This turn-key Multi-Family 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.
