1319 Bell Ridge Road Rd
Johnson City, TN, 37601 $ 8,320,000
Baths0.0 Sq 80,240 Monthly Estimate*
$ 58,118
Studio
for $8,320,000. This 80,240 square foot home was built in 2001.
Introducing Park Place Apartments, an apartment community comprising 64 units nestled in Johnson City, Tennessee. Positioned within the dynamic Tri-Cities area, this complex enjoys a strategic location in close proximity to downtown Johnson City, East Tennessee State University, as well as sought-after employment hubs and retail hubs. Originally established with rent restrictions under the LIHTC program, the transition of Park Place to Market Rate apartments commenced on May 24th, 2023. This evolution presents a compelling opportunity to acquire a premium asset with minimal outstanding maintenance requirements. New ownership can build upon the established value-add initiative in place, pursue market-aligned rent adjustments on average of $517 a crossed all unit types, and unlock further potential for enhanced returns. Current ownership has transitioned 36% of the property to market rate in less than 7 months since transitioning to Market Rate. Park Place Apartments is a multifamily property located at 1319 Bell Ridge Rd in Johnson City, TN. The complex is situated on top of Cherry Hill and is easily accessible from Legion Street. Built in 2001, the property features 64 units, consisting of 2, 3, and 4 bedroom units, all equipped with washer and dryer hookups. The galley kitchens in each unit are fully-equipped with a refrigerator, dishwasher, range/oven, and a dining area overlooking the living space. The master bedroom has an attached bathroom. LIHTC requirements required an onsite laundry room even with laundry hook ups in every unit. New ownership will have the opportunity to convert this space into something more functional and attractive for residents like a fitness or media center. Current ownership has invested over $649,300 in capital expenditures, which includes upgrades and improvements to the property. Overall, Park Place Apartments offers comfortable and spacious living with convenient amenities and easy access to local attractions. Highlights and Updates: -Current ownership is aggressively pushing the property to market-rate rents -Currently 10 vacant; with 7 of these already pre-leased at market rate -23 units / 36% of the property to have been converted to market-rate in the first 7 months of being out of QC -The next owners will not have an issue keeping up with this momentum, and will not have to underwrite for 2 more years at LIHTC rates.
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FeaturesGeneralHeating Central Other
Cooling Central Cooling
Construction Materials Brick
Year Built 2001
County Washington County
Property Type Multi-Family
Attached Garage N
Garage Y/N N
Status Pending - Continue to Show
Directions From I-26E take exit 23. Turn left onto E Main St. Continue on Legion St (TN-91). Go for 174 ft. Turn left onto E Main St (TN-91). Go for 0.4 mi. Turn right onto Jay St. Go for 0.4 mi. Turn left ont
City Johnson City
Buyer Agent Compensation 1.5000
View Y/N N
Total Units 64
MLS Area Washington County
Lot Size Square Feet 0.0
Carport Y/N N
Street Name Bell Ridge Road
Land Lease Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
MLS Area Minor Washington County
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Standard Status Pending
Buyer Agent Compensation Type %
Senior Community None
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InteriorFlooring Laminate Hardwood Vinyl Tile
Basement (Y/N) N
Air Conditioning Y/N Y
Heating Y/N Y
Street Suffix Rd
Electric On Property Y/N N
Total Baths 0
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ExteriorParking Features On Premise Parking
Lot Size Area 0.0
Spa N
Building Area Total 80240.0
Lot Dimensions n/a
Lot Size Acres 0.0
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
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* Excluded FeaturesList BySvn I Wood PropertiesBroker
Affordability Calculator
- Monthly Principal & Interest
- $58,118
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyAbout Johnson City, TN 65,512 Population
14% Since 2002
$ 39,045 Median Income
37.2 Median Age
21% Households with Children
Trends Information provided by ATTOM Data Solutions.
694100 Elementary School
694101 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
8/30/2023 | $8,320,000 | | Listed Price |