Homes for sale - 1241 Virginia AVE, Bristol, TN 37620

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Pending

Purchase Type For Sale

Square Footage 2,778 sqft

Price per Sqft $129

Subdivision Fairmount Land Co

MLS Listing ID 9987583

Style Bungalow,Victorian,See Remarks

HOA Y/N No

Year Built 1939

Lot Size 0.340 Acres

Acres 0.34

Lot Dimensions 100 x 150

Property Sub-Type Multi Family

Source Tennessee/Virginia Regional MLS

Property Description

This turn-key multifamily property features two beautifully renovated spaces, offering a fantastic investment opportunity in a desirable location. The main home, a 1939 bungalow, boasts timeless appeal with modern touches. Enjoy open-concept living with a brick fireplace, new flooring, and a stunning kitchen with stainless-steel appliances and butcher block countertops. Three bedrooms, including a primary suite with en suite bath, offer comfortable living. Two covered porches provide breathtaking city views. The guest house, situated behind the main home, is a spacious retreat with a large garage, full kitchen, and two bedrooms. Additional features include: Renovated full bath New appliances and fixtures throughout New carpet in bedrooms Spacious living room Recent updates include a new roof, HVAC, and electrical system, minimizing future maintenance for the new owner. Financial Highlights: Annual Revenue: $32,400 ($1,500 x 12 for the front unit + $1,200 x 12 for the rear unit) Monthly Revenue: $2,700 Expenses: Insurance: $600 annually Taxes: $700 annually Maintenance: $1,620 (5% of annual revenue) Total: $2,920 annually Assumptions: 5% vacancy rate factored into revenue calculations Tenants cover utilities (electric, water, and trash) Cap Rate: 7%, indicating a desirable return for the area Valuation: Based on the 7% cap rate, the property is valued at approximately $400,000 Located just minutes from downtown Bristol, with easy access to King University, the Paramount Center for the Arts, and Steele Creek Park. Both units are on one-year leases, providing a stable income stream for the new owner

Location

State TN

County Sullivan

Community Fairmount Land Co

Area 0.34

Zoning Residential

Direction Turn left onto Hwy 11 E Keep left to continue on US-11E N/Hwy 11 E Take the TN-394 exit toward TN-390/Bluff City/Blountville/Bristol Dragway Turn right onto TN-394 E (signs for Bluff City/TN-390 S) Turn left onto Carl Moore Pkwy Continue onto Virginia Ave

Rooms

Basement Concrete

Interior

Interior Features Built-in Features,Remodeled,Restored

Heating Central

Cooling Central Air

Flooring Luxury Vinyl,Carpet

Fireplaces Number 1

Fireplace Yes

Appliance Electric Range,Refrigerator

Heat Source Central

Exterior

Parking Features Asphalt

Utilities Available Electricity Connected,Sewer Connected,Water Connected

Roof Type Shingle

Topography Rolling Slope

Porch Front Patio,Rear Porch

Building

Story 2

Entry Level Two

Foundation Block

Sewer Public Sewer

Water At Road,Public

Architectural Style Bungalow,Victorian,See Remarks

Level or Stories 2

Structure Type Block,Masonite,Vinyl Siding

New Construction No

Schools

Elementary Schools Fairmount

Middle Schools Vance

High Schools Tennessee

Others

Senior Community No

Tax ID 021j F 009.00

Acceptable Financing Cash,Conventional

Listing Terms Cash,Conventional