

28940

CBSA name

KNOXVILLE, TN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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