110 Hillview Terrace Dr, Harriman, TN 37748 - multi-family property

Detailed information about multi-family property which situated in Harriman (37748) city, Tennessee state on 110 Hillview Terrace Dr.
The City of Harriman has a unique history. Known as "The Town that Temperance Built," Harriman was established by Frederick Gates, a former Methodist minister and Chattanooga Land Company representative, who envisioned a town of social temperance and industry that could be commercialized for business, profit and the betterment of mankind. In 1890, Gates held the Great Land Sale in which he sold 575 lots in 10 hours for a total of $604,000. The American Temperance University, founded in 1895, moved into the building previously owned by the Land Company. Today, the magnificent Temperance Building still graces Main Street as a reminder of the past, and visitors can enjoy artifacts and photos in the Harriman Heritage Museum. Some of the original homes built after the Grand Land Sale can still be seen in the Cornstalk Heights Historical District in Harriman. Over 100 structures are listed on the National Historic Register.* The most recent census data shows a population of 6,391 with 2,824 in the workforce. The median age is 43 years old. The median household income is $28,999. Almost 82% of the population is composed of households of three or fewer individuals. As is typical of smaller towns in east Tennessee, the majority of employment is in manufacturing; transportation and communications; retail; finance, insurance and real estate; services and public administration. *The Roane Alliance, www.roanealliance.org, October 5, 2012

Additional Information: 9.46% Cap Rate 12.26% Cash on Cash Contact Listing Agents for complete marketing package and financial analysis. The property, located in a quiet neighborhood in Harriman, TN, has 4 buildings, built in 1985, with a total of 32 units. Half of the units are one bedroom one bath and the other half are two bedroom one bath. The buildings are all brick with a recent copper-colored metal roof. Amenities include: desirable floor plans with lots of closet space, beautiful views, ample parking, central laundry room, on-site manager and maintenance man (both part-time). The Hillview Terrace Village Apartments is within walking distance of the Tennessee Technology Center offering training for students to obtain high quality technical training for area employers, and is within 6 miles of interstate 40. The current owner acquired this property at a USDA sale in March 2009. At that time, there were many residents who were not paying and needed to be evicted. Only two of the existing tenants are still there. The owner has since invested in management, new metal mansard roofs and lots of unit flooring and new appliances to bring the property up to the occupancy level it is today. The property has recently achieved 90%+ occupancy and all tenants are at the scheduled rent except for 2 long term tenants. Due to the turn-around and cash-basis accounting, it was necessary to make this financial presentation as pro forma and not on actual performance. The financial analysis in this package is based on the actual, current property taxes but an additional $4,902 per year upside for a buyer may be possible if the buyer successfully appeals to reduce the county property tax appraisal from the current $1,344,200 (which results in combined property taxes of $17,152) to the purchase price of $960,000 (results in taxes of $12,250). Discussions with the county appraiser indicate that this is a reasonable assumption but cannot be guaranteed.