1241 Virginia AVE Bristol, TN 37620
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,778 sqft
Price per Sqft $129
Subdivision Fairmount Land Co
MLS Listing ID 9980521
Style Bungalow,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
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
Amenities Available Landscaping
Roof Type Shingle
Topography Rolling Slope
Porch Front Porch, Rear Porch
Building
Story 2
Entry Level Two
Foundation Block
Sewer Public Sewer
Water Public
Architectural Style Bungalow, 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