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1201 E 34th St

Chattanooga, TN 37407
  • $498,000
  • STATUS: Active Under Contract
  • ON SITE: 17 Days
  • MLS #: 1348268
Under Contract
UPDATED: 62 min ago
$498,000
  • 0
    BEDS
  • 0.19
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 2,328
    SQFT
  • $214
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
2004
County:
Area:

Description

Incredible opportunity to purchase two duplexes in East Lake with excellent rental income history. 1201 & 1203 E 34th St are neighboring two-story duplexes being sold together as a package deal; both were built in 2004 and feature 2,328 sqft and low maintenance brick and vinyl siding exteriors. All four units boast 3 bedrooms, 2 full bathrooms, living rooms, eat-in kitchens, off-street parking, and access to the large fenced yard. Additionally, they are adjacent to a city park. A contract expiring 8/29/39 with the Chattanooga Housing Authority provides for project based vouchers for these rental units (vouchers go with the property, not the tenants).These vouchers provides a gross monthly income of up to $929 per unit even during periods of vacancy (up to 60 days) which ensures consistent cash flow and minimizes some of the risk associated with investment properties. The duplexes are currently 100% occupied with a $3,488 GMI. Only half of the vouchers are being used, so the GMI could easily be increased to $3,716 by utilizing the two remaining vouchers. The profit and loss statement for 2021 shows a gross income of $42,032. Situated a couple blocks off of Rossville Blvd, these duplexes are just minutes from downtown Chattanooga, popular Southside, St Elmo, Lookout Mountain, Rossville, and I-24 access. Since the properties are tenant occupied, showings can only be scheduled after an accepted letter of intent or accepted contract.

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1201 E 34th St Chattanooga, TN 37407

  • Price: $498,000
  • Status: Active Under Contract
  • On Site: 17 Days
  • Updated: 62 min ago
  • MLS #: 1348268
0
Beds
0
Baths
0
½ Baths
0.19
Acres
2,328
SQFT
$214
$/SQFT
2004
Built
Neighborhood:
None
County:
Hamilton
Area:
Chattanooga
Elementary School:
Calvin Donaldson Elementary
Middle School:
East Lake Academy Of Fine Arts
High School:
Howard School Of Academics & Tech
Property Description
Incredible opportunity to purchase two duplexes in East Lake with excellent rental income history. 1201 & 1203 E 34th St are neighboring two-story duplexes being sold together as a package deal; both were built in 2004 and feature 2,328 sqft and low maintenance brick and vinyl siding exteriors. All four units boast 3 bedrooms, 2 full bathrooms, living rooms, eat-in kitchens, off-street parking, and access to the large fenced yard. Additionally, they are adjacent to a city park. A contract expiring 8/29/39 with the Chattanooga Housing Authority provides for project based vouchers for these rental units (vouchers go with the property, not the tenants).These vouchers provides a gross monthly income of up to $929 per unit even during periods of vacancy (up to 60 days) which ensures consistent cash flow and minimizes some of the risk associated with investment properties. The duplexes are currently 100% occupied with a $3,488 GMI. Only half of the vouchers are being used, so the GMI could easily be increased to $3,716 by utilizing the two remaining vouchers. The profit and loss statement for 2021 shows a gross income of $42,032. Situated a couple blocks off of Rossville Blvd, these duplexes are just minutes from downtown Chattanooga, popular Southside, St Elmo, Lookout Mountain, Rossville, and I-24 access. Since the properties are tenant occupied, showings can only be scheduled after an accepted letter of intent or accepted contract.
Exterior Features

Exterior BrickSiding Garage Parking Off Street Parking Lot Description Flood Ins May Be ReqLevel Lot Size Dimensions 75.09X80.0 Roof Shingle

Interior Features

Basement Crawl Space Cooling CentralElectric Description 2 Level Heating CentralElectric Unit One Bedrooms 3 Unit One Features 2+ Baths3 BedroomsEat-In KitchenKitchenLaundry HookupLiving Room Unit One Full Baths 2 Unit One Half Baths 0 Unit Two Bedrooms 3 Unit Two Features 2+ Baths3 BedroomsEat-In KitchenKitchenLaundry HookupLiving Room Unit Two Full Baths 2 Unit Two Half Baths 0

Property Features

Community Features Fence Existing Financing Conventional Financing CashConventional Gross Monthly Rent 1744.00 Home Warranty No Owner Pays None Possession Day Of Closing Property Sub Type Duplex Senior Community YN No Taxes 2196.38 Tenant Pays All Utilities Type Of Sale Investor Unit One Unit Number 101 Unit Two Unit Number 103 Water Sewer On SewerPublic Water

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Listing information © 2022 The Multiple Listing Service of Chattanooga, Inc.
Listing courtesy of Chattanooga Real Estate Group Llc.



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The Jooma Team | Keller Williams Greater Downtown Realty
1830 Washington Street
Chattanooga TN, 37408