$359,900

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2,778 SqFt

Pending

1241 Virginia AVE Bristol, TN 37620

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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

Listed by Cory Parsons • eXp Realty, LLC

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1241 Virginia AVE Bristol, TN 37620

Property Executives

Key Details

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Rooms

Interior

Exterior

Building

Schools

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1241 Virginia AVE