101 College Park Lane, Knoxville, TN 37918 (MLS# 1132869)

101 College Park Lane, Knoxville, TN 37918

$1,650,000

Property Type: Multi-Family Status: Closed

Current Price: $1,650,000 List Date: 10/15/2020 Last Modified: 3/31/2021

Overview

Description

26 units in the heart of the Fountain City community of Knoxville. The Evergreen Apartments are all brick and in very good condition. The current owner/manager says the property is easily kept rented since it is close to shopping, access to I-640 and all (but one) unit has washer/dryer connections and most come with a stacked washer/dryer unit. There are two buildings built in 1970 & 1972. However, in 2015, the rear building suffered a fire. Reconstruction was completed in 2016 including a roof. The interiors of the 11 units were completely redone, taken down to only the perimeter studs. All new plumbing, electric and fixtures were installed. one unit and a storage room were added as ground up construction.

Supplements: The roof on the rear building was new in 2016. The roof on the front building was replaced in 2011. Heat is supplied by baseboard and/or ceiling heat. Air conditioning by through-wall units in the bedrooms. Residents pay their own electric. Landlord pays water & sewer. The property is adjacent to Gresham Middle school and walking distance to Fou … (Read more)

Listing Details MLS# 1132869

Location Tax Legal Info

House #: 101
Street Name: College Park
St Suffix: Lane
State/Province: TN
Zip Code: 37918
PIN #: 058CF013
Subdivision: W S Mcfadden Prop & Parcel

Contract Info

Auction Y/N: No
Listing Price: 1700000

General Property Description

Lot Dimensions: 112x184x134x224x228x218
Number of Units: 26
Utilities/Mo Avg: 22950
Year Built: 1970
Property Status: N/A
Driveway: Paved

Status Change Info

Status Change Date: 2021-03-31
Under Contract Date: 2021-01-14
Sold Date: 2021-03-31

IncomeExpenses

Net Operating Income: 102708

Location, Tax & Legal Info

Area: Knox County – 1
City/County Code: City Limits
Total Tax: 12525.09

More Information

Remarks & Misc

Directions: From I640, take Exit 6 for U.S. 441 toward Broadway and take Broadway north toward Fountain City. Turn left onto Church St after approximately 1.3 miles. Then turn right onto Fountain Rd, take another right onto College Park Ln. Destination will be on the right.
Public Remarks: 26 units in the heart of the Fountain City community of Knoxville. The Evergreen Apartments are all brick and in very good condition. The current owner/manager says the property is easily kept rented since it is close to shopping, access to I-640 and all (but one) unit has washer/dryer connections and most come with a stacked washer/dryer unit. There are two buildings built in 1970 & 1972. However, in 2015, the rear building suffered a fire. Reconstruction was completed in 2016 including a roof. The interiors of the 11 units were completely redone, taken down to only the perimeter studs. All new plumbing, electric and fixtures were installed. one unit and a storage room were added as ground up construction.

Income/Expenses

Gross Annual Income: 187500
Annual Oper Expenses: 75417

Property Sub-Type

Apartment: Yes

Construction

Frame – Brick: Yes

Type of Units

1 Bedroom Unit: Yes
2 Bedroom Unit: Yes

Siding

Brick: Yes

Sale Includes

Building and Land: Yes

Miscellaneous

TV Cable Available: Yes

Cooling

Window Unit(s): Yes

Floors

Carpet: Yes
Vinyl: Yes

Garage/Parking

On Premise Parking: Yes

Tenant Expenses

Electricity: Yes

Owner Expenses

Advertising: Yes
Common Area Maintenance: Yes
Electricity: Yes
HVAC Maintenance: Yes
Insurance: Yes
Lawn Maintenance: Yes
Leasing Fees: Yes
Licenses: Yes
Roof Maintenance: Yes
Sewer: Yes
Taxes: Yes
Trash Collection: Yes
Water: Yes

Fuel

Electric: Yes

Heat

Baseboard: Yes

Appliances

Range: Yes
Refrigerator: Yes
Smoke Detector: Yes

Other Rooms

Other: Yes

Roof

Shingle: Yes

Misc Features

Wired for Internet: Yes

New Financing

Cash: Yes
Conventional: Yes
Exchange: Yes
New Loan: Yes

Property Features

Property Sub-Type: Apartment Type of Units: 1 Bedroom Unit; 2 Bedroom Unit Sale Includes: Building and Land Floors: Carpet; Vinyl Tenant Expenses: Electricity Owner Expenses: Advertising; Common Area Maintenance; Electricity; HVAC Maintenance; Insurance; Lawn Maintenance; Leasing Fees; Licenses; Roof Maintenance; Sewer; Taxes; Trash Collection; Water Fuel: Electric Heat: Baseboard Cooling: Window Unit(s) Appliances: Range; Refrigerator; Smoke Detector Construction: Frame – Brick Roof: Shingle Siding: Brick Misc Features: Wired for Internet Other Rooms: Other Miscellaneous: TV Cable Available New Financing: Cash; Conventional; Exchange; New Loan

Documents

Property OM ›

Disclosure Set ›

Listing Office: Goldman Partners Realty, LLC

IDX

Office Phone: 865-444-3240

Last Updated: March – 31 – 2021

The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers’ personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.